Many children think the world of their parents. As they grow older, they may come to realize that their parents are not as invincible as they once thought, however. In fact, there may come a time when a parent needs long-term care, and New York residents may...
Preserving & Protecting Your Family’s Assets & Legacy
Year: 2018
Trusts may help preserve assets in New York
Many New York residents may feel that leaving assets to their loved ones will give them a sense of presence and purpose in their family members' lives even after death. While wills can be used to distribute property, directly bequeathing assets may not be the best...
Income Tax Rates for Trusts and Estates 2017
Update: Here are the 2019 income tax rates for trusts and estates and the 2020 income tax rates for tusts and estates. The IRS recently enacted revenue procedure 2016-55 which updates rules in the tax code that are regularly adjusted due to inflation. Among the...
Creating a living will can benefit anyone, including a Kardashian
Deciding how to be cared for in the event of incapacitation can be difficult for any New York resident. There may be many facets to consider, such as priorities in one's life and how certain decisions may affect family. However, a living will can contain any...
Putting Rental Home Into a LLC or S-Corp is Sound Medicaid Planning
To qualify for Medicaid in New York, the Medicaid Regulations ("Regulations") provide that all income and resources actually or potentially available to a Medicaid applicant or recipient must be evaluated, but only such income and/or resources as are found to be...
You Did Medicaid Planning, You Created An Irrevocable Trust. Now, Make Sure The Trustee Files A Tax Return (Or Not)
Most irrevocable trusts created for the purpose of protecting assets from the costs of long term care (i.e., the nursing home) must file a Form 1041 (for IRS Federal filing purposes) and a Form IT-205 (for New York State filing purposes) only once - for the year of...
Medicaid planning: What assets are exempt in New York?
There's a lot of misunderstanding when it comes to qualifying for Medicaid in New York. A number of aging individuals may be confused as to what assets they are allowed to own and still qualify for Medicaid, since, for example, many have mistakenly been informed that...
Without Medicaid planning, life savings may be quickly depleted
Unfortunately, New York residents who have spent their whole lives saving for retirement are likely to have overlooked one key aspect, but it's one that could make all the difference: planning and saving for the ever-increasing cost of long-term care. While most will...
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