Category: Legal (page 3 of 3)

Tax Consequences of Gifting Your Home

Many people wonder if it is a good idea to give their home to their children. While it is possible to do this, giving away a house can have major tax consequences, among other results. When you give any individual money or property valued at more than $13,000 in any one year (to go up …more



10 Reasons To Create An Estate Plan – NOW

Many people erroneously think that estate plans are for someone else, not them. They may rationalize that they are too young or do not have enough money to reap the tax benefits of a plan. The following list makes clear however, that estate planning is for everyone, regardless of age or net worth. Here are …more



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Stringent Medicare Home Health Care Requirements

Many health care treatments that were once offered in an outpatient medical environment can now be done in your home. In general, the goal of home health care is to provide short term treatment for an illness or injury. Medicare pays for you to get certain health care services in your home if you meet …more



Trust Protector – Another Level of Security Over Your Estate

Many of us are familiar with trusts and may already be using a trust for various purposes. We are also likely familiar with the common players involved in any given trust: (a) grantor(s) or settlor(s), (b) trustee(s), and (c) beneficiary(ies). A grantor or settlor is the person who creates the trust and transfers ownership of …more



The ABC’s of Will Drafting

Many clients are often confused as to the meaning of “probate”. Probate is “proving” an individual’s Last Will and Testament (“Will”) to the court. New York State law dictates specific formalities for the execution of a will. For a will to be validly executed and subject to the probate process, it must be signed by …more



Retirement and Planning in Today’s Economic Climate

Especially now, during this economic downturn, it is more important than ever to ensure that you have a complete estate and elder law plan in place. With assets dwindling, it is essential to protect whatever assets that remain in your portfolio. And in an economic climate that forecasts minimal inflation, or possibly deflation, long-term care …more



Retirement and the Health Care Proxy

New York State’s health care proxy statute allows a person to plan ahead and ensure his or her wishes as to health care decisions are followed. A “proxy” is an agent named under a document called a Health Care Proxy. This agent is authorized to step into the shoes of the principal and make decisions …more



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