A child with special needs deserves a parent’s continued stewardship and guidance, even if the parent becomes incapacitated or passes away, and the following estate planning documents are key to ensuring the child’s security. (1) A last will and testament. (2) A general durable power of attorney (“GDPA”). This document designates an agent to act…

When you receive an inheritance, you will have to consider the effect this will have on your taxes. Your inheritance may incur liability for property taxes or increase your own estate so that it will be subject to estate taxes. While you are not required to pay income tax on the principal inheritance, you will have to pay income tax on the income generated by the inherited funds. Especially if the inheritance is substantial, you may want to consult an estate planning attorney to discuss the tax implications.

Same sex couples often encounter unique estate planning issues, as their unions are not recognized in most states, and are, therefore, not legally protected. There are, however, estate planning options open to same sex couples that can provide them with the security they need.

All parents want to minimize the opportunity for conflict among their children once they have passed away. Sometimes, however, conflict arises when parents have gifted money to one of their children and not to the others. Such conflict may be avoided by including provisions in your estate plan for gifts and loans previously made to children.

A pooled trust helps families and caregivers establish trust accounts that provide supplemental funds for their loved ones with disabilities without jeopardizing their eligibility for Social Security Income and Medicaid. An individual or his parents/guardians establish a sub-account with the pooled trust program. The program then pools all of the funds and invests them in one account, but each person in the pool has his own sub-account.

Bernard A. Krooks Speaks at Westchester Arc Event March 22, 2010 – Estate Planning for a child with special needs “should be the first thing on your list,” declared Bernard A. Krooks during a panel discussion entitled “Planning for the Future: Estate Planning and Guardianship.” The presentation was hosted by Westchester Arc during the agency’s…

More Veterans of the Iraq War are Pursuing Educational Opportunities A more generous version of the G.I. Bill that Congress passed in 2008 is allowing more veterans of the Iraq and Afghanistan wars to avail themselves of educational opportunities. In fact, more than 300,000 veterans and their dependents are enrolled in American institutions of higher…

According to the Pew Research Center, currently around 30% of adult children in America contribute financially to the care of parents. Expenses range from medical care to assisted living care to simply making sure the household contains enough food. As a result, plans for one’s own future care may need to include plans for the care of parents.

When drafting a Will or trust document it is always important to consider multiple contingencies. One such contingency is the possibility that the primary beneficiary of your estate will not survive you. If a new beneficiary is not named, by default the state will decide how assets and property are to be distributed, according to state law. And the law may not correspond with your wishes.

Starting January 1, 2010, the rules governing conversion of traditional IRA or 401(K) accounts to a Roth IRA will change. Through the end of 2009, only people with a modified adjusted gross income of less than $100,000 are eligible to convert traditional accounts to a Roth IRA. The income restriction will be lifted in 2010, and all investors will be able to convert funds.