New York Elder Law And Estate Planning Blog
A parent’s estate plan may preserve an adult child’s finances
Preserving a family's assets generally requires careful planning and preparation to prevent an elderly parent from running out of funds in the future. Adult children may otherwise find themselves dipping into their own savings or retirement plans to provide financial...
Does my loved one need a nursing home or assisted living?
As they age, New York residents may find they need more assistance with day-to-day tasks. While family and friends help when they can, it may not be enough to tackle household chores and daily maintenance. If their quality of life begins to suffer, many seniors choose...
Income Tax Rates for Trusts and Estates 2019
The IRS has enacted revenue procedure 2018-57 which updates rules in the tax code, which updates include regular adjustments for inflation. Included in these updates are adjustments to the 2019 tax brackets for estate and trust taxable income. Important note – estates...
What happens if you die in New York without a will?
If you fail to make a Last Will and Testament prior to your death, the laws of New York say that you died intestate. What this means is that New York law will determine not only your heirs, but also how much each of them inherits from you. The New York State Unified...
Have limited assets? Medicaid may pay for nursing home care.
Long-term care insurance is expensive; long-term care is even more so. Still, as New Yorkers age, having access to this service plays a crucial role in their retirement plans. Without it, they could lose their entire retirement savings in one expensive procedure and...
What is a revocable living trust?
A revocable living trust is effective for people who are single, married, blended families and people who have beneficiaries with special needs in New York. Also, with the change in the law, it is effective for same sex couples as well. Basically, what you do is you...
The SECURE Act changes how heirs may inherit IRA plans
Many New Yorkers devote a good portion of their lives building wealth and saving a portion of it in a specialized account for retirement. Without comprehensive planning, however, heirs inheriting their retirement plans may find themselves liable for paying unexpected...
Estate plans address your retirement and health, not just death
When people think of estate planning, they most often think of a last will that outlines the financial legacy they want to leave behind. There is no question that a last will is an important component of an estate plan, but it is far from the only document a...
What is a power of attorney?
Many people assume that estate planning is only for after your death, but that is not the case. A good estate plan will also account for what would happen if you were to suffer an illness or injury that made it impossible for you to communicate your wishes. Having a...
Planning for old age when single and childless
When most people think of seniors, they picture grandmas and grandpas bouncing their children’s children on their knees. This is a common reality for maybe most of New York’s elderly population. Still, it is not true for everyone. There are many seniors who either...
