When you plan for your retirement years, have you taken into account the possibility that you will need to pay for long-term care? If not, you should. Given the high cost of nursing home care, many seniors turn to Medicaid to help cover those expenses. Qualifying for Medicaid, however, could threaten your retirement nest egg if you failed to plan ahead. For example, if you are one of the many people who is planning for retirement by funding an Individual Retirement Account (IRA), you need to … [Read more...]
New Estate Tax Proposal
A new estate tax proposal would lower the amount passing free from tax to $3.5 million and increase the rates of taxation. It would also eliminate some tried and true strategies for reducing estate taxation. Read on to learn more about this proposal and its prospects. New Estate Tax Proposal … [Read more...]
What Is Considered a Countable Asset for Medicaid?
At some point in your life, you may need to qualify for Medicaid, even if you have never before needed to do so. If you are unfamiliar with the Medicaid eligibility guidelines, you may find yourself in a position where your retirement nest egg is at risk because of that need to qualify for Medicaid. The reason for this is based on the Medicaid asset limits. A better understanding of what is considered a countable asset for Medicaid may help convince you of the need to include Medicaid planning … [Read more...]
What Is the Medicaid Transfer Penalty?
Planning for your retirement should include the possibility that you, or a spouse, will eventually need long-term care. That, in turn, should prompt you to include Medicaid planning within your comprehensive estate plan. Failing to do so could cause you to fun afoul of the Medicaid transfer rules. A Hauppauge Medicaid lawyer explains the Medicaid transfer penalty and how incurring the penalty could threaten your retirement nest egg. Understanding the Need to Qualify for Medicaid People often … [Read more...]
Why Might I Need a Living Trust?
Although every estate plan should be crafted with the individual needs and goals of the creator in mind, there are some commonly used estate planning tools and strategies with which you should become familiar. Toward that end, the Hauppauge living trust attorneys at the Law Offices of Kobrick & Moccia explain why you might need a living trust in your estate plan. What Is a Living Trust? A living trust is one of two broad categories into which trusts are divided, with the other category … [Read more...]
Long-Term Care Insurance vs. Relying on Medicaid
Although the primary focus of your estate plan may be to ensure that your estate assets are distributed according to your wishes after you are gone, another important consideration in any well thought out estate plan is long-term care planning. The high cost of long-term care (LTC) in the United States makes planning ahead essential to protect your retirement nest egg. One way to do that is to purchase an LTC insurance policy; however, another is to incorporate a Medicaid planning component in … [Read more...]
How DOMA Ruling Affects Estate Planning in New York
It’s been quite some time since a Supreme Court ruling was watched so closely as the federal Defense of Marriage Act, or DOMA, has been. Now, though, a few weeks in, how does the future look for New York same sex couples when it comes to estate planning and even financial planning? This week, we take a look at a few of those dynamics. DOMA Across the Marital Board First, it’s important to remember that many of the details in the Supreme Court’s ruling are applicable across the board. Many … [Read more...]
Autism Awareness Month Is a Great Reminder to Update Your Special Needs Trust
The month of April is dedicated as Autism Awareness Month each year in the United States. If you have a child who is on the Autism spectrum, Autism Awareness Month is an excellent time to create a special needs planning component in your estate plan or to update your existing Special Need Trust. What Is Autism? According to the Autism Society, Autism Spectrum Disorder (ASD) is a complex developmental disability; signs typically appear during early childhood and affect a person’s ability to … [Read more...]
Senior Suicide – Do You Have a Loved One at Risk?
If you have a parent, or other loved one, who is elderly, you likely worry about a host of potential physical and mental problems that could lead to serious illness or even death. One thing you may not have considered is the risk of suicide. That risk, however, is very real according to experts. In fact, the senior suicide rate is fairly high, and is increasing, says a recently published article in Today’s Geriatric Medicine. Senior Suicide Facts and Figures When most of us think about those … [Read more...]
Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
TOD / POD, beneficiary designations, and joint tenancy can be simple ways to transfer assets at death. However, these simple methods lack some of the benefits of a trust. Read on to learn more. Beneficiary Designations, etc., Aren’t a True Substitute for a Trust … [Read more...]
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