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New York Estate Planning & Elder Law Blog

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ELDER PROTECTION AND ABUSE PREVENTION ACT

FEDERAL DEFINITION OF ELDER ABUSE AND FEDERAL RESPONSE In these United States it is often that many things are left up to the states for criminal and civil enforcement. While the federal government does have a statute for murder, it is generally only applied to events that occur on federal…

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SPLIT ANNUITY FOR ESTATE PLANNING

HYBRID PLANNING TOOL – COMPOUND INTEREST AND IMMEDIATE PAYOUT There are some retirement strategies that people engage in that have many benefits one the one hand with a similar amount of disadvantages on the other.  Life is like that, it involves trade offs and often you get what you pay…

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INTERSTATE ADULT GUARDIANSHIPS

INCREASING IN FREQUENCY Guardians across the country are beginning to grapple with a larger phenomena of life in these United States: that we are a mobile society. Many times these decisions are made by legally competent adults who have the right to decide where they want to live. When it comes…

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JOINT SPOUSAL TRUST

NOT AS USEFUL BUT STILL GOOD TO HAVE This blog has explored the issues revolving around an ABC trust in the past and how its previously primary reason for existence is now no longer a consideration for many people. The primary reason for their existence was to ultimately lowering the…

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HOW DOES THE DEATH OF A SPOUSE AFFECT MEDICAID ELIGIBILITY

NEED FOR UPDATED ESTATE PLANNING WHEN ONE SPOUSE GOES INTO NURSING HOME When one spouse goes into a nursing home, there is a good chance that he/she is using to pay for their care. That means that the community spouse will have to live survive on certain income thresholds determined by…

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ESTATE PLANNING FOR NEW YORK’S ESTATE TAX

GOOD NEWS AND BAD NEWS Most people are aware that April 15 is tax day. That simply means that you have to have your taxes filed and paid by that date and that the year that those taxes are due for are from January 1st to December 31st of the…

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HOW TO ASSURE AN ESTATE BATTLE

HUGUETTE CLARK AS EXEMPLAR The last member of the gilded age passed away just a few years ago. Huguette Clark’s life, in some ways, seems to mirror the classic Orson Welles classic One of the first things that she did to insure an estate battle was to pass the entirety of her…

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UNDUE INFLUENCE IN PROBATE

KNOW IT WHEN YOU SEE IT Supreme Court Justice Potter Stewart wrote in an opinion on a first amendment, free speech issue that became famous, but is so commonplace and true about life. Specifically he said that some things are hard to define, but he would know he if he…

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MEDICARE’S OBSERVATIONAL STATUS

SOME LIMITED RELIEF Patients who rely on Medicare sometimes experience sticker shock after being released from the hospital only to find out that because some hospital administrator classified their stay as “observational” that they must pay a large portion of the final bill. Many times a doctor will seek to…

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WHAT IS A CRUMMEY TRUST

STRANGE NAME, GREAT CONCEPT A person is entitled to gift up to $14,000 per year without incurring any gift tax liability. There are some limitations to those gifts, however. The gift must be for the unlimited, present usage of the interest that is being conveyed. That creates problems for when…

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