According to a recent report by CNBC, Medicare Part B premiums are expected to rise for millions of seniors across the country in 2018, putting even more financial strain on elders trying to enjoy their golden years while living on fixed incomes. The increased costs means many seniors should prepare…
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New York Estate Planning & Elder Law Blog
Basic Steps in Creating a Trust: Part Two
In the first part of this post, we covered the initial basics in setting up a trust. Determining your purpose for creating the trust is certainly one of the most important steps, as are determining which individuals will be involved in the trust and how you want to go about…
Asset Transfers from Trusts Abroad
It is no secret that we live in an increasingly globalized world. That means it is becoming more and more common for individuals to find themselves abroad for any number of reasons that may include work, family, retirement, or even simply a desire to travel extensively. Whatever the reason for…
Understanding Survivor Benefits
An often-overlooked part of estate planning is social security. We often hear that social security is not enough for an individual to live on during retirement, especially given that people are living longer lives and often require additional medical care when reaching an advanced age. However, social security can actually…
UCLA study suggests Alzheimer’s cases could double by 2060
A recent study by the UCLA Fielding School of Public Health suggests the number of Americans suffering from Alzheimer’s or other cognitive impairments could more than double by 2060. Currently, an estimated 6 million Americans suffer from the disease and if the study holds to be true, that number could…
Insurer revenue from Medicare and Medicaid more than doubles in less than a decade
According to a recent report by CNBC, over half of the revenue generated by the nation’s top five-insurance companies comes from federal government funds provided by Medicare and Medicaid., more than doubling since the Affordable Care Act (ACA) came into effect. Those insurers generated a combined $92.5 billion in revenue…
The Impact of Tax Cuts on Estate Planning
Estate planning can be a confusing topic, especially when considering it along with financial planning. It can be even more confusing given the current debate over tax cuts and how they will impact the economy if they are enacted. A recent article from MarketWatch.com paints a rather bleak picture of…
Federal court rules medical malpractice victim must repay Medicare bills
A U.S. District Court judge recently ruled that medical malpractice victimss receiving benefits from Medicare must pay back the federal government for medical care in cases where plaintiffs make a successful recovery in their claims. The victim’s wife brought the claim against the Center for Medicare and Medicaid Studies (CMS)…
Financial Mistakes Made Now Could Significantly Impact Your Estate Plan
Estate planning is sometimes thought of as something older, more established individuals engage in when they have kids to worry about and significant assets to protect. While it is never too early to start thinking about comprehensive estate planning, it is also important to be aware of and avoid some…
Charitable Giving and Estate Planning
For both practical and philanthropic reasons, charitable giving can be an important part of your estate planning strategy. However, it is important to approach charitable giving in estate planning in a responsible manner to make sure that you are getting the most out of it while being sure your objectives…