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In the event of their death, many people wish to provide for the adequate care and feeding of their beloved dog, cat, bird or other pet. Here is an abridged version of New York’s statute authorizing a trust for your pet; The intended use of the principal or income, of…
Your “basis” for calculating capital gains taxes is what you paid for the stock or the real estate. For real estate, the basis gets raised by the amount of any capital improvements you make to the property. When you sell your primary residence you may exclude the first $500,000 of…
You should strive to review your estate plans every few years. While it might not seem like it, many events can occur during this period that impacts your estate planning goals. Besides personal changes, the country also experiences national elections every four years which often lead to changes in estate…
After a person is named an executor, the individual takes on the obligation to adequately and promptly complete the estate’s administration in addition to distributing an estate’s assets to anyone listed as a beneficiary. Assuming that the executor appreciates the duty that he or she owes to the estate and…
Federal workers are currently reminding the country’s health care workers that withholding treatment due to an individual’s disability is frequently illegal. Withholding services in such a way is illegal even if resources are few. The US Department of Health and Human Services’ Office for Civil Rights is currently informing providers…
A 90-year-old woman is a recent victim of elder abuse. The financial scammers hacked into the woman’s account and removed $20,000. Frequently, financial abuse scammers present themselves as technical support or service representatives who offer to resolve issues connected to compromised email or bank accounts or even the renewal of…
Although it was long predicted, the country is currently in the middle of the biggest transfer of assets in current history. The Federal Reserve reports that at the end of 2021’s first quarter, people in the United States who are 70 years of age and older had net worths of…
The estate tax exemption is slated to return to $5 million in 2026. For married individuals, the exemption is considered portable”, which means that the estate of the second spouse to pass away can benefit from the unused amount of the exemption that was available to the first spouse who…
Many adults with special needs children routinely worry about how the child will survive when the parent can no longer support them. Often, leaving money directly to a special needs child can end up jeopardizing that child’s ability to receive any support from government-funded programs including Medicaid and Supplemental Social…
One new study found that many LGBTQ+ individuals worry that prejudices held by long-term care facility staff could continue placing these elderly individuals in an environment rife with discrimination and misunderstanding. Many elderly LGBTQ+ individuals even feel the need to go “back into the closet” due to fears about being…