Preserve Your Legacy

Estate Planning | Elder Law | Special Needs Planning

Blog Posts in March, 2014

  • ALZHEIMER'S, HEALTH CARE PROXIES, AND POWERS OF ATTORNEY

    Sometimes people who don’t have an extraordinary amount of wealth assume they don’t need to discuss estate planning with an attorney. They are aware of the fact that the estate tax is only applicable to large estates, and they think that only those who are subject to the estate tax should plan ahead. There are a number of reasons why this is patently untrue, but the one that we would like to take ...
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  • WHAT ARE THE DRAWBACKS OF PROBATE IN NEW YORK?

    The process of probate in New York is a factor to consider when you are planning your estate. Estate planning is often equated to the execution of a last will. If you do utilize a last will as the legal device that will facilitate the transfer of your assets, these transfers won’t take place until the estate has been probated. Positives This post is about the drawbacks of probate in New York. Many ...
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  • CAN I GIVE GIFTS TO MY CHILDREN TAX-FREE

    When you hear about the gift tax you may wonder about the details. Are gifts that you give to your children taxable? Let’s examine the answer to this question. Gift Tax Parameters You cannot discuss the gift tax without discussing the estate tax, because the gift tax is unified with the estate tax. In fact, the gift tax would not exist if it was not for the estate tax, because it is in place to ...
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  • DO I PAY TAXES WHEN I RECEIVE AN INHERITANCE?

    It seems as though you are taxed every time you receive any type of financial boost. For this reason you may assume that you must pay taxes when you receive an inheritance. In fact, you don’t have to report your inheritance as taxable income. There is however a caveat to this. If you inherit property that appreciates, you have to deal with taxes on the gains. This does not mean that taxation is ...
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  • WHAT IS MEDICAID IN KEW GARDENS NY?

    Medicaid is a vast and complicated program that is of interest to different people for different reasons. It has actually become more difficult to understand since the health care laws have been changed. In this post we will look at Medicaid in Kew Gardens NY only as it applies to long-term care for senior citizens. What About Medicare? When you are planning ahead with your senior years in mind ...
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