What are the current methods of maximizing one’s social security payments?

Posted on
Now that the “file and suspend” loophole has been eliminated (effective April 30, 2016), what other strategies remain for maximizing one’s social security payments?1.   The main strategy is, of course, to delay the receipt of social security. At full retirement age, a worker is entitled to receive 100% of his Social Security retirement...
What are the current methods of maximizing one’s social security payments? Continue reading…

The Biggest Focus of Estate Planning is Now Basis (or Why You Should Not Make a Simple Gift of Assets to Your Children).

Posted on
Basis is the cost of purchasing the asset. For real estate, it is the cost, plus any closing costs and improvements made later. Basis is important, because upon the sale of the property, capital gains liability is calculated based on the difference between the sale price and the basis.Carry Over Basis:...
The Biggest Focus of Estate Planning is Now Basis (or Why You Should Not Make a Simple Gift of Assets to Your Children). Continue reading…

A Third of Americans Spend Their Entire Inheritance Within Two Years!

Posted on
A researcher at Ohio State University found that Americans who receive an inheritance save about half of it and spend, donate or lose the rest. However, almost 30% of Americans who receive the inheritance had negative savings rate within 2 years of receiving the inheritance, meaning that they spent it all.There are strong...
A Third of Americans Spend Their Entire Inheritance Within Two Years! Continue reading…

Leaving Real Estate Property to More Than One Heir May Cause Future Problems

Posted on
Property partnership may end for a variety of reasons. One common category of circumstances when real estate litigation occurs involves siblings who inherit property from their parents and have different wishes. Multiple problems can arise.   One sibling may want to live in the property while the other one wants to rent it out....
Leaving Real Estate Property to More Than One Heir May Cause Future Problems Continue reading…

Can You Avoid a 5 Year Penalty for Uncompensated Transfers?

Posted on
Medicaid imposes a transfer penalty that can last for up to 5 years for all uncompensated transfers made prior to the application for nursing home Medicaid. This provision makes crisis planning for nursing home not efficient. Yet many people are reluctant to transfer their assets ahead of time and impoverish themselves, because, of...
Can You Avoid a 5 Year Penalty for Uncompensated Transfers? Continue reading…

Can Court Reform a Will When the Attorney Made a Drafting Mistake?

Posted on
In a recent New York case, a Will provided for disposition of 2/3 of the property (leaving property to decedent’s siblings, nieces and nephews) and was silent about the disposition of the remaining 1/3. In re Isasi-Diaz, NYLJ, Mar. 28, 2014, p. 35 (Sur. Ct., N.Y.Co.) (Mella, S.)  The attorney-draftsman provided an affidavit...
Can Court Reform a Will When the Attorney Made a Drafting Mistake? Continue reading…