Posted On: March 21st 2010
From time to time as development occur in the field of tax planning, asset protection and other related areas; we would like to bring these items to your attention. 1) Social Security Benefit Increase – On Thursday October 16, 2008, the Social Security Administration announced monthly Social Security and Supplemental Security Income benefits for Americans…
Learn MorePosted On: March 20th 2010
With new Estate and Gift Tax Rules effective for 2009, Inherit Lawyers of Long Island wanted to inform our clients of the new rules. We encourage you to revisit your current wills, trusts and other estate planning documents to ensure that the provisions in effect still have the impact you originally intended. In addition, there…
Learn MorePosted On: January 5th 2010
The Economic Growth And Tax Relief Reconciliation Act of 2001 (known as EGTRRA) provided for a number of significant changes to the Estate and Gift Tax laws over time, culminating with the elimination of the Estate and Generation Skipping Transfer Tax (GST) effective January 1, 2010, and freezing the Gift Tax lifetime exemption at $1,000,000…
Learn MorePosted On: January 4th 2010
Governor Patterson signed major amendments to the New York State General Obligations Law, of Title 15 of Article 5, governing powers of attorney (POA) on January 27, 2009. The effective date was initially March 1, 2009, and was delayed until September 1, 2009. However, some provisions apply to current POAs. Chapter 644 of the Laws…
Learn MorePosted On: January 2nd 2010
Medicaid Lien When people contemplate retirement, and the possibility of being on Medicaid, a major concern is losing the asset that was so hard to purchase and maintain: the home. Medicaid planning, when transferring title to a home, sets out to achieve several objectives, including avoiding The Medicaid Lien and The Right of Recovery. …
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