In the last issue of A Step Ahead, we discussed how David Bowie’s failure to incorporate a trust in his estate plan opened his plan to public scrutiny. This month we lost Prince, another trend setting entertainer whose estate is going to occupy the media. Within days, the public was informed that Prince died “intestate,”...
Our perceptions about elder abuse are often misguided. Unfor- tunately, our misconceptions affect our ability to recognize the signs of abuse and our sense of urgency about stopping it. Here are some of the myths: 1. Elder abuse only occurs in nursing homes. Even though elder abuse does occur in nursing homes, most of...
If you or a loved one are on Medicare and are considering the purchase of a Medicare Supplement plan, you probably have some questions. Often our clients want to know: What do these plans cover? Do we really need this? How do we choose? Should we still pay for it if we begin to receive...
The Achieving a Better Life Exprience Act of 2014 (the “ABLE Act”) was signed into law by President Obama in December 2014 and effective in New York as of April 1, 2016. The law is designed to help certain individuals with disabilities pay for qualified expenses without adversely affecting benefits from Supplemental Security Income (“SSI”),...
Life insurance has long been touted as an essential strategy for protecting a young and growing fam- ily. As we age, however, life insurance becomes more expensive and the need for it may lessen. Recently, clients of ours asked about donating a life insurance policy to charity. They had already put away their “nest egg”...
When one creates an estate plan, he or she will generally inquire as to the provisions that will protect the rights of minor children. What is often overlooked is planning for adult beneficiaries who may be receiving governmental benefits such as Medicaid or Supplemental Security Income. Certain govern- mental programs have income and resource limits...
Understanding who needs to do estate planning, what an effective plan should include and how to go about executing the documents, is key to establishing a valid and enforceable plan that is right for you. Misconceptions abound and any one of them can result in costly mistakes. Properly crafted, an estate plan will protect...
On December 15, 2020, Governor Cuomo signed into law changes to the New York State Power of Attorney. Changes will take effect on June 13, 2021 and the new forms cannot be executed before that date. This also means that the old form should not be executed on or after that date. There are...
Now that the CDC has relaxed rules for vaccinated individuals, and many businesses have fully reopened in New York State, it may become necessary for individuals to provide proof of a COVID19 vaccination. The New York State Excelsior Pass provides digital proof of vaccination. It is a free, fast and secure way to provide proof...
In our last newsletter, we forecast potential changes to estate taxes due to the majority maintained by the Democrats in the House of Representatives and the slight advantage the Democrats have in the Senate because Vice President Harris, a Democrat, casts the tie-breaking vote. The President recently released his American Family Plan (AFP) which includes...
