明星黑料

My husband and I are expecting our first child. We do not have a lot of assets but we do have retirement plans, insurance policies and a house. Everyone keeps telling us that we need a Will. Is that necessary?

My husband is currently receiving services through the Community Medicaid program. He is using a Pooled Income Trust to preserve his excess income. I heard that there are changes that may affect his ability to use the Pooled Income Trust in the future, is this correct?

My son just turned 18 and is heading off to college in about two weeks. The college is located upstate. Are there any legal documents he should execute before he leaves?

All of the attention in the news recently about the Veteran鈥檚 Administration Health Care System has made me wonder whether I am entitled to any assistance with paying for my prescriptions drugs?

New York鈥檚 Estate Tax law has just seen its most dramatic change in recent memory. Finally, the exemption has increased from $1,000,000.00 where it has remained since 2002, with the exemption set to increase annually until it matches the federal estate tax exemption in 2019.

Clients often ask this question and our answer is always the same, no matter how your property is titled it is still necessary to have a comprehensive Power of Attorney document in place. A Power of Attorney is a document in which a person (the Principal) can designate an Agent (an Attorney-in-Fact) to act on his or her behalf with respect to financial or legal matters.

Assuming your father meets the asset requirements for Medicaid, his income will not hinder his ability to qualify for Medicaid benefits. More importantly, he will be able to receive the homecare benefits without losing his monthly income.

This week鈥檚 column is a continuation of our column from last week where we answered questions regarding tax-deferred annuities, the different types and the tax benefits and consequences of purchasing or owning one. Included in the questions posed last week was 鈥渨hat are the Medicaid implications for the owner of an annuity.鈥�

As an Elder Law attorney, many clients consult with me with regard to trust planning to protect assets from the cost of long term care. However, many clients do not realize trusts can also be used to protect assets for your children.

For every IRA you should complete a beneficiary designation form. Keep a copy of the form(s) among your important papers. Do not rely on the financial institution to keep copies.