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...
June is a very exciting time for parents across the country. Commencement season is here and families are getting ready to send their graduates off to college. For many, this will be the first time that their child will be living on their own. Under New York State law, an individual is considered an adult...
As our loved ones age, their ability to manage their medication may be compromised – by age, illness, poor memory, failing eyesight or otherwise. The greater the number of medications, the higher the likelihood that they may become overwhelmed or make mistakes. These mistakes can be life-threatening. According to the U.S. Surgeon General, medication non-adherence...
A large segment of our population is disabled, either physically, intellectually, cognitively, emotionally or psychologically. In a study reported in 2007 by the National Organization on Disability it was estimated that more than 54 million Americans, nearly one in five of us, are disabled. Generally, “special needs planning” is estate planning for the benefit of...
Having properly executed estate planning documents, such as a Will, Trust, Power of Attorney, Health Care Proxy or Living Will, is an essential step in the process of estate planning. Many people think that their work is done once the documents are signed. However, an estate plan can only be effective if it is properly...
The Medicaid Redesign Team was established by Governor Cuomo to work cooperatively and reform the Medicaid system in New York to improve health outcomes and control costs. The recommendations of the Redesign Team that were approved by the Legislature, as part of the enacted budget, are now being implemented. One of the most important initiatives...
We recently participated in an elder care meeting at which one of the speakers quipped: “Be kind to your children, they will select your nursing home!” While it was intended as dark humor, it can also serve as a call to action. We won’t avoid the aging process. We may as well resign ourselves to...
When a loved one is admitted to a nursing home, in addition to helping your loved one accept the changes that have occasioned the move and managing the details involved in the move, you are often requested, by the nursing home, to sign documentation. Nursing home admission agreements can be complicated and confusing. What do...
Most of us have heard the expression: “Nothing is certain in life but death and taxes.” For some of us, taxes may be owed even after death. Depending on the size of your estate, estate taxes, state and/or federal, may be due. To determine your potential estate tax liability, it is important to understand the...
Most people incorrectly believe that estate planning is important only after you have reached a certain age or acquired some wealth. This is not the case. At Berwitz & DiTata LLP, we like to think of estate planning as “lifetime planning” and believe that it is important for all of us who have reached the...
