As a personal injury attorney, it is evident that people really do not know what “no fault” means. It does not mean that fault does not matter, except in one category. As discussed in a prior blog, when you are injured in a car accident, the car you are in pays your...
Preserving & Protecting Your Family’s Assets & Legacy
Year: 2021
New law makes establishing a power of attorney easier
New Yorkers who want to establish a power of attorney, a popular estate planning tool, soon will be able to more easily. On June 13, a new law goes into effect, simplifying and improving New York’s power of attorney form. Most elder law advocates feel that having a...
Personal injury attorney perspectives on motor vehicle coverage (continued)
In my last blog, I discussed bodily injury coverage, today is my favorite coverage – SUM (supplemental uninsured/underinsured motor vehicle coverage). This is something you will receive notice of, in writing, from your insurance company but they will rarely bring it...
Why an irrevocable trust can be a great estate planning tool
Perhaps you are nearing retirement closing out a successful career, and you might be thinking about estate planning tools, especially trusts. There are various kinds of trusts suited to individual needs. For example, you may find that an irrevocable trust is a perfect...
How does a pooled trust help someone with special needs?
Your loved one with special needs must follow the rules in order to remain eligible for certain government programs. A pooled trust provides the beneficiary the opportunity for a better quality of life without jeopardizing the benefits of programs such as Supplemental...
Medicaid lookbacks will change soon in New York
On April 7, 2020, New York State made changes to the qualification rules with respect to community Medicaid benefits (e.g., home health aides). The new law now imposes a 30-month financial lookback for individuals applying for community Medicaid benefits. This law...
What do you know about planning for Medicaid?
As you get closer to the age of retirement, you may look more into programs like Medicaid. You know the cost of aging may spiral out of control faster than you realize, and you want to make the transition easier and affordable. The CPA Journal explores common Medicaid...
Planning for estate taxes
Past posts on this blog touched upon the fact that a potential tax liability is an expense that you should include in your estate plans. Indeed, you could potentially face a tax liability from both the New York state government and the federal government. Like you,...
Personal injury attorney advice on motor vehicle insurance coverage
In my last blog, I discussed no fault coverage. Here, some other aspects, specifically bodily injury (BI) and how it relates to my favorite coverage, supplemental uninsured/underinsured coverage (SUM) will be explained. When people buy auto insurance, they usually...
Who are the key figures in your estate plan?
When you create your estate plan, you will focus on many different components at a given time. For example, your will and trust are two separate pieces that will require their own time and attention. One overall category of importance are the key figures in your will....