Decanting a Trust Can Be an Effective Strategy to Update an Irrevocable Trust
In the past, making alterations to irrevocable trusts was an expensive and public process that was generally done through the courts. In 1992, New York was the first state to enact a decanting statute. In 2011, this statute was amended, making it easier to alter irrevocable trusts. Trust decanting is a powerful tool which allows…
File and Suspend: A Social Security Strategy for Married & Single Retirees
The Social Security claiming strategy known as “file and suspend” is often used by married couples entering retirement, but it can be useful for single retirees as well. Most people approaching retirement age are aware that the decision of when to start taking Social Security retirement benefits affects the amount of the payments. Retirees can…
Community Center Offers Programs for Seniors and Children
A new intergenerational community center has opened in White Plains. The Lanza Family Center for All Ages opened February 24, 2015. It is modeled after the award-winning My Second Home in Mount Kisco, also operated by Family Services of Westchester (FSW). Seniors benefit emotionally, socially and physically from being around children. Rita Bellamy, the director…
Managing the Legacy of a Family Business
There is a lesson to be learned from Tywin Lannister, the influential patriarch of Game of Thrones. Despite amassing great wealth and power throughout this life, his attempts to create a business legacy for his family failed. A family-owned business is a hard-won commodity and is considered a legacy to be passed from one generation…
Bill Overhauling Medicare Passes in the House
By Alberthe Bernier, Esq. – Before the House adjourned for a two-week recess, representatives passed legislation overhauling the outdated method for paying physicians who accept Medicare. Physicians and seniors across America are breathing a sigh of relief, as the bill ensures access to better healthcare services and professionals, many of which quit treating Medicare patients…
Don’t Forget Dependent Care Tax Breaks on Your 2014 Return
By Tom Breedlove, Director, Care.com HomePay As the April 15th tax filing deadline gets closer, those who have put off their taxes until the last minute – and there are a lot of us – are apt to forgetting minor details that can impact our returns. In the household employment world, two commonly overlooked tax-time…
The Able Act: Better Economic Future for People with Disabilities
Littman Krooks attorney Amy C. O’Hara, Esq., presented on the Able Act at Arc of Westchester’s Family Resource Day, a day of transition and transformation including seminars, demonstrations, art exhibition opening and a special needs vendor resource fair. To view our materials from this event, please click on the appropriate link below: The Able Act…
How working after retirement affects Social Security
A growing number of people continue to work after retirement, some to supplement their income and some simply to stay active. Most retirees can continue to work without any negative effects on their Social Security benefits. There is no reduction in Social Security benefits for those who continue to work, as long as they have…
If You Want to Withdraw from Medicare Advantage
Medicare recipients choose to withdraw from Medicare Advantage for a variety of reasons, including difficulties accessing their provider, coverage problems, premium increases and issues with Part D coverage. Medicare Advantage enrollees have through February 14, 2015 to withdraw from their Medicare Advantage plan and instead receive Medicare Parts A and B through Original Medicare. During…
Important Differences between 504 Plans in Public Schools and Colleges
It is important for students with disabilities who plan to attend college, and their parents, to understand how their legal rights related to their disability will change in a post-secondary education environment. In public elementary and secondary schools, students with disabilities may receive services under the Individuals with Disabilities Education Act (IDEA) or the Rehabilitation…