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Wednesday, September 9, 2020

Beware the Drastic Changes to the Medicaid Transfer Rules



Effective October 1, 2020, New Yorkers who apply for Medicaid home care services will be subject to the same type of transfer penalty which up until now has been imposed only on applicants who require nursing home care.  If you transfer assets in order to qualify for Medicaid assistance, then you will not only be subject to a 
five-year look back/penalty period if you need to be in a nursing home but you will also be subject to a thirty-month look back/penalty period if you require assistance at home.
 
Most people are aware that if you want to qualify for Medicaid, a federal program administered by the states, you must spend down your assets.  Fortunately, the Medicaid rules permit one to give away his/her assets, either by making outright gifts or by transferring them to a trust, in order to qualify for the program. With the exception of the wealthy or those who have good long-term health care insurance policies, most people can not afford to pay for this care, Medicaid has become an important aspect of planning for many Americans.
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Monday, August 17, 2020

Common Estate Planning Mistakes


Estate planning is for everyone. Whether you have a large estate or just a few assets you’d like to pass along to your loved ones, you absolutely must have an estate plan. An estate plan can do many things, including maximizing the value of the estate you'll pass along to your loved ones and allowing you to make informed decisions about how your assets are to be held during your lifetime. And although it is imperative that you have an estate plan in place, a poorly drafted estate plan can actually do more harm than good. Therefore, in order to ensure that you get the maximum value out of your Florida or New York estate plan, it’s essential that you avoid the following common Florida and New York estate planning mistakes.
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Sunday, August 2, 2020

How Does Becoming a Florida Resident Affect My Estate Plan


There are a fair number of New Yorkers who decide to move to Florida, especially as they get older.  Sometimes it is because of the warmer weather there, sometimes it is to avoid income tax and/or state estate tax.  Regardless of the reason, such a move to Florida, or to any other state for that matter, one needs to think about how such a move affects one's estate plan.

Since Florida does not have its own estate tax, unlike New York, if a person who has done estate planning premised on the belief that she/he/they will have an estate tax issue, a move to Florida is likely to change one's plan.  For instance, if one has created trusts to avoid estate tax, or if there are trust provisions in one's will designed to shelter the estate from tax, then those documents need to be reviewed.


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Monday, July 20, 2020

Three Must-Have Estate Planning Documents


Estate planning is for everyone, regardless of wealth or income level. For people with substantial assets, a more detailed estate plan may be necessary. However, for most people, a simple estate plan will do the trick. Regardless of your age or income bracket, there are a few essential documents that every estate plan should contain. Below is an overview of three must-have estate planning documents.
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Saturday, July 11, 2020

Incorporating A Second Home Into Your Estate Plan



INCORPORATING A SECOND HOME INTO YOUR ESTATE PLAN

It is not uncommon for New Yorkers to spend a few months in Florida or in some other state, especially during the winter season.  Whether you are heading to the Berskshires, the Carolinas, or some other destination, there are some relatively easy steps you should take in order to ensure that your estate plan takes the second home into consideration.

  The probate of one’s will, or the administration of one’s estate, will occur in the state where you reside.  If you are a New York resident, the probate process is usually straightforward and relatively simple.  If you own real property in another state, you will be required to probate your will there as well, resulting in a second, or “ancillary”, probate.

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Tuesday, June 30, 2020

Five Tips To Successfully Buying a Business


Buying a business is a major undertaking that involves a number of considerations. It’s success or failure may not only affect you and your investors, partners, customers or clients, but often for your family members as well. This is especially true if you have younger siblings or children who may eventually inherit the company. In view of this, you should pay attention to the following tips:

Tip #1: Invest Time in the Search -- You’ll Be Glad You Did

The first thing to remember when seeking to buy a business is that the process is likely to be a good deal more time-consuming and intensive than you imagined. Realistically, finding a company that will suit your needs and desires may take a year or more.


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Friday, May 15, 2020

How to Create a Will in Florida


A properly executed will is the hallmark of a good estate plan. Each state has its own will requirements, and Florida is no different. Therefore, when drafting your will, it's imperative that you understand the laws that govern the validity of the document. In Florida, if your will fails to meet these requirements, the court will consider it invalid. This will make your estate subject to the laws of intestacy, which essentially means that the state will determine how your property is distributed.
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Tuesday, April 28, 2020

Estate Planning During this Pandemic


 

Now is the perfect time for one to get one's affairs in order, especially since most of us have a great deal of free time.  Getting organized and having a plan will serve to alleviate anxiety about the future.  First, one should compose a detailed list of important contacts--i.e., your accountant, financial advisor (s), your attorney, with phone numbers and contact information.
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Tuesday, April 14, 2020

How to Choose an Estate Executor


Estate planning is for everyone, especially those who are retired or close to retirement. One of the most important steps in the estate planning process is the selection of an estate executor. An executor is a person who is responsible for managing the affairs of a deceased individual's probate estate.
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Sunday, March 29, 2020

How to Get Your Affairs in Order During this Public Health Crisis


We are all experiencing an event in life which none of us have ever before experienced, so it is natural to get anxious and panic about the future.  With some knowledge, however, one can take steps to avoid the anxiety, when it comes to estate planning.

With a lot of free time on our hands, it is an opportunity to get important documents together and to review them carefully.  Everyone should have a will, health care proxy/living will and durable power of attorney.  The latter two documents are most important now, with the health crisis looming.


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At the Law Office of Angela Siegel, we are pleased to offer legal assistance to clients located in Nassau, Suffolk, Queens, Kings and New York Counties specifically but not limited to Garden City, Jericho, East Meadow, Mineola, Syosset, Roslyn, Cedarhurst, Woodmere, Hicksville, Plainview, Merrick, Wantagh, Bellmore, Rockville Center, West Hempstead, Little Neck, Douglaston, Bayside, Flushing, Forest Hills, Astoria, etc., as well as clients located within the state of Florida.



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