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Elder Law & Estate Planning
Reversing Social Security Claims
Workers approaching the age of 62 have a choice to make with regard to Social Security: It is possible to take early retirement benefits and start collecting Social Security at age 62, rather than waiting for your full retirement age, which is 66 for people retiring now. However, taking early retirement means that your benefits…
US Dept of Treasury Warns of Suspicious Calls & Tax Scams
With tax preparation season upon us, the Internal Revenue Service is warning taxpayers of an aggressive and sophisticated scam being perpetrated by con artists posing as IRS agents. Deputy Inspector General for Investigations at the Treasury Inspector General for Tax Administration (TIGTA), said that since October 2013, there had been nearly 900,000 scam calls reported,…
NYC Seniors Have Access to the Carrier Alert Program
Seniors who live alone may be at risk of falling or becoming ill and being unable to reach a telephone, so no one will know they need help. To protect seniors from these circumstances, the New York City Department for the Aging makes available a program called Carrier Alert. When a senior voluntarily enrolls in…
What Happens When a Will is Missing?
Melissa Mathison, the screenwriter of “E.T.” and ex-wife of Harrison Ford, died from cancer in November, and her will has gone missing, leaving uncertainty over who will inherit her $22 million estate. According to court documents obtained by TMZ, Mathison had written a will, but the original copy could not be located by her business…
Details Are Important With Required Minimum Distributions
If you have an IRA and you are age 70 1/2 or older, then you must take a required minimum distribution (RMD) from your account, or pay a penalty. While that may sound simple enough, there are important details to be aware of. RMDs are required for IRAs, SIMPLE (Savings Incentive Match Plan for Employees),…
The Community Spouse Resource Allowance for Medicaid
When seniors need long-term care in a skilled nursing facility, the cost can be significant, and many people rely on Medicaid to pay for it. However, Medicaid has income and asset limits, so applicants often must spend down their assets before they can be eligible. When a married person receives Medicaid benefits for long-term care,…
What an Estate Executor Must Do — And Not Do
A person named in a will as the executor of the estate has a significant responsibility. It is important for an executor to know what he or she must do, and – just as important – what not to do. In New York State, an executor’s fiduciary responsibility to: have the last Will and testament…
Estate and Gift Tax Limits in 2016
It is essential for families with significant wealth to be aware of estate and gift tax limits. An important part of estate planning is making sure that as much of your wealth as possible goes to your heirs rather than to pay taxes. The good news is that both the federal and New York State…
Estate Planning for an Adult Child with a Disability
More people with developmental disabilities are living to adulthood and even into their senior years. As a child with developmental disabilities grows older, parents begin thinking about how to secure their loved one’s financial future as the care they need can be expensive. While government programs and community resources provide essential help, significant family resources…
New York State Tax Department Clarifies Changes to State Estate Tax
As of April 1, 2014, the New York State estate tax exemption will increase each year until 2019, when it will match the federal exemption amount. That is good news for wealthy New Yorkers planning their estates. However, the estate tax reform was subject to legislative amendments in 2015, which have now been clarified in…
