Everything you need to know about Estate Planning
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Medicaid Guideline Updates
In prior years, Medicaid recipients were required to maintain an asset and income limit that simply failed to evolve with our changing economy. Governor Hochul’s new Medicaid overhaul increases these limits, beginning on January 1, 2023. For more information on this life changing upgrade for New Yorkers as we continue to deal with the effects of the COVID-19 pandemic, please see our collection of Blog Posts.
Benefits and Burdens of the Irrevocable Trust
An Irrevocable Trust is capable of shielding our assets, not only from creditors, but from Medicaid scrutiny. In order to properly use this kind of Trust, it is important that the Trustor relinquish control over their assets, and pass that control on to their Trustee. The Trustee will then be in charge of using the Trust for the benefit of the Trustor during their lifetime, and then will distribute the Trust’s assets after the Trustor’s demise. This process is critical for obtaining Medicaid eligibility and, if done properly, can result in free or low-cost medical care at a time when we need it most.
Tax Planning for 2023
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2023 is just starting, it’s not too early to think about planning for whatever it may bring your way.