529 Plans Explained
A 529 is a tax-advantaged investment account which encourages individuals to save for future higher educational expenses. Named for Section 529 of the Internal Revenue Code, the investment account offers tax-free withdrawals and earnings growth when the funds are used to pay for qualified education costs. You are not limited to investing in the state where you reside—Any U.S. state’s 529 plan can be used to pay for future college expenses at any qualified college in the United States. According to the Wall Street Journal’s The 6 Biggest Questions About ‘529’ Plans, American families have invested approximately $329 billion in 529 plans, with about $24,153 existing in each account.
Supported by Governor Andrew Cuomo, New York State lawmakers approved progressive bail reform on Monday, April 1, 2019. The new pretrial detention laws compose one of ten (10) bills that make up the $175 billion state budget and are intended to balance what many perceive to be an unfair criminal system for those charged by state prosecutors.
While it might be hard to imagine now, chances are you’ll need some help taking care of yourself later in life. Whether for injury/surgery rehabilitation, a chronic medical condition or advanced-age limitations, the time may come for aid.
Passage of the New York Child Victims Act has been a long and contentious legislative battle. HoganWillig PLLC has been directly involved in the fight to pass the Child Victims Act. In 2015, Attorney William A. Lorenz, Jr. traveled to Albany to lobby for the bill with one of HoganWillig’s clients. Assemblywoman Margaret Markey invited him to work with several downstate attorneys on amending the Child Victims Act in the hopes of getting it passed. While the bill did not pass in 2015, HoganWillig continued to lobby on behalf of its clients.
Divorce is a tough subject. It’s taxing, it’s complex — and yes, it’s stressful. There are a lot of facets to a divorce, and all of the legal terms and procedures a divorcing couple may be encountering for the first time can be overwhelming. However, being well-informed can help alleviate some of the anxiety created by this life-changing event.
Estate planning will effect almost everyone at some point in their lives, whether it’s through creating their own estate plan, or through being a party to someone else’s estate. Despite its far-reaching effects, most of us are still in the dark about what estate planning entails. This results in a lot of problems that arise by the time it’s too late to fix them, as there is no revising your estate plan once you pass away. Fortunately, the most common estate planning mistakes are easy to avoid.
Throughout our lives, we obtain medical care for all different types of conditions, diseases, aches and pains. From time to time, many of us feel that we – or a loved one – were not treated properly by a hospital or doctor. Regardless of the medical concern being addressed, doctors are required to exercise a certain standard of care. The standard of care is the generally accepted method of care a doctor of the same specialty would use when treating a patient afflicted with the same condition. Medical malpractice occurs when a medical provider breaches, or violates, that standard of care and the patient is injured as a result.
Q: What is Bankruptcy?
A: Bankruptcy is a process whereby a debtor can eliminate a significant portion of their total debt while retaining most if not all of their property. It was designed as a debt relief option for people who are having severe financial difficulties. It’s an option for people needing a fresh start financially.
Q: Who can apply?
A: An individual, spouses together, or a corporation or other entity. There are many different types of bankruptcy.
In 2018, it is easier than ever to seek legal services through websites such as Nolo.com, BuildaWill.com, and LegalZoom. Although these sites may seem like a cheaper alternative to hiring a lawyer, their pitfalls and shortcomings can result in expensive mistakes. These ‘do-it-yourself’ websites lack the expertise, skill, and comprehensive knowledge to handle most legal matters effectively.
According to the New York State Coalition on Elder Abuse, America’s elder population is growing exponentially. In fact, adults who are 85 years and older are the fastest growing population segment in the United States. As these numbers grow, more adults are placed in nursing care facilities. The data show that as people live longer, vulnerability is amplified, creating a greater potential for mistreatment of our country’s oldest demographic.