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Articles Posted in Elder law estate planning

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ABLE ACCOUNT LAW CHANGES BROADENING PROTECTIONS FOR SPECIAL NEEDS PLANNING

On December 19, 2014 President Obama signed into law a number of tax and financial measures to extend certain tax benefits. More specifically, the legislation enacted the Achieving a Better Life Experience (ABLE) Act of 2013, which amends section 529(e) of the United States Tax Code, to allow for tax-free…

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DIFFERENCES BETWEEN ABLE ACT ACCOUNTS AND SPECIAL NEEDS TRUSTS

WHAT IS BEST FIT Both an ABLE Act account and a special needs trusts try to accomplish essentially the same thing. Both attempt to ensure that a special needs child or person are financially planned for through various legal and financial means so as to enrich the life of the…

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CHARITABLE ROLLOVER OF RETIREMENT ACCOUNT DISTRIBUTION NON-TAXABLE DISTRIBUTION FROM IRA

On December 18, 2015 President Obama signed the Protecting Americans from Tax Hike (PATH) Act, which made permanent, among other things, three rather popular charitable tax incentives were set to expire January 1, 2016. The most important provision of the PATH Act for estate planning purposes is the continued allowance…

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HOW LONG CAN IRS COME AFTER ME? THE SUMNER REDSTONE CASE

Sumner Redstone is an entertainment business mogul with a majority share ownership of CBS entertainment and Viacom, and through Viacom, BET and Paramount Pictures, all through his majority ownership of his family business, National Amusement, which originally started out in the drive in movie theater business during The Great Depression.…

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PROTECTING YOUR FUTURE VIA POOLED TRUST ASSET ALLOCATION

COMMON LEGAL WAY TO PROTECT EXCESS INCOME         Unfortunately many means based programs, such as Medicaid, are strict in their qualifying criteria.  Depending on the specific facts you may not qualify for Medicaid and even as little as twenty dollars a month can make a difference.  There is no sliding…

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DONATE MY BODY TO SCIENCE

Donating an organ or even a whole body for scientific study or medical education is a relatively common event, which permits a person with perhaps a rare or not well understood disease to contribute to medical science.  Even if the person passes without a disease or any unique characteristics, medical…

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Who will Manage Your Affairs in the Event You are Incapacitated?

No one likes to consider the fact that they may one day need help in managing their affairs, but the fact remains many people will need a fiduciary they can trust to act on their behalf when incapacitated. Typically as part of an estate plan, an individual will execute a…

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The Mickey Rooney Example: Be Clear About Funeral & Burial Plans

Legendary actor Mickey Rooney died earlier this month at the age of 93. Over the later course of his life, Rooney offered many important lessons related to elder law estate planning. For one thing, he was a vocal advocate against senior financial exploitation. In 2011 he testified before a U.S.…

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Senior Forced to Spend $100,000 to Prove Competence

The Austin American Statesman reported on a troubling elder competence case that is leading many to call for legal reforms. The story is a reminder of the heartache that may arise when feuding arises within families and relatives engage in costly legal battles. The 91-year old’s struggles began when two…

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Is New York Ready For Boom in Old Age?

The Post-Star recently published a story with the provocative headline: “Old Age is Coming, and We Are Not Ready.” The article touches on some practical issues in New York state that have often been discussed in the wake of the national demographic shift that is already underway. As most know,…

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