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Question: My mother has a trust that protects her house in case she needs long term care in a nursing home. Is this legal? Also, when she dies the trust is paid to another trust for me. Do I need this? I am only 53 and my mother is 75.

The 2017 Tax Cuts and Jobs Act (the 鈥淎ct鈥�) increased the federal estate tax exclusion amount for decedents dying in years 2018 to 2025. The exclusion amount for 2021 is $11.7 million. This means that an individual can leave $11.7 million and a married couple can leave $23.4 million dollars to their heirs or beneficiaries without paying any federal estate tax.

As Elder Law Attorneys, we focus on Medicaid planning for our clients in order to have access to long-term care. It is equally as important to ensure that their beneficiaries will have access to government programs and not be disqualified by the fact that they received an inheritance.

Community Medicaid, also known as homecare Medicaid, is not limited to care in one鈥檚 current home. A person is eligible for Community Medicaid so long as they reside in New York, do not require a skilled nursing facility, and meet the financial eligibility requirements.

When both spouses need long term care, they can apply together for Community Medicaid provided that they qualify as a 鈥渄ual applicant.鈥� As a couple applying for Community Medicaid, the spouses cannot have more than $40,821.00 in total countable resources.

You can change your Will or Trust at any time, even in the middle of a divorce. However, once a divorce proceeding is commenced, both spouses are restricted from transferring assets or changing the designated beneficiary on retirement accounts.

For a traditional married couple, the estate planning has become simpler in many ways. Before the estate tax was increased on both the State and Federal level, we were fixated on saving estate taxes.

Question: I was named as an agent on my mother鈥檚 Durable Power of Attorney which included a 鈥渟tatutory gifts rider.鈥� What is this document and what responsibilities will I have?

In order for a person to contest a last will and testament (鈥渨ill鈥�) in New York, he or she must have legal grounds. This means a reason based in the law that the will is invalid and should not be admitted to probate.

As fiduciary you are required to account to the beneficiaries, but the type of accounting will vary depending upon the actual beneficiaries and the fiduciary鈥檚 relationship with them. There are two types of accounting: informal and judicial accounting.