The coronavirus relief bill includes a direct payment to most Americans, which may have Supplemental Security Income (“SSI”) and Medicaid recipients wondering how the payment will affect their continuing eligibility for these crucial benefits. Because the payment is not income, it should not count against an SSI or Medicaid recipient’s eligibility. As detailed in prior […]
Gov. Andrew Cuomo issued Executive Order No. 202-14, that addresses remote witnessing, answering the call of estate planning attorneys across the State. The order, among other issues, authorizes remote signings of such documents as wills, powers of attorney and health care proxies. Prior to the signing of this order, these crucial estate planning documents, especially […]
Governor Cuomo has signed an executive order that enables any notarial act to be performed utilizing audio-video technology[i]. Executed on March 19, 2020, Executive Order 202.7 implements the foundation for contracts requiring notarization to be executed during the COVID-19 pandemic quarantine. 202.7 allows any notarial act that is required under New York law to be […]
At the end of 2019, Congress passed, and the President signed into law, the Setting Every Community Up for Retirement Enhancement Act (the “SECURE Act”). As of January 1, 2020, this law went into effect and drastically changes many of the rules relating to individuals’ Traditional IRAs. Required Minimum Distributions: The SECURE Act has delayed […]
Gun ownership is a very important subject for many individuals in New York State. As most know, New York State has many regulations regarding gun ownership. One of the most important items individuals need to be aware of is the legality of transferring a firearm to beneficiaries through an estate. If the correct procedures are […]
When you think about creating an initial estate plan, you likely focus entirely on the need to create a roadmap for the distribution of your estate assets in the event of your death. While that certainly will always remain an important estate planning goal, you will undoubtedly include additional goals into your estate plan over […]
During a consultation about estate planning, one of the questions most frequently asked by clients is “Will Medicaid take my house?” While some people amass a great deal of wealth during their lifetimes, for the average middle class person the family residence is his/her most valuable asset, and the concern of losing this asset to […]
As the end of the year approaches, there are a number of planning techniques that individuals can consider implementing before December 31, and after the first of the year, to take advantage of estate and gift tax savings opportunities. Gifts to Individuals Individuals may gift away a certain amount of assets to other individuals […]
In estate planning, the titling of assets is often the most important consideration of how those assets will be distributed upon death. If you have not taken time lately to review how all of your assets are titled and how beneficiaries are designated, it can be a useful exercise. Let’s take a look at a […]
What is the Right of Election? New York’s Spousal Right of Election protects a surviving spouse from being completely disinherited from the estate of the deceased spouse. Under EPTL 5-1.1A, a surviving spouse is entitled to take the larger of $50,000 or one-third (1/3) of the deceased spouse’s net estate. This is known as […]