For 2025, the exemptions for estate taxes rise to $7.16 million for New York estate taxes, and to $13.99 million for Federal estate taxes. The annual gift tax exclusion rises to $19,000. If your estate is, or may become, greater than the New York threshold, early intervention can avoid the…
Two overriding questions govern your choices in an elder law estate plan. First, what will happen to your assets when you pass away? Second, what will happen to your assets if you need long-term care? A comprehensive plan covers both issues. You must protect assets from going to long-term care…
By now most people know that trusts avoid probate which is required with a will — if there are “probatable” assets, in other words those in your name alone. While many assets can be set up to avoid probate by putting joint owners on or by naming beneficiaries, titles to…
What do you do when a client comes in to see you and says that his mother is going into a nursing home and she has $300,000 in assets. In fact, mom scrimped and saved all of her life to have this nest egg and now she desperately wants to…
Elder Law Estate Planning is an area of law that helps us maintain control of our lives and assets in four basic areas. First, Elder Law is planning for disability which includes naming people who will make decisions for us if we become incapacitated. You choose the people who will…