A New York medical power of attorney, also known as a “health care proxy,” is a legal document that allows a patient to grant authority to a trusted individual (known as an “agent”, “proxy”, or an “attorney-in-fact”) to make medical decisions on their behalf if they are incapacitated. ...
On December 15th of last year, the State of New York introduced a new law that made significant changes to the New York power of attorney (“POA”). These changes took effect on June 13, 2021. Note that the new law won’t have any effect on the validity of existing, duly executed POAs, and the Statutory Gifts Riders, as they will all be grandfathered in....
The FBAR (Report of Foreign Bank and Financial Accounts) is a Form FinCEN 114. The Bank Secrecy Act details the FBAR filing requirements. This form must be filed electronically with the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department....
Probate court is a proceeding in which a deceased person's assets and property are transferred to those named to inherit them. The probate process can be time-consuming, expensive, and frustrating. It’s wise to take action now to spare your family and friends the headaches if possible. ...
This week, Aaron Katsman of Lighthouse Capital and Ariel S. Rosenzveig, Esq. discuss the inheritance process for Americans living abroad with investments in the US....
Medicaid Asset Protection Trusts, also called Irrevocable “Income Only” Trusts or Medicaid Trusts, are used to help those who are getting older shield some of their assets and permit them to meet the eligibility requirements for Medicaid long-term care in New York. ...
In New York, an agent designated in a durable POA can only act on the principal’s behalf after he or she signs the power of attorney in front of two adult witnesses, and a notary public. The language included in the document must also meet certain statutory requirements....
In New York, an agent designated in a durable POA can only act on the principal’s behalf after he or she signs the power of attorney in front of two adult witnesses, and a notary public. The language included in the document must also meet certain statutory requirements....
Probate is a process conducted by the surrogate’s court in New York to authenticate a decedent’s (the person who died) last will and testament....
You may qualify for relief from penalties if you made an effort to comply with the requirements of the law, but were unable to meet your tax obligations because of circumstances beyond your control — due to “reasonable cause.”...
Spousal refusal is a legal Medicaid planning strategy in New York. Spousal refusal, also known as “just say no,” is when a non-applicant, or “community” spouse of a long-term care Medicaid applicant refuses to assist with the cost of long-term care for their spouse....
Starting June 13, 2021, changes to the New York Power of Attorney (POA) form go into effect. Among these changes, discussed in detail here, is the major switch that the New York Statutory Short Form Power of Attorney no longer must contain the exact wording set forth within the law....
A power of attorney (POA) is a legal document that provides a trusted individual (known as the agent or attorney-in-fact) with the authority to act for another person (the principal). ...
If you own property along with someone else, there may be a "right of survivorship," where the surviving owner automatically takes ownership of the entire property when the other owner dies, by operation of law....
Guardianship is a legal arrangement where a judge gives an individual the legal right to make decisions for another person who’s unable to make decisions for themselves. ...
The FBAR (Report of Foreign Bank and Financial Accounts) is a form that the Internal Revenue Service (IRS) requires U.S. taxpayers with certain foreign bank accounts to file, wherever they may live—at home or abroad (“expatriates” or “Expats”)....
The IRS provides some relief options that a taxpayer can apply for to reduce or eliminate penalties and interest assessed....
Probate is a process conducted by the surrogate’s court in New York to authenticate a decedent’s (the person who died) last will and testament....
It’s a common myth that only the rich need a will or estate planning. Whether you’re a millionaire or a regular Joe, you should have a last will and testament....
Under the new NY Medicaid look back rules, those who completed their asset protection efforts prior to that date have been grandfathered into the old community Medicaid rules, no matter when they actually apply for benefits. ...