Naming someone as the beneficiary of your IRA or other retirement account can be a wonderful way to provide for a loved one after you have passed away. Often, the people we name as beneficiaries of our IRA accounts are our children and/or grandchildren. Prior to the enactment of the Secure Act (January 2020), this...
As the use of technology takes over our daily lives, it becomes more and more important to plan for what happens with our digital assets after we become incapacitated or die. Who will have access to our online accounts? Who will have the authority to manage those accounts? How will our digital assets be distributed...
In January 2023, the New York Medicaid program increased the amount of monthly income and resources that a Medicaid applicant or recipient may retain. An individual receiving Medicaid and residing at home now has a monthly Income allowance of up to $1,677.00. Couples on Medicaid and residing at home are entitled to keep a total...
Abrams Fensterman’s corporate and securities practice provides a broad scope of legal and business services in areas that encompass the representation of public, private, and family-owned businesses, in succession planning, mergers, acquisitions, and other strategic transactions, as well as daily corporate governance matters. Abrams Fensterman is well versed in representing issuers and investors in...
In our last issue we addressed the importance of the decisions we must make about when to start taking Social Security benefits and introduced certain strategies available to married couples. While many people wish to retire as soon as they can, and the number of Americans who begin receiving Social Security benefits early has increased...
In our last issue of A Step Ahead, we reported that the New York State health Budget had cut funding for programs that assist the elderly and disabled and, in particular, the Medicaid program. Regulations to implement the changes had been proposed but not adopted. On September 8, 2011, the changes went into effect. They...
Sometimes Property Management Guardians, appointed in an Article 81 proceeding, do not realize until after they have been appointed that it is their obligation to manage all of the assets and income of their ward and prepare an annual report, for the Court, detailing their activities during the year, including the income and receipts collected...
Many people have incorporated Medicaid planning as part of their overall estate plans. Because the planning strategies are frequently tailored to the individual or couple, they vary greatly, making a general description of how the recent changes in Medicaid’s estate recovery rules will affect the anticipated outcome impossible. That said, we would like to provide...
Abrams Fensterman has significant experience in representing clients who are involved in domestic disputes including those with complex financial concerns. Our attorneys understand these difficult matters and are committed to delivering the best possible outcome for each client and their family. They have proven their ability to successfully resolve the most complex and/or hotly contested...
On December29,2022,President Biden signed the “Consolidated Appropriation Act, 2023” into law which includes the SECURE 2.0 Act of 2022 (“Secure 2.0”). Secure 2.0 incorporates important enhancements to regulations affecting retirement savings and ABLE accounts. Delay in Start Date for Required Minimum Distributions (“RMDs”) – Among the most far-reaching of the changes brought about by...
