If you’re eligible for divorce benefits from the Social Security Administration (SSA), you can collect up to 50% of the amount your former spouse is eligible to receive by claiming your benefits at his or her full retirement age (FRA). Your FRA is either 66, 66 plus a few…
Articles Posted in Elder law estate planning
Patient Access to Medical Records to Improve but Privacy May Be Compromised
The Trump Administration announced on March 9 broad new rules that will allow you to share your medical records with third-party apps of your choice in order to retrieve medical data like blood test results and doctor’s progress notes directly from your health care providers. According to the Department of…
Nursing Home Residents are Vulnerable to Coronavirus
On March 13, CMS issued updated guidance for visitors to nursing homes related to COVID-19. If your loved one is residing in a nursing home, the facility should be actively screening and restricting or limiting visitors according to CMS guidelines. CMS is the Center for Medicare and Medicaid Services, a…
Should I Get Long-Term Care Insurance?
Did you know that the cost of in-home care services and nursing home care are not covered items under the Medicare program? According to AARP, the average cost of nursing home stays is more than $100,00 per year in many parts of the United States. A comprehensive retirement plan should…
Pay Up: 13 States that Tax Social Security Benefits
For over 80 years, Social Security has made guaranteed monthly payouts to eligible retired workers. Today, over 64 million people receive a monthly benefit from the Social Security program. The average retired worker benefit is $1,505.50 a month, as of January 2020. Generally Social Security income for the ordinary retiree…
Back to Basics: Estate Planning 101, Part IV
Every estate plan should include a living trust. A living trust is different from a trust and should be part of your estate plan along with a last will and testament and power of attorney (financial and medical) documents. Why a living trust is an important estate plan document…
Back to Basics: Estate Planning 101, Part III
A power of attorney, including a heath care power of attorney, are crucial estate planning documents. This is especially important if you have Alzheimer’s disease, dementia, or are suffering from another chronic and debilitating illness. Individuals who are widowed or alone should carefully consider who they can trust to manage…
Back to Basics: Estate Planning 101, Part II
A trust is an important estate plan document. Other estate planning documents include a last will and testament and intestate succession. Every state has laws that determine who your heirs are and what proportion of the estate the heir is entitled to receive. Heir refers to blood relatives and…
Understanding the Differences Between Revocable and Irrevocable Trusts
Adding trust instruments to your estate plan can help a surviving spouse and other beneficiaries have access to assets while the rest of the estate is wound up. Especially if there are young children or children with special needs ensuring continuity of financial security to survivors is at the forefront…
How to Deal with Out-of-State Assets in an Estate Plan
It is not uncommon in our region for people to own real property outside of New York State. Increasingly, people own other home or investment properties out of state and even out of the country. A will generally disposes of all of an individual’s assets. The rules are different however…