In 2010, Governor David Paterson signed into law the Family Health Care Decisions Act. The law allows family members to make health care decisions on behalf of family members who lose their ability to make their own decisions and have not prepared advance medical directives regarding their wishes. Estate planning not only involves creating a will or creating a trust to handle property, but drafting these advance medical directives to state your wishes in the event you are unable to do so on … [Read more...] about Advance Medical Directives and the Family Health Care Decisions Act
Blog
Lessons Learned from Celebrity Estates
With the passing of several well known celebrities over the past 18 months, there are estate planning lessons to be learned – that of privacy and your estate, along with keeping your documents up to date as life changes occur. A lesson regarding privacy was particularly evident with the estate of Michael Jackson, as his will, which is filed in probate court and thus part of a public record, was only five pages long despite his very large and complex estate. How was Mr. Jackson’s estate kept to … [Read more...] about Lessons Learned from Celebrity Estates
Medicaid Planning and Passing the Eligibility Tests
Medicaid is a joint state/federal program that provides health care for those in need. Medicaid often comes into play for senior citizens when it comes to paying for nursing home expenses when long term care is needed. There are three tests to pass in order to qualify for these benefits. Categories of Eligibility Test To be eligible for Medicaid benefits, the applicant must fit into one or more of Medicaid’s categories of eligibility: Individuals aged 65 or older needing care at the level … [Read more...] about Medicaid Planning and Passing the Eligibility Tests
Should You Put Your House In Your Child’s Name?
As estate planning attorneys, clients often ask us if they should simply retitle significant assets, such as their home, into their children’s names to smooth the transfer of assets upon their passing. In many situations, the answer will be no, and here’s why…. Medicaid Look-back Periods Senior citizens often must turn to Medicaid, a need-based, joint state/federal program, to help with the catastrophic costs of nursing home expenses. Medicaid may review gifts and transfers of assets up to … [Read more...] about Should You Put Your House In Your Child’s Name?
Estate Tax Terms You Should Know
With the federal estate tax playing a major role in estate planning, it is important to understand estate taxes and the terms that are used in this area. As you probably know, the IRS seems to have a language all their own, so we will define the most commonly used terms in estate taxes as it pertains to creating an estate plan. Capital Gain: The profit from the sale of property such as stocks, bonds and real estate. Cost Basis: The original price of an asset, such as stocks, bonds, property … [Read more...] about Estate Tax Terms You Should Know
