For many people in their 60’s, a majority of their adult years have been spent working hard and caring and providing for those in the generations below and above theirs. After such hard work and dedication to others, it is essential for a person at this stage of life...
Every adult should have certain key legal documents, including a Last Will & Testament (a “Will”), Health Care Proxy, Power of Attorney and a Living Will. However, in many cases, it’s also beneficial to have a trust (Revocable or Irrevocable). Among the benefits...
Nobody likes planning for the worst, but as a senior, being prepared in case of a medical emergency can greatly reduce the strain put on your family and provide you with peace of mind in moments of crisis. There is some important information to compile in a binder or...
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...
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...
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...
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 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 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...
Medicaid is a government program that provides medical care to individuals with long-term health conditions. Many people who require chronic care depend on Medicaid to cover the high cost of nursing homes, which can be upwards of $18,000 per month on Long Island....