Whether a joint account with a child is beneficial depends not only on what a client is trying to accomplish, but on how it fits with the rest of the estate plan. Visit out latest blog post to learn more about the advantages and disadvantages of adding your child to your account.

Whether a Trustee can sell property in a trust depends on the terms of the trust. “Maybe” may seem like a common attorney refrain to frustrate clients, but the powers of a Trustee depend either on the terms of the trust, the purpose of the trust and New York’s Estates, Powers and Trusts Law.  Visit our latest blog post to learn more.

An estate planning consultation is not everyone’s idea of a good time. Discussing aging, death and money can make people uncomfortable. Yet, there is nothing morbid about planning for the future.  Clients tell us that checking estate planning off their to-do list gives them an overwhelming feeling of relief and peace of mind. Here's what you can expect during an estate planning consultation.

Being a Trustee of a trust carries serious responsibilities and trustees are compensated for their time. Trust documents can contain specific language on how a trustee will be paid. Accordingly, a trustee should review the trust document before making a distribution. Trustee commissions are often complex and difficult to calculate. There are many possible “caveats” to the calculation, depending on the trust document and circumstance. Visit out blog to learn more about trustee compensation.

An EIN, also known as a federal tax ID number, is a nine-digit number that the Internal Revenue Service (“IRS”) assigns to identify an entity for tax reporting purposes. An EIN functions like a social security number. Whether your trust requires its own EIN depends on the type of trust that you have. Learn more in our latest blog post.

Couples in which both spouses are U.S. citizens receive the benefit of the unlimited marital deduction on federal estate and gift taxes. But what if you have a foreign spouse? A Qualified Domestic Trust (“QDOT”) allows the marital deduction for property passing to a non-citizen surviving spouse. It does not avoid estate tax, just defers it until the surviving spouse’s death. Visit our blog to learn more about QDOT and how it can fit in your estate plan.

Before transferring property, it is important to determine who holds ownership of the property. While many clients assume that they are the owner, or think they know who is, there have been many instances where that was not the case. The Automated City Register Information System, more commonly referred to as “ACRIS”, is New York City Department of Finance’s online portal. The portal allows one to view property records (such as deed filings), calculate property taxes, apply for exemptions, and prepare transfer tax forms.

As long as the house continues to be your primary residence, Medicaid cannot put a lien on the home. There are still important planning tools to consider to protect the home should you need Medicaid in the future, or to avoid a lien on the home at the death of you and your spouse. Head over to our latest blog post to find out more about these tools.

The Consumer Directed Personal Assistance Program (CDPAP) allows Medicaid long term care recipients to choose their own home care attendant, including family members, rather than hiring an aide from a home care agency. Check out our latest blog post to learn more about CDPAP

A marital trust is a type of irrevocable trust that allows one spouse to transfer assets to a surviving spouse tax free, using the unlimited marital deduction, while providing benefits not available if transferred outright. When drafting Wills for married couples, we usually include a Marital Trust to provide estate tax planning, spousal care, and Medicaid protection. Visit our blog to find out if a martial trust is a good fit for your estate planning.

Giving assets away during one’s lifetime is usually done for two reasons. The first is to reduce the value of one’s estate to avoid estate taxes at death. The second is to protect assets in the event one needs long-term care covered by Medicaid. Head to our latest blog post to learn more about how to protect your assets for your loved ones.

A credit shelter trust (CST) is an estate planning tool used for married couples to help reduce, if not eliminate, estate tax due at the death of the surviving spouse. Visit our latest blog post to find out if including a CST in your estate plan is the right fit for you.

When creating a last will and testament or a living trust, there are certain planning techniques that can be advantageous to those who inherit your assets. One such technique is distributing assets to your beneficiaries in trust to provide them with creditor protection, which they would be unable to create for themselves.

There is a new simplified power of attorney coming to New York State. A power of attorney is a legal document which appoints an Agent to act on behalf of the Principal with regards to the Principal’s financial and legal matters. On December 15, 2020, Governor Cuomo signed Assembly Bill A5630A to help simplify the power of attorney document and the execution process. The new law, which is set to go into effect in approximately 6 months, provides for several changes.

Community Medicaid, also known as homecare Medicaid, is not limited to care in one’s current home. A person is eligible for Community Medicaid so long as they reside in New York, do not require a skilled nursing facility, and meet the financial eligibility requirements. Check out our new blog post to learn more about how to quality for Community Medicaid.