While the world focused on the panic and uncertainty of the COVID-19 pandemic, New York State quietly ushered in its 2020 budget. Hidden in the plans was a brutal change to the Community Medicaid application that is scheduled to take effect on October 1, 2020. There will now be a 30-month (2 ½ year) look-back period for applicants seeking Community Medicaid benefits.
An introduction to the world of taxes in the year of death.
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.
Life is unpredictable and bad things happen. If you were to suddenly become incapacitated or hospitalized today, would your loved ones know where to find your important information or know how to handle your affairs? The solution for preparing for these unpredictable moments is the creation of a Just-In-Case list, also known as a letter of instruction. This list is created by you to help your loved ones navigate your personal records and financial information. This checklist will get you thinking about organizing your information to save your family an enormous amount of time and effort and take out any guessing about your wishes.
Plan for the future of your estate and assets. An estate planning attorney can guide you through the process of reducing or eliminating estate taxes and navigate you through the ramifications of the new tax law.
LegalEasy Episode #10: What Happens to Your Debt When You Pass Away
LegalEasy Episode #9: Elder Abuse Signs and Warnings
A recent study out of the University of Alabama identified key warning signs that signal that aging adults are suffering from a decline in financial decision-making abilities. Researchers found that early warning signs that may be present include:
When she was more than 100 years old, onetime New York socialite Brooke Astor became America’s most famous case of financial elder abuse. Her son, Anthony Marshall, was convicted of stealing tens of millions of dollars of her assets.