Blog - Page 21 of 26 - Sverdlov Law PLLC

Accident Liens – can Medicaid recover from personal injury or malpractice award?

Posted on November 13, 2015

It may come as an unwelcome shock to many personal injury plaintiffs, but Medicaid is entitled to recover medical expenses paid on behalf of an individual, from the proceeds of a personal injury or a malpractice action. The entire award is subject to Medicaid recovery: there is no distinction between pain and suffering...

What is a Continuing Care Retirement Community?

Posted on November 5, 2015

These are alternative housing options for seniors, in which multiple levels of care, including independent living, assisted living and long term nursing home care are contained within one community. The number of these communities is growing rapidly in New York State.An initial entrance fee is required. These entrance fees can range from $100,000...

What are the Current Gift and Estate Tax Laws?

Posted on October 28, 2015

Current Tax Rates: The top federal estate tax return is 40%. The top New York State estate tax return is 16%. Federal Estate and Gift Tax Exclusion: In 2015, the federal estate and gift tax exclusion is $5,430,000. That means that no federal taxes will be due for gifts made during one’s lifetime that in...

When is Medicaid entitled to recovery of benefits paid? Part 1

Posted on October 20, 2015

If Medicaid was paid improperly, the Department of Social Services is entitled to recover all improperly paid benefits. If Medicaid discovers that an individual was ineligible because the information provided was false, there will be 3 steps taken. First, any further medical assistance will be discontinued. Second, the case...

Estate Tax Implications for Fractional Art Ownership

Posted on October 12, 2015

In the past, the IRS has denied valuation discounts for fractional undivided interests in the work of art. As a result, shared ownership in a painting was not entitled to a tax discount during estate value calculation. In a recent case, Estate of Elkins v. C.I.R. 140 TC 86 (2013), 764 F.3d 443...

Social Security Survival Benefits

Posted on October 5, 2015

Who is entitled to survivor benefits: A widow or a widower is entitled to full survivor benefits at the age of 66 (or 67, for people born after 1962). In order to qualify for the benefits, the spouse must have been married to the deceased for at least 9 months prior to death....

Can you have a Digital Will in New York?

Posted on September 25, 2015

In a recent Australian case, Re Yu [2013] QSC 322, a digital Will was admitted to probate. Mr. Karter Yu, prior to committing suicide, drafted several documents on his I-phone, saying farewell to his family and friends. One of these documents was his stated Will, appointing his brother as an Executor. The court, after...

California Lawmakers resurrect the Right-To-Die Bill

Posted on September 17, 2015

The bill would allow doctors to prescribe lethal medication to terminally ill patients. The bill already passed the State Senate in June, but faced strong opposition in the Assembly, due to a large number of Catholic legislators. The legislation was inspired by Brittany Maynard, who, after being diagnosed with terminal brain cancer, moved...

Estate Tax Planning Considerations for Foreign Nationals

Posted on September 9, 2015

In 2015, a US citizen may gift during life or bequeath at death as much as $5.43MM without paying federal estate taxes. A foreign national, however, has an estate tax exemption of only $60,000. If a foreign national owns a $2MM house in US that they want to pass upon their death to heirs,...

Google Updates Options Regarding Deceased User’s Account

Posted on September 2, 2015

Google has recently made much needed updates to the options available to gain access to the deceased account. Family or estate administrators may now upload death certificates, which Google will review, to determine whether to allow someone the access. Some of the options that fiduciaries now have, include: Close the account of...