A new law, which took effect on January 1, 2020, will change the tax treatment of retirement savings. The SECURE Act was signed by the President on December 20, 2019, and became Public Law No: 116-94[1]. The revised sections of the tax code make significant changes to the laws governing retirement savings. Many of the …
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Going home for the holidays means different things to different people. If your plans involve older relatives, the holidays can provide insights that can help avoid disaster. It can be hard to know when and how to raise delicate age-related issues with your parents. How do you tell the person who taught you everything that …
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Despite the common misconception, estate planning is not only for the super-rich. At its core, proper estate planning ensures that your needs and those of your family will be met, now and in the future. A comprehensive estate plan will anticipate your lifetime needs as well as the distribution of your assets after your death. …
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Things can change in the blink of an eye. A healthy pregnancy turns into a difficult delivery, resulting in developmental disabilities. Your child’s accident leaves him with a traumatic brain injury, rendering him unable to manage independently. How can you plan for your child’s future when there are so many immediate problems to contend with? …
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It seems like five minutes ago you were teaching your children to play peek-a-boo, and now you’re sending them off to college. Along with laptops, textbooks and dorm furnishings, there’s one item no student should be without – a healthcare proxy. Why might college students need this legal document, intended to help loved ones make …
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Misconceptions about wills, trusts and estate planning in general abound. Here, we help you separate fact from fiction. 1.      Estate planning is only for the wealthy. Besides preserving and protecting assets, estate planning preserves dignity. It allows you to make decisions about your physical and mental healthcare while you are able to do so, before …
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Irrevocable Medicaid trusts can be a powerful tool for families seeking to protect assets from the costs of long-term care, if drafted and administered properly. A failure of either can create bad blood within the tightest of families, with resulting financial repercussions, so the Suffolk County Surrogate’s Court reminds us in its September 7, 2017, …
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For trust and estate attorneys, the big news this summer from Florida was not Hurricane Irma, but Governor Rick Scott’s veto of proposed legislation to legalize what are often called “electronic Wills.” These are Last Will and Testaments that are digitally created, signed and stored online or on a tablet, smart phone or similar electronic …
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The most costly item in retirement isn’t housing; it’s healthcare. According to the AARP, some 70% of Americans will require long-term care during their lifetime. With nursing homes in New York costing $12,000 to $14,000 per month and the future of Social Security and Medicare unclear, many retirees risk financial ruin unless they have put …
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After many years of hard work, sacrifice and saving, most people look forward to a secure and stress-free retirement. Few, however, consider the probability of needing costly long-term care, either at home or in a nursing home. According to the AARP, approximately 70% of Americans will need some type of long-term care. Nursing homes in …
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