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New York Estate Planning & Elder Law Blog

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Tax and Medicaid Law Changes for 2024

For 2024, the exemptions for estate taxes rise to 6.94 million for New York estate taxes, and to 13.61 million for Federal estate taxes. The annual gift tax exclusion rises to $18,000. If your estate is, or may become, greater than the New York threshold, early intervention can avoid the…

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Gifting to Minors

Gifting to minors raises some unique considerations. For one, people under the age of eighteen lack the legal capacity to own assets.  The Uniform Transfer to Minors Act (UTMA) was created to protect assets that are passed on to minors.  This act determines when minors can receive an inheritance for…

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A Baker’s Dozen Reasons to Use a Trust

Trusts can shield your assets from the high cost of home care making you eligible for home health aides through the Medicaid program. Trusts start the five year “look-back” for institutional care, making you eligible for Medicaid benefits to pay for a nursing home. Trusts can ensure the inheritances you…

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Asset Protection is Inheritance Protection

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…

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