A new administration usually means that tax code changes are coming. While it remains unclear exactly what tax changes President Biden’s administration will propose and what Congress will approve, two possibilities are that estate tax exemption will be reduced and the stepped-up basis on death will be eliminated. The first would affect only multi-millionaires, but the second could have an impact on more modest estates and their heirs.Read more
APPLICANTS SHOULD TAKE ADVANTAGE OF ‘EXTRA TIME’ TO APPLY WHILE FAVORABLE RULES REMAIN IN EFFECT
For many years, New York didn’t have a look-back period for Medicaid home care. That’s right, an applicant could give away all his or her assets and then apply for Medicaid community-based care the following month, without penalty.Read more
How Do I Protect My Right to Continue Living in My Son and Daughter-in-Law’s House if Something Were to Happen to My Son?
By Pierro, Connor, & Strauss, LLC.
My son and daughter-in-law bought a house with a “granny flat” attached. I gifted them the money for the down payment and in return, I can live in the granny flat until my passing. My daughter-in-law and I do not always get along. How can I protect my right to live on the property should anything happen to my son?Read more
Allocating your personal possessions can be one of the most difficult tasks when creating an estate plan. To avoid family feuds after you are gone, it is important to have a plan and make your wishes clear.Read more
By Pierro, Connor, & Strauss, LLC.
While the internet makes our lives more convenient, it also adds new complications. For example, what happens to all our online data and assets if we become disabled or pass away?Read more
Take yourself back to December 31, 2019, there is excitement and hope throughout the world for the upcoming year. The possibilities seem endless. There are investments to make, businesses to expand and goals to conquer. Nothing can stop your pursuit of achievement…
Well, almost nothing. Suddenly, in the early months of 2020, we are faced with the challenges of COVID-19 and the world is forever changed. Governors across the country issued executive orders mandating all nonessential businesses to close in-office personnel functions and banning all nonessential gatherings of individuals.Read more
Access to affordable medical care is especially important during a global health crisis. You should be aware that federal law prevents states that have accepted increased Medicaid funding from terminating Medicaid benefits while the coronavirus health emergency continues. New York is among those states, by accepting $323 million in enhanced Medicaid matching funds provided in the Families First Coronavirus Response Act.Read more
by Frank E. Hemming III, Esq., Senior Associate Attorney
We are sharing an important advisory about the future of New York State’s Medicaid program. Following the passage of the 2020-2021 State Budget, we now know there will be significant changes to how seniors and disabled individuals will become eligible for and receive Medicaid benefits in their homes.Read more
The median cost of a private nursing home room in the United States increased to $100,375 a year in 2018, up 3 percent from 2017, according to Genworth’s Cost of Care survey, which the insurer conducts annually.Read more
Families taking advantage of ABLE savings accounts will have a little more flexibility in planning for special needs as a result of the new Tax Cuts and Jobs Act signed into law by President Trump on December 22, 2017.Read more