Blog

Important Changes to New York’s School Tax Relief (STAR) Program

New York State has a school tax relief (STAR) program available to New Yorkers who own their home as their primary residence and earn less than $500,000 per year. Previously, this relief was in the form of a partial exemption on the school tax bill. New York started issuing STAR checks instead of partial tax…

Read more

New York State Budget Extends “Clawback” of Gifts for New York Estate Tax Purposes

New York State Budget Extends “Clawback” of Gifts for New York Estate Tax Purposes As an update to Ryan’s 2014 blog that in part discussed New York’s treatment of gifts, New York had let a provision in the law lapse that required the value of certain gifts to be included back into a New York…

Read more

The Federal and New York State Tax Advantages of Long Term Care Insurance

If you have looked into purchasing long term care insurance, you know that it is an expensive proposition. However, there are some tax advantages related to the premium payments for long term care insurance. If you are an employee and itemize your deductions, you can deduct a portion of your long term care insurance premium…

Read more

Fiduciary Access to Digital Assets

On September 29, 2016, Governor Cuomo signed into law a new statute amending the New York Estates Powers and Trusts Law in relation to the administration of digital assets.

Read more

Federal And New York State Tax Advantages Of Long Term Care Insurance

If you have looked into purchasing long term care insurance, you know that it is an expensive proposition. However, there are some tax advantages related to the premium payments for long term care insurance. If you are an employee and itemize your deductions you can deduct a portion of your long term care insurance premium…

Read more

Social Security, Medicaid Income And Resource Levels And The Regional Rates For Calculating A Penalty Period For 2016

The Social Security and Supplemental Security Income (SSI) benefits did not increase for 2016, and remain the same as in 2015. There is also no increase in the spousal impoverishment standards for 2016.  The community spouse Minimum Monthly Maintenance Needs Allowance (MMMNA) remains at $2,980.50.  This is the amount of monthly income a spouse who…

Read more

Sweeping Changes to Claiming Social Security Benefits

The budget bill signed on November 2, 2015 by President Obama included sweeping changes in the claiming of Social Security benefits. The changes ended two major Social Security claiming strategies for married couples. No more file and suspend or restricted application. If you have not filed for social security benefits within 180 days of the bill’s…

Read more

Trust Planning and its Interplay with Asset Protection – An Overview

Asset protection planning is the development of legal planning techniques to place the client’s assets beyond the reach of future (not present or known) creditors. Many individuals have the potential for future creditor problems, whether it be through divorce, malpractice claims, tax liens, business claims, long term care expenses or other catastrophic expenses. Therefore, it…

Read more

What are my Duties as Agent on a Power of Attorney?

Your mom has appointed you as her agent on her power of attorney. Now what? All powers of attorney signed on or after September 12, 2010, must be signed by the agent (you), acknowledging your appointment in order for you to act. The power of attorney document informs the agent (you) of your legal responsibilities:…

Read more

Social Security Retirement Planning If You Are Divorced

If you are divorced, you are entitled to receive benefits on your ex-spouse’s record (even if he or she has remarried) if: 1. Your ex-spouse is entitled to Social Security benefits. If your ex-spouse worked for ten years or more, then he or she is eligible to receive retirement benefits as early as age 62.…

Read more