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New York Estate Planning & Elder Law Blog

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Gifting to Minors

Gifting to minors raises some unique considerations. For one, people under the age of eighteen lack the legal capacity to own assets.  The Uniform Transfer to Minors Act (UTMA) was created to protect assets that are passed on to minors.  This act determines when minors can receive an inheritance for…

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A Baker’s Dozen Reasons to Use a Trust

Trusts can shield your assets from the high cost of home care making you eligible for home health aides through the Medicaid program. Trusts start the five year “look-back” for institutional care, making you eligible for Medicaid benefits to pay for a nursing home. Trusts can ensure the inheritances you…

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Asset Protection is Inheritance Protection

Two overriding questions govern your choices in an elder law estate plan. First, what will happen to your assets when you pass away? Second, what will happen to your assets if you need long-term care? A comprehensive plan covers both issues. You must protect assets from going to long-term care…

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Taxation of Trusts

Revocable living trusts, where the grantor (creator) and the trustee (manager) are the same person, use the grantor’s social security number and are not required to file an income tax return. All income and capital gains taxes are reported on the individual’s Form 1040. Irrevocable living trusts come in two…

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You Cannot Disinherit Your Spouse

New York law prevents spouses from being disinherited. Instead, a spouse who is disinherited may go to court and claim their “elective share” which is the greater of fifty thousand dollars or one-third of the estate. Questions often arise as what the “estate” of the deceased spouse consists of. Naturally,…

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Book Review: “The Good Life”, by Robert Waldinger, MD and Marc Schulz, PhD

Published this year, “The Good Life” reports on the Harvard Study of Adult Development, the longest scientific study of happiness ever done. Tracking the lives of hundreds of participants for over 80 years, the report concludes that it is the strength of our relationships with friends, relatives and co-workers that…

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Home Care with Community Medicaid

Home care paid for by New York State is known as “Community Medicaid”. Paying your own living expenses, plus the cost of caregiving services, is beyond the means of many. Since 2020, there have been numerous attempts to create a new thirty month look-back period for Community Medicaid eligibility. So…

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