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Articles Posted in Elder law estate planning

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3 Tips on Estate Planning During a New Presidential Administration

Recent and substantial changes in the country’s executive and legislative branches have many people curious about how the estate and gifts tax will be impacted as well as when such changes will occur. During his campaign, President Biden pledged to cancel many tax policies implemented by President Trump.    Most…

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3 Ways to Reduce COVID-19 Risks in Nursing Homes

In September 2020, the nursing home staff at the Soldiers’ Home in Holyoke Massachusetts were indicted on criminal charges in what the Attorney General described as the first criminal case against nursing home operators in connection to the COVID-19 pandemic. Seventy-six veterans at the hospital died as a result of…

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Deciding if Now Is the Best Time for Family Gifting

Due to not just the approaching US election but also continued economic uncertainty and a country that is dealing with the impact of the coronavirus pandemic, family gifting is likely not at the top of your list of goals. Despite its uncertainty, the current situation creates an opportunity for individuals…

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2020 Medicaid Rates for Community and Nursing Home Medicaid in New York

Medicaid is state and federal funding that pays for long-term care costs, either at home, called “Community Medicaid,” or in a nursing home, called “Institutional” or “Nursing Home Medicaid.” The Medicaid rates change every year for income and asset requirements to determine eligibility for benefits. Following are the 2020 New…

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How the New Rules Under the Secure Act Changes the Way People Will Inherit Money

The Setting Every Community Up for Retirement Enhancement Act of 2019, Pub. L. 116–94, was signed into law by President Donald Trump on December 20, 2019, as part of the Further Consolidated Appropriations Act, 2020 (The Secure Act). Future beneficiaries of retirement accounts have different rules than current inheritors. What…

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Save for Retirement and Pay-Off Your Student Loans

The average student loan payment, according to credit.com, is $393 a month. That represents almost 20% of the monthly household income after taxes. During your prime working years, you may be tempted to postpone saving for retirement or maxing out your 401K contribution. If you’re on a federal income-based repayment…

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About 40 Million Americans to Experience a Drop to their FICO Score

Millions of Americans are expected to experience a drop in their FICO score when the Fair Isaac Corporation, the company that invented the FICO score, modifies the methodology they use to determine a consumer’s FICO score. Beginning in the summer of 2020, lenders may opt to use the new methodology…

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Assisted Reproductive Technology and Estate Plans

In-vitro fertilization, also known as IVF, has its origins in the 1890’s when the first known case of embryo transplantation occurred in rabbits in Great Britain. By 1973, scientists were able to transplant a human embryo into a woman. The first human IVF pregnancy occurred 47 years ago in Melbourne,…

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