Setting up a pooled income trust is an option for those in need of home care Medicaid in New York to ensure they can preserve excess income and maintain access to Medicaid. People in need of Medicaid who have over the threshold income limit can deposit excess monthly...
When estate planning, knowing how your gifts could affect your inheritors' taxes may affect your decisions. This article will examine some common tax considerations that may affect how you structure your estate planning. Thresholds for a required federal estate tax...
Estate planning is a critical component of financial management that can help you protect your assets long after you're gone. Estate planning involves preparing legal documents that outline your wishes to distribute your assets and care for your loved ones in the...
Estate planning is essential when you have minor children. You want to provide financial support in the event of your death and have a say in who should be appointed as the legal guardian. Many parents feel that having someone who can care for minor children is even...
Thinking about who will care for a family member with special needs in your absence can cause significant worry. Fortunately, there are various ways your estate plan can provide for your loved one. One of those options is a special-needs trust. What is a special needs...
Creating an estate plan requires one of the most important steps, which is naming an executor of your will. The selection is crucial because this person or persons will be responsible for collecting your assets and carrying out your wishes as outlined in your plan. By...
Most people choose to include a trust in their estate plan for tax purposes or to protect their assets from creditors. They may also worry about whether they can get Medicaid coverage later when they need homecare or nursing home care. Especially when the purpose of...
Estate planning is an essential step to ensure your wishes are executed after you pass, but as individuals age, it's also important to consider the possibility of long-term care due to a prolonged illness or disability. According to the Kaiser Family Foundation, one...
You may hate to think that your heir(s) will ever end their marriage, but the reality is that between 40 and 50% of all first marriages do end in divorce, with the rate of second-marriage divorces also rising even higher. Though you may not be able to predict the...
The current estate tax rate in New York ranges from 3.06% to 16%. According to these tax rates, estates over 6.11 million per individual in 2022 are subjected to taxation. In addition to these tax rates, the state has a tax cliff that mainly targets larger estates....
