With the turmoil caused by the repeal of the Federal estate tax in 2010, and the return of the tax in 2011, now is the time to address paying estate taxes within your estate plan. Currently, on January 1, 2011, the Federal estate tax is set to return with a vengeance, as the Federal threshold is slated to be just $1 million with a tax rate up to 55%. With the value of a home, along with stocks, bonds and retirement accounts included within an estate, the $1 million threshold may be closer than … [Read more...] about Estate Planning for Estate Taxes
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The Medicaid Surplus Income Program
Medicaid is a need-based, state run program that provides health care benefits for those who cannot afford them. Normally, Medicaid is available to those eligible for Supplementary Security Income or other forms of public assistance. In New York, there is a program available to those with higher incomes that normally disqualifies them for public assistance, but it is available to the elderly or disabled who spend down what Medicaid terms their ‘excess’ income on medical care until they reach … [Read more...] about The Medicaid Surplus Income Program
Planning for a Purpose: Charitable Lead Trusts
A charitable lead trust can be used to transfer assets to children or others at a significantly reduced tax liability. Creating a charitable lead trust involves four parties: A settler or grantor: the person setting up the trust A trustee: the person managing the trust Two beneficiaries: one a qualified charity or tax-exempt organization, the other a ‘regular’ beneficiary, often the grantor’s children. Charitable lead trusts are designed to pay an income stream to a charity for a term … [Read more...] about Planning for a Purpose: Charitable Lead Trusts
The New York Surrogate’s Court Defined
Probate Court in the State of New York is called Surrogate’s Court, and it involves many terms that may be unfamiliar to the general public. We define several terms used in probate proceedings: Ancillary Probate: An ancillary probate is a supplemental probate proceeding held in a State where the deceased owned property but did not live. Codicil: A will document that amends, but does not replace, a previously executed will that may add or revoke small provisions within the … [Read more...] about The New York Surrogate’s Court Defined
New York Partnership for Long Term Care
Nearly 70% of senior citizens will require some long-term care services at some point in their lives. What they do not realize is that Medicare and private health insurance do not pay for the majority of long-term care services that most people need. Long term care is defined as care that is necessary to assist an individual with the activities of daily living, such as bathing, eating and dressing, as well as medical issues from chronic or long term illnesses. New York is one of just a few … [Read more...] about New York Partnership for Long Term Care
