Part I: Sole Proprietorships and Partnerships

Choosing the Right Business Entity Part I:
Sole Proprietorships and Partnerships

The decision to start a business isn’t something that is formed overnight; it takes a lot of thought and courage to decide to venture off on your own and create your own company. However, you can’t simply open up your doors the minute you come to the realization that you want to start your own business; there is a large gap in between the decision and opening day. Before you open your doors, you must determine what type of business you’d like to start.
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Ensuring Maximum Hours with MLTC Evaluations

Individuals receiving home care services through a Managed Long Term Care (MLTC) company may find that the agency did not award their family member or loved one with a sufficient amount of hours of home care services after they’ve conducted an evaluation.

The evaluation process by an MLTC can be complex. A person approved for Medicaid Home Care services will eventually have to enroll with an MLTC. The MLTC provider will send an evaluator to assess the recipient’s condition in order to create a care plan that will suit the individual’s daily needs. The evaluator will determine the number of hours per day that the recipient is entitled to receive to assist with their personal care needs. Continue reading “Ensuring Maximum Hours with MLTC Evaluations”

Expect to Pay More for Home Health and Assisted Living Costs

According to the most recent data from the U.S. Census Bureau, there were 2,797,589 people in New York who were aged 65 and over in 2016 which is 14.6% of the state’s population. Compare that number to 2015, when 2,724,135 seniors lived in New York State (14.3% of the population), and 2014 (2,655,913 people ages 65 and over, 14.0% of the population). Continue reading “Expect to Pay More for Home Health and Assisted Living Costs”

Revoking a Trust

A revocable living trust establishes a relationship between:

  • The creator of the trust
  • The trustee who manages the property within the trust and distributes proceeds to beneficiaries
  • The beneficiaries who receive the property in the trust when the term of the trust expires

 

A revocable living trust allows assets within the trust as well as income generated by those assets to be managed and distributed by the trustee. The trust income and property are then distributed in accordance with the terms and conditions of the trust. This type of trust is referred to as a living trust because it is established during the lifetime of the creator. With a revocable trust, the grantor may revoke the trust at any point by moving the assets into his or her name without the consent of any other party. Continue reading “Revoking a Trust”

Becoming a Legal Guardian

Under Article 81 of New York’s Mental Hygiene Law, a court is authorized to appoint a guardian to manage personal or financial affairs of an incapacitated person. Not all guardianships will be the same, as they are tailored to the necessities of the incapacitated person known as the ward. Some guardianships will only be granted to provide assistance with one specific need, whereas others will include assistance with many needs.
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Revocable Living Trust

A revocable living trust allows assets within the trust as well as income generated by those assets to be managed and distributed by the trustee. The trust income and property are then distributed in accordance with the terms and conditions of the trust. This type of trust is referred to as a living trust because it is established during the life of the creator.

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Keeping Your Will Updated and Naming Beneficiaries on Assets

A Last Will and Testament is an important estate planning document that contains provisions for assets and the distribution of property upon death. Unfortunately, many individuals fail to account for assets that do not pass directly under a Will. These assets may include life insurance policies, pensions, IRAs, and 401(k) or 403 plans. After the policyholder of these assets dies, the policies may distribute the benefits to their heirs at law if there is no beneficiary designation and no Last Will and Testament.

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Health Care Proxies and Power of Attorney

A Health Care Proxy is a document that designates an agent to make health care decisions on an individual’s behalf in the event that he or she is unable to do so. Federal regulations, such as the Health Insurance Portability and Accountability Act (HIPAA), protect the confidentiality of an individual’s medical information as well as their ability to make health care decisions. The establishment of a Health Care Proxy and the HIPAA release form are the best means of carrying out health care decisions on behalf of loved ones.
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Increase in the New York Estate Tax Exclusion

As of April 1, 2017, the New York State estate tax exclusion increased to $5,250,000 from the $4,187,500 exclusion amount in effect since April 1, 2016.  As of January 1, 2017, the federal estate tax exclusion is $5,490,000. The New York State exclusion amount will remain in effect until December 31, 2018 and, as of January 1, 2019, this amount will be indexed for annual inflation.

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Voluntary Administration Proceedings for Small Estates

When a parent dies without a Will and leaves behind money (example $10,000) in a sole checking account, a proceeding would be governed by the small estate process. Not all estates require a full probate or an administration proceeding. If the deceased passed away after January 1, 2009 and has $30,000 or less in personal property, they are entitled to a voluntary administration proceeding, which is a simplified Surrogate’s Court procedure.

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