26 U.S. Code § 1014 provides for a step-up in cost basis on inherited property. Specific language from the section reads: “the basis of property in the hands of a person acquiring the property from a decedent or to whom the property passed from a decedent shall, if...
Preserving & Protecting Your Family’s Assets & Legacy
Month: July 2023
New York pedestrian injury case
My client was a pedestrian struck by a car. She suffered a badly fractured arm but declined surgery due to a history of anesthesia complications. The case venue was not favorable to plaintiffs (meaning the jury is conservative with money). To maximize recovery, I made...
Tax consequences of transferring assets: gifting vs. inheriting
One topic of estate planning that we spend considerable time discussing with our clients is the succession of ownership of the client’s assets. It should not come as a surprise that almost all our clients want their assets to be passed on to their loved ones. In most...
Lessons learned from the battle over Aretha Franklin’s estate
Nearly five years after Aretha Franklin’s death, it seems that the battle over her estate may finally be over. While few people have her wealth, all too many people make similar mistakes. She failed to properly execute an estate plan resulting in years of litigation....
Medicaid look-back can be reduced to 57 months
Medicaid provides coverage for long-term nursing home care, but applicants must adhere to strict asset transfer rules. One such rule is the 60-month look-back period for Chronic Care (Nursing Home) Medicaid (see “What is the 5 Year Look-Back for Medicaid?"). However,...
Chronic Care Medicaid pays retroactively
Chronic Care Medicaid is a program that covers long-term nursing home care, subject to a 5-year asset lookback (see "What is the Five-Year Lookback for Medicaid?" for more details). The timing of the application submission for Chronic Care Medicaid is crucial. If the...
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