New York is one of the only three states that allow for the option of spousal refusal. Spousal refusal is an asset protection tool used wherein a spouse living the the community refuses turn over his or her assets or income to an ailing or incapacitated spouse for the purpose of seeking nursing home Medicaid…

When applying for Medicaid benefits, the look-back period for individuals seeking nursing home care is five years. The look-back period is the time period prior to the Medicaid filing Medicaid reviews to confirm the applicant’s financial eligibility. Any assets gifted to children or other individuals within 5 years of the need for nursing home care will cause a penalty period, or the amount of time the applicant must wait before qualifying for Medicaid benefits.

Obtaining life insurance is a necessary way to ensure that expenses are covered after the death of a loved one. This is certainly a benefit of any life insurance policy. Another benefit, not often considered, is the benefit to your estate plan.

The federal gift tax exemption is currently $1 million — meaning you can gift up to $1 million cumulatively over the course of your lifetime without incurring any gift tax. There is not marriage penalty; married couples can give up to $1 million per spouse. A gift made under $13,000 in 2009 will not count…

An estate plan should be reviewed regularly to make sure it still conforms to your wishes and current economic conditions. During a turbulent economy, such as the one we are experiencing now, it is particularly important to review your investment strategy. The direction you take your retirement saving plan will depend on your risk tolerance…

One common mistake in estate planning is not getting around to writing a Will at all. Many people sincerely intend to create a will, but most do not actually follow through with their intentions. Excuses for not drafting a will usually involve waiting for a certain event, such as the purchase of a house, the sale of a business, the birth of a child or a marriage. The thought usually goes something along the lines of, “I will make a will once…X happens.”

Unmarried couples that have been together for many years, or even decades, may give little thought to inheritance issues. However, in the absence of a Will, the state will decide upon the distribution of assets, and the state is under no legal obligation to consider a non-spousal partner or his or her children. Unmarried couples should at a minimum draft a will and establish beneficiaries for their assets.

An important consideration for parents of a maturing special needs child is housing. Families will need to do significant research into their options to make sure their child is properly cared for when he or she can no longer live at home. If the child will require a group home or some other form or…

Reverse mortgages are available to homeowners at least 62 years of age or older. A reverse mortgage is one of several options available to older homeowners that allows them to take advantage of any equity that has accrued in their homes. In a reverse mortgage, the homeowner receives income from the home’s equity tax free without having to take on a new monthly payment. The payments work in reverse, with the homeowner receiving monthly payments from the bank.

While a Living Trust is a valuable estate planning tool that can protect beneficiaries from the hassle and expense of probate, it does not automatically protect assets from estate taxes or creditors. Currently, the Federal estate tax exemption is set at $3.5 million, meaning that only assets above that amount will be subject to Federal…