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Elder Law & Estate Planning
Wealth Alone Cannot Protect Vulnerable Elders
Wealth alone is no guarantee that older individuals will enjoy a safe and happy retirement. While Americans enjoy well-planned senior years, some older individuals live alone with no one to care for them. According to the U.S. Census Bureau, 28 percent of people over age 65 live alone. This number is expected to increase in…
Yonkers First Responders Disability Registry Aims to Provide Better Emergency Care for Residents with Special Needs
Emergency first responders often possess little more than the information contained in a 911 call and a street address. While this might suffice for most situations, when the emergency involves a resident with special needs, customary rescue operations can be traumatic for the resident and challenging for emergency personnel. To solve this problem, city officials…
Key Considerations for a Medicaid Spend-down
Annual nursing home costs in Westchester County are $149,136 on average, according to the most recent information published by the New York Department of Health. This is a significant expenditure, especially when multiplied for each year of nursing home care, well beyond the financial resources of most New York residents. Small wonder that 63 percent…
First Comes Love, Then Comes Marriage…
By Bernard A. Krooks, Esq., Littman Krooks LLP We all remember the lyrics from that famous song: “First comes love, then comes marriage, then comes baby in the baby carriage.” While these words may be music to the ears of a young couple, folks who are considering getting married later in life have many issues…
Aging Alone: Tips and Tools
For many seniors, their most important lifelines are their adult children and spouses. Seniors often rely on adult children to help research and secure health care, social services and housing. Those entering their golden years childless and single, divorced or widowed would be well-served to put in place alternatives to these lifelines. Doing so will…
The Significance of the Pooled Trust Notification Law
By Erica M. Fitzgerald, Esq., Littman Krooks LLP On December 18, 2017, Governor Andrew Cuomo signed the “Pooled Trust Notification Bill” into law. This law, which is set to take effect on June 18, 2018, requires plain language notification to Medicaid applicants and recipients of the availability of pooled trusts as a means of maintaining…
Letter to Our Clients Regarding Recent Tax Act
By Amy C. O’Hara, Esq., Littman Krooks LLP President Trump signed tax reform legislation, Public Law 115-97, generally referred to as the Tax Cuts and Jobs Act, into law on December 22, 2017. The Act is the most sweeping tax legislation to be enacted in decades. It is broad in scope, complicated, and will impact…
Understand Basics of New FINRA Rules to Prevent Financial Exploitation of Vulnerable Loved Ones
By Stacy Sadove, Esq., Littman Krooks LLP In a positive development for seniors and individuals with disabilities, the U.S. Securities and Exchange Commission (“SEC”) has just approved the adoption of the Financial Industry Regulatory Authority, Inc. (“FINRA”) Rule 2165 (Financial Exploitation of Specified Adults). Rule 2165 allows broker-dealers to place a temporary hold on disbursements…
Effects of the New Tax Law on Estate Planning
The Tax Cuts and Jobs Act (TCJA) was signed into law by President Trump on December 22, 2017. The new law will have significant effects on estate planning. One major impact of the new law is on the gift and estate tax exemption. Previously, the exemption shielded the first $5 million in gifts during life…
How to Qualify for Medicare and Medicaid
Medicare and Medicaid are different programs. Medicare provides health insurance for people age 65 and over, and Medicaid covers care for certain low-income individuals. However, it is possible to qualify for both programs at the same time, which is known as “dual eligibility.” There are about 11 million people who are dual eligible, including many…
