Under New York law, you have the right to 1/3 of your deceased spouse’s property even if the Will says you get nothing. It’s not easy to disinterest a spouse but with good estate planning, including prenuptial agreements it can be achieved. Make sure your estate is planned to avoid unintended consequences even if you already have a prenup.
June 6, 2020
Most Frequently Asked Questions on Trusts:
Q: What is the difference between an Irrevocable and Revocable Trust?
A: An Irrevocable Trust is the only type of trust that affords creditor protection and there are aspects of it that can never be changed by you Continue reading “FAQ Regarding Trusts”
Prior to October 1, 2020, a person in need of Community Medicaid (meaning Medicaid that covers home care and all medical expenses for a person not living permanently in a nursing home) can become Medicaid eligible by transferring assets or establishing various trusts. A critical change in New York law is taking place effective October 1,2020 – from that date forward, Medicaid will “look back” at all transfers/gifts made within 30 months of a Medicaid application. Continue reading “CRITICAL CHANGES TO MEDICAID ELIGIBILITY FOR INDIVIDUALS OVER AGE 65, DISABLED OR BLIND”
2020 Medicaid Eligibility Update
Medicaid Planning – Will You Be Able To Afford Healthcare When You Retire?
While vast numbers of middle class American retirees continue to legally qualify for Medicaid, most of us tend to think (incorrectly!) that if we are homeowners or make a decent living, we will not be eligible for Medicaid upon retirement. This article serves to dispel that myth and provide a basic understanding of the legal framework surrounding Medicaid Planning. Continue reading “2020 Medicaid Planning Update”