The federal estate tax was established in 1916, and at that time, people would give gifts while they were living to avoid the tax. This worked until 1924, but at that time, a gift tax was enacted to close the window of opportunity. It was in place for two years, and it was repealed. Once […]
Does a Trust Protect Assets?
Asset protection is a source of concern for some, and it comes in different forms. A lot of people assume that a trust will protect assets because you surrender personal control of assets in a trust. The idea is that the trust is the owner of the resources, so they are protected. Is this an […]
Will Medicaid Take the Remainder in a Special Needs Trust?
Many individuals with special needs are not capable of working, so they do not receive health insurance through their employers. Obviously, these folks need coverage more than the average person, and Medicaid is there to fill the void. The Supplemental Security Income (SSI) program provides a very modest stream of monthly cash to augment the […]
Are Living Trust Distributions Taxed?
The revocable living trust is a very versatile estate planning solution that can be the right choice for a wide range of people. We are going to look at the tax question in this post, but before we get there, we will explain some of the benefits that living trusts provide. Streamlined Estate Administration When […]
Pet Trusts: Can You Establish One for a Pet?
Pet trusts can be part of a well put-together estate plan. Most American families have a pet, and it is enriching to have a dog or cat around the house. Children love their fine furry friends, and your pet becomes a part of your family. When you are relatively young, if you pass away unexpectedly, other […]
SSI vs. SSDI: What’s the Difference?
It is important to discuss your estate planning objectives with a licensed attorney for a number of reasons. One of them is the simple fact that you may not understand all the different asset transfer devices that are at your disposal. The optimal way to get assets into the hands of one person may not […]
Estate Tax Liability: Home Values Can Increase Liability
Estate tax liability is something you need to take into consideration if you are a homeowner in the Manhattan area – and across the state of New York. We have all watched our home values go up over recent years, and it is exciting to see your fortunes rise. Here in Manhattan, real estate has […]
What Is an Elder Law Attorney and Why Would You Need One?
You may wonder why “elder law” is an area of legal specialization. Why would an older person have different legal concerns than someone that is younger? This is a logical question, and we will endeavor to answer it in this post. Long-Term Care Expenses There are certain challenges that can present themselves when people reach […]
Transfer On Death Account: Can I Use This To Avoid Probate?
A transfer on death account is a tool that you can incorporate into your estate plan. Below, we talk about exactly what a transfer on death account is, how it works, and everything else you need to know to plan your estate and protect your family’s future. Before we look at transfer on death accounts, […]
State Income Taxation of Social Security Benefits
The pandemic has had a long-lasting influence on our culture, including encouraging relocation at previously unheard-of levels. Imagine the surprise of a recently relocated retiree who discovers that their previously untaxed Social Security benefits are now included in their taxable income at the state level. Taxation of these benefits could have a serious impact on their lifestyle and may provide a less beneficial financial picture than was first thought. Want to know whether your state taxes Social Security benefits?
