A question asked time and again is whether the house transferred into the Medicaid Asset Protection Trust can be sold. The answer is: YES. The next question is what happens? The following will attempt to answer this question. Sally of Smithtown, New York transferred...
Preserving & Protecting Your Family’s Assets & Legacy
Year: 2015
Estate Planning- Avoid a Disaster With a Common Disaster Clause
Post updated on Aug 24, 2020 by Wayne R. Carrabus When discussing client’s Last Wills, I always discuss the possibility of a common disaster. I know it’s not pleasant, but it is a reality, and should be discussed. Why? Because you, the client, can, and should, have...
Estate Administration- When Do the Duties of an Executor Begin
There is great responsibility being the executor of an estate; standards of prudence, vigilance, and care are expected from the executor. An executor is one type of fiduciary (a trustee is another type) and to quote Chief Judge Cardozo from his decision in Meinhard v...
Estate Administration – How to Transfer the Deceased’s Car in New York
Last updated September 2022 A common task following a person’s death is the transfer or disposal of one or more automobiles owned by the decedent. How this may be accomplished depends upon the answers to the following questions: Question 1: How many cars did the...
Revoking a Health Care Proxy
An appointed health care agent stands in your shoes and makes important medical decisions for you with your doctors about your medical treatment and may even stop life sustaining measures if there is no hope of recovery. If you feel that this person is no longer the...
Income Tax Rates for Trusts and Estates 2016
The IRS recently enacted revenue procedure 2015-53 which updates rules in the tax code that are regularly adjusted due to inflation. Among the changes includes the tax brackets for estate and trust taxable income for 2016. Important note - estates and trusts pay...
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