On behalf of Futterman & Lanza, LLP | Mar 2, 2018 | Elder Law
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...
On behalf of Futterman & Lanza, LLP | Dec 6, 2017 | Elder Law, Medicaid Planning
Effective January 1, 2018, Medicaid regional rates for calculating transfer penalty periods for 2018 were increased from 2017. The regional rates are: Long Island $13,053 New York City $12,319 Northern Metropolitan $12,428 Rochester $11,692 Northeastern $10,719...
On behalf of Futterman & Lanza, LLP | Sep 30, 2017 | Elder Law
When an individual needs help with the activities of daily living, to avoid a nursing home and remain in their residence (whether in Hauppauge, Commack, Kings Park, Smithtown, St. James, or any other Long Island town), a benefit worth obtaining is Community-based...
On behalf of Futterman & Lanza, LLP | Sep 23, 2017 | Elder Law
PERSONAL CARE SERVICES AND FUNCTIONS IN SMITHTOWN, NY When an individual needs help with the activities of daily living, to avoid a nursing home and remain in their residence (whether it’s in Smithtown, Valley Stream, or any other Long Island town), a benefit...
On behalf of Futterman & Lanza, LLP | Sep 22, 2017 | Elder Law
When an individual needs help with the activities of daily living, to avoid a nursing home and remain in their residence, a benefit often worth obtaining is Community-based Medicaid. Community Medicaid will pay an agency that will provide home health aides to assist...
On behalf of Futterman & Lanza, LLP | Feb 17, 2017 | Elder Law
New guidelines have been promulgated by the Consumer Financial Protection Bureau (“CFPB”) to make it easier to modify or assume an existing mortgage on a decedent’s home. The goals of these guidelines are to reduce unnecessary foreclosures on homes...
On behalf of Futterman & Lanza, LLP | Feb 2, 2016 | Elder Law
You have been named agent under a power of attorney – what are your duties? You have fiduciary duties. Pursuant to N.Y. Gen. Oblig. Law § 5-1505, an agent acting under a power of attorney has a fiduciary relationship with the principal. The fiduciary duties...
On behalf of Futterman & Lanza, LLP | Nov 17, 2015 | Elder Law
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...
On behalf of Futterman & Lanza, LLP | Nov 14, 2011 | Elder Law
Retirement accounts are often one of the larger assets that a potential Medicaid applicant owns. It is important to understand how these accounts affect Medicaid eligibility. A Medicaid applicant is financially eligible when he or she has resources (assets) no greater...
