New York’s Real Estate Tax Exemptions for Senior Citizens and Veterans
December 29th, 2017 by David Goldfarb
New York property laws allow for many specialized property tax exemptions for certain groups of people, including senior citizens and veterans. These exemptions, however, will not automatically go into effect. Instead, you must not only qualify for them but submit an application to the proper party by a certain deadline to benefit from the exemption […]
Criteria for Federal and New York State Income Tax Deduction for Long Term Care Insurance
December 22nd, 2017 by David Goldfarb
Many people know that they should purchase long-term care insurance, but the high cost of policies prohibit them from taking the next step. Despite the expense, this insurance coverage not only protects you, your loved ones, and your estate, but it also may provide certain tax benefits as well. The method and extent of the […]
Including Digital Assets in Your Power of Attorney and Will
December 15th, 2017 by David Goldfarb
These days, we pay bills, conduct business, and bank online. In many cases, you do not even need to go into a bank to deposit a check anymore. We conduct most of our communications by email, social media, or text message. Each account has usernames, passwords, security questions, and additional information that you choose to […]
Need to Change an Existing Trust? Decanting a Trust Under New York EPTL §10-6.6
December 8th, 2017 by David Goldfarb
Are you unsatisfied with an existing trust? Were there mistakes made in the trust? Have circumstances changed? Under New York law, an authorized trustee with unlimited discretion over principal in any trust or an authorized trustee with the power to invade trust principal but without unlimited discretion may appoint the principal into another trust for […]
Medicaid Coverage of Home Care in New York
August 22nd, 2017 by David Goldfarb
Many New Yorkers require home health assistance for a variety of reasons. Some people may need therapy services, others may need bathing assistance or help managing medication, while others may require around-the-clock care by a home health professional. Whatever type of home care you or a family member may need, however, the cost can be […]
Advanced Directives: Health Care Proxies, Living Wills and Powers of Attorney
August 15th, 2017 by David Goldfarb
Every effective estate plan should address your end-of-life care as well as what happens after your death. Specifically, your plan should designate individuals who can make decisions on your behalf should you become incapacitated and unable to do so. Such incapacitation can be temporary, such as a coma after an accident, or long-lasting, such as […]
Planning for Children with Special Needs
July 25th, 2017 by David Goldfarb
Seniors often have adult children with disabilities who will likely need a personalized and effective plan in place to protect their interests throughout their lives. Our attorneys regularly assist parents in planning for the future for children with special needs and we are confident that we can provide the highest quality of assistance for you […]
Will Contests – The Basics
April 19th, 2015 by David Goldfarb
Will contests typically focus on the following three issues: due execution, testamentary capacity, and undue influence. Due execution. The requirements for due execution in New York are minimal, but important. In New York, with certain exceptions, the testator (the legal term for the person signing his or her will) must sign the will either in […]
“Spousal Impoverishment” Budgeting for Managed Long Term Care
January 5th, 2015 by David Goldfarb
New York will apply Medicaid “spousal impoverishment” budgeting rules for home care under the Managed Long Term Care (MLTC) program. New York’s laws on spousal impoverishment budgeting, New York Social Services Law § 366-c(2)(a), was amended in 2013 to include for the purposes of budgeting under the definition an “institutionalized spouse” a person who is […]
Frequently Asked Questions Concerning Living Wills and Health Care Proxies
October 18th, 2014 by David Goldfarb
What is a Living Will? A Living Will is a written statement that expresses your desires with regard to health care treatment if you become mentally incapable and/or physically incapable of expressing those desires. It can include, but need not be limited to, instructions concerning the termination of life support. What is a Health Care […]
