Articles for Seniors
New Tax Bill Will Temporarily Lower the Threshold for Medical Expense Deductions
February 2nd, 2018 by David Goldfarb
The new tax bill that President Donald Trump signed into law in December 2017 contains many controversial provisions. American taxpayers must carefully examine them to determine how these changes will affect them. One important provision has received little media attention but has the potential to help Americans with high medical bills. The attorneys at Goldfarb […]
How to Pay a Live-In Home Health Aid
January 26th, 2018 by David Goldfarb
Many adults with health issues require around-the-clock assistance—at least when they are awake. While some people will move into long-term care facilities, many others will want to remain in their own homes where they feel most comfortable. The home health care industry provides important assistance to those adults who want to stay at home but […]
Exempt Transfer of Home to a Caretaker Child
January 22nd, 2018 by David Goldfarb
A Great Incentive for Caring for Your Parent in the Family Home Many of our clients and their adult children are concerned both with the escalating costs of long-term health care and the quality of the care. An adult child that becomes a caregiver for a parent is one way that families deal with these concerns. […]
ABLE Accounts in New York
January 19th, 2018 by David Goldfarb
If you are a disabled individual in New York and you exceed certain asset restrictions, you will lose eligibility for important government benefits such as Medicaid or Supplemental Security Income (SSI). However, while such individuals must save money for qualified expenses, many people do not know how to go about saving without losing their benefits […]
Know Your Rights: Observation Status
January 12th, 2018 by David Goldfarb
Medicare has limited coverage for nursing home care. Also, Medicare will only cover care you get in a nursing home if you first have a “qualifying hospital stay.” A qualifying hospital stay means you’ve been a hospital inpatient for at least three days in a row. Your doctor may order “observation services” to help decide […]
Protecting Assets while Qualifying for Government Benefits
January 11th, 2018 by David Goldfarb
As you age, you may require an increasing amount of medical care—including home health care or a move to a skilled nursing facility or another type of long-term care facility. Such care can cost a lot of money, so seniors understandably want to qualify for as many government benefits as possible. To be eligible for […]
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 […]
