Before we take a deep dive into the updated Medicaid parameters for the current calendar year, we should briefly explain why this program should be on your radar. When you are planning ahead for your senior years, you probably expect to qualify for Medicare coverage when you reach the age of 65. Eligibility is earned through the accumulation of retirement credits, and anyone that has worked for at least 10 years would accumulate the necessary 40 credits. This government health insurance … [Read more...] about A Look at 2020 New York Medicaid Figures
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Estate Tax Exclusion Updates for 2020
Each year, there are updates to certain figures that are relevant to estate planning because adjustments are made to account for inflation. Now that we are in a new year, there has been a relatively minor increase in the amount of the federal estate tax exclusion. The exclusion is an amount that can be transferred before this death tax would be imposed on the remainder of an estate before it is transferred to the heirs. It was essentially doubled when the tax laws were changed for the 2018 … [Read more...] about Estate Tax Exclusion Updates for 2020
The SECURE Act and What It Means for You
The SECURE Act passed in late December. The SECURE Act changes some lifetime rules, but the biggest change concerns rules for beneficiaries. Read on to learn more. … [Read more...] about The SECURE Act and What It Means for You
Kobe Bryant Tragedy Underscores the Importance of Planning
The sporting community and others around the country were stunned to hear about the untimely deaths of basketball great Kobe Bryant, his daughter Gianna, and seven others. Passing away is inevitable for everyone, but it is especially jarring when it happens to younger people. Nothing is certain, and these incidents remind us of this harsh reality. As estate planning attorneys, we try to emphasize this point whenever we can. Far too many people think that estate planning is something that they … [Read more...] about Kobe Bryant Tragedy Underscores the Importance of Planning
Cover All Your Bases With a Living Trust
Many people who are under the impression that a last will is the right asset transfer vehicle are surprised when they find out that they are mistaken. There are a number different trusts that can be preferable, and the right choice will depend upon the circumstances. One type of trust that is ideal for a large percentage of the clients we see is the revocable living trust. In this post, we will look at five reasons why you may want to use this legal device as the centerpiece of your estate … [Read more...] about Cover All Your Bases With a Living Trust
