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Why an Irrevocable Trust is Better Than Gifting

To preserve one’s assets while still qualifying for long-term care benefits from the government, many individuals approaching retirement opt to gift a property, insurance, or another asset to a family member. While on the surface, it seems like a smart move to remain eligible for veterans’ benefits or Medicaid, but there is a smarter way to hold on to these assets.  » Read More

Did the SECURE Act Take Over Stretch IRAs?

Late last year, Congress passed the Securing Every Community for Retirement Enhancement (SECURE), one of the most significant pieces of legislation to impact retirement planning in recent years. Among its many far-reaching provisions, the SECURE Act can potentially cancel out an IRA beneficiary’s ability to stretch distributions over the course of his or her lifetime.  » Read More

What is the SECURE Act?

COVID -19 is Causing Nursing Homes to Evict Vulnerable Residents

As the nation continues to try to stem the transmission of the novel coronavirus, a disturbing trend among nursing homes is coming to light. The stress of the pandemic is causing nursing homes to evict some of the most vulnerable people throughout the United States. A New York Times investigative report uncovered data from at least 18 states, suggesting that at least 6,400 individuals have been discharged from nursing homes to make room for COVID-19 patients who bring in more money.  » Read More

Community Medicaid Receives a Look-Back Period

New Yorkers who are concerned about their financial future should know about a significant change to Community Medicaid that is taking effect later this year. In April of 2020, Governor Cuomo and the New York State Legislature signed the approved 2020/2021 state budget for the state. Included in the new budget is a financial look-back period for Community Medicaid that will determine if any non-exempt assets were gifted to others in the two-and-a half year period before they apply for benefits.  » Read More