As our population ages, more and more seniors are choosing to age in place, staying in their homes and communities rather than moving to assisted living or nursing homes. Aging place is always preferred but not always possible. But cost doesn’t need to be a barrier for seniors wishing to live independently. New York’s Medicaid …
Navigating Medicaid 2023 Income and Asset Guidelines for Long-Term Care Read More »
A new trend in decluttering has emerged that not only makes the afterlife easier for your loved ones, but also brings joy to the process of letting go. Welcome to the world of Swedish death cleaning, the Marie Kondo of the afterlife. Swedish death cleaning, or döstädning, is a term coined by Swedish author Margareta …
Parents worry about education. Not only about paying for education, but about fostering curiosity so kids want to learn. It is why we limit screen time but send them to coding classes. With an education we have more options in life, which means more freedom, independence, and (hopefully) happiness. Let’s explore how to efficiently fund …
Funding Education in Your Estate Planning: Giving Your Children Roots and Wings Read More »
Estate Planning Changes after a Divorce or Separation The literal meaning of divorce is to “turn to different ways.” Once the decision is made to part ways, the physical and emotional separation is usually immediate, but the legal severing of ties can take months, if not years. Even in the most amicable divorces, does anyone …
Pending Divorce? Run, Don’t Walk, to your Estate Planning Attorney Read More »
New York is a mecca for the arts and there are approximately 12,000 professional musicians living in New York City and countless others just breaking into the music business. This includes studios musicians, band members, opera singers, soloists, hip hop artists, Broadway performers, orchestra musicians, composers, and songwriters. In addition to having the same estate …
New York’s New Power of Attorney Starting June 13, 2021, New York State will enact a new statutory Power of Attorney. This new law requires a different form to be used for all Power of Attorney documents executed on or past this date. So, is this new law necessary and, more importantly, do you need …
Naming a Guardian for Your Child I do not know if it is because people are having children later in life or they are more sophisticated (don’t they go hand in hand?) but they are definitely more responsible than parents of my generation (in the 70’s we didn’t have car seats and people still smoked …
This dilemma may fall under the first world problems category. Nonetheless, I am sure even the most progressive among us can agree that a nearly 40% tax on proceeds from a brilliant investment you made decades ago (hello investing in a building in Bushwick or Amazon in the 1990s) is a bit excessive. I, for …
What is an Intentionally Defective Grantor Trust? Why would an attorney suggest an intentionally defective trust? It is certainly better than an unintentionally defective grantor trust, believe me. These types of trusts are referred to as IDGTs because the grantor intentionally retains enough power over the trust assets to cause the grantor to be treated …
The Fully Functional Intentionally Defective Grantor Trust Read More »
Estate Tax, Capital Gains & Gifting There is a balance that must be struck between capital gains taxes and estate taxes. One of the simplest and cost-effective means of reducing estate taxes at death is gifting while alive. Anyone can move cash out of their estate by gifting up to the IRS annual exclusion amount …
