An irrevocable trust known as a Medicaid Asset Protection Trust (MAPT) safeguards assets like the family home during the application process for Medicaid long-term care benefits. To qualify for Medicaid, your assets must be under a certain level, and home equity often exceeds this threshold. Advance estate planning is critical because you can’t just transfer […]
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Imagine you just completed a full bathroom remodel for a new client in New York. Though you have a signed contract, and you complete the work to their satisfaction, they refuse to pay. You take them to court and win a verdict in your favor. The court enters a judgment. The judge instructs your client […]
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Key Takeaways The homestead exemption protects a portion of home equity from creditors. New York homestead exemption amounts vary by county and marital status. Homestead protection generally does not apply to mortgage or tax foreclosures. Surviving spouses may retain the right to live in the homestead property. New York offers property tax exemptions for qualifying […]
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When someone gives you power of attorney, they have given you the legal authority to make financial, legal, or healthcare decisions on their behalf. You can grant power of attorney under predefined terms, limited to specific circumstances and timeframes. Many people grant powers of attorney to a family member, trusting them to act in their […]
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As part of the Tax Cuts and Jobs Act (TCJA) of 2017, lifetime estate and gift tax exemptions are set at $13.61 million for individuals and $27.2 million for couples in 2024, adjusted for yearly inflation. This huge exemption increase was a relief to many families, as they were no longer subject to federal estate […]
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Family wealth trusts are not just for the extremely wealthy. They can help families transfer wealth from one generation to the next quickly and easily. Family wealth trusts are extremely customizable. They can help families provide for minor children, protect family members with special needs, and shield family assets from unwarranted lawsuits. Your estate planning […]
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When someone passes away and has written a last will and testament, their estate executor will distribute the deceased person’s assets to their beneficiaries. An executor has many responsibilities and must follow state laws. These responsibilities and other factors can affect the estate distribution timeline and determine how long it takes for the executor to […]
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How Married Couples Can Use the Clayton Election and Disclaimer Options to Reduce Federal Estate Taxes Married couples with larger estates face uncertainty about the federal estate tax exemption when the second spouse dies. Currently, the 2024 federal estate tax exemption amount for an individual is $13.61 million. For married couples, the combined exemption amount […]
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Even though only about half of Americans currently have a will, having one as part of a comprehensive estate plan is the best way to guarantee that your loved ones will inherit the assets you’ve worked a lifetime to accumulate. If you do not have a valid will, the state will use intestacy laws to […]
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Imagine a situation where a trust document undergoes a last-minute amendment that significantly deviates from the grantor’s previously stated intentions on how they plan to transfer their wealth to the next generation. What are your chances of successfully contesting a trust? Trusts are a valuable estate planning tool for transferring wealth from one generation to […]
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