Estate Planning and Elder Law Blog

Community Medicaid Income Options

Question:  My father recently fell and broke his hip, he is coming home from the hospital and will require some help at home.   I’ve heard that Medicaid can provide those services, however he has approximately $2,000.00 per month in income and my mother has approximately $1,000.00 per month income.  Can he qualify and if so,…

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Compensation of an Executor

  Question: My aunt has nominated me as the Executor of her estate. Someone told me that I am entitled to payment for serving as Executor, is that true? Answer: Yes, that is true. Executors get paid commissions which are calculated as a percentage of the value of the probate estate, less any specific bequests…

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Nancy Burner has been named by “New York Super Lawyers” magazine as one of the top attorneys in the State of New York for 2013

Nancy Burner has been named by New York Super Lawyers magazine as one of the top attorneys in the state of New York for 2013. Only five percent of the lawyers in the state are named by Super Lawyers. This is Nancy’s sixth year as an Elder Care and Estate Planning attorney receiving this honor….

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Annuities and Medicaid

This week’s column is a continuation of our column from last week where we answered questions regarding tax-deferred annuities, the different types and the tax benefits and consequences of purchasing or owning one. Included in the questions posed last week was “what are the Medicaid implications for the owner of an annuity.”  We address that…

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Decendants Trusts

As an Elder Law attorney, many clients consult with me with regard to trust planning to protect assets from the cost of long term care. However, many clients do not realize trusts can also be used to protect assets for your children. These types of trusts are known as Descendants’ Trusts and can be incorporated…

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Annuities

  Question: I am 50 years old and my financial advisor has suggested a deferred annuity.  What is a deferred annuity?  What are the tax aspects?  What are the Medicaid implications? Answer: Purchasing a tax-deferred annuity can be an excellent idea in certain situations.  If needed, an annuity can provide you with a steady stream…

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Examples of Trust Commissions

Examples of Trusts Commissions Executor’s Commissions The decedent passed away with the following assets titled in her sole name: House valued at $350,000 Bank Accounts valued at $50,000 Stock Accounts valued at $100,000 Total Assets: $500,000 The Executor’s commissions would be calculated as follows: 5% of the first $100,000                     ($100,000 x .05)                                  $5,000 4% of…

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Recent Court Decision Suggests that Banks Cannot Evict Surviving Spouses from Homes Subject to a Reverse Mortgage

With people living longer, many turn to a Home Equity Conversion Mortgage, more commonly referred to as a reverse mortgage, for additional income. Reverse mortgages allow seniors to access the equity in their homes and convert same into an income stream. Before the property is sold, or upon the death of the borrower, the amount…

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Completing IRA Benficiary Designation Forms

Question: I have several IRA accounts; can you give me advice on completing the beneficiary designation forms? Answer: Some of the most costly estate planning mistakes we hear about involve IRA’s. For every IRA you should complete a beneficiary designation form. Keep a copy of the form(s) among your important papers. Do not rely on…

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Estate Recovery and Homestead

  Question:  My mother, who is widowed, is receiving Community Based Medicaid services.  She currently owns a home in her own name; she has been hesitant to transfer it out of her name.  I am concerned about Medicaid having a claim against the house after her death, am I right to be concerned? Answer:  Yes. …

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