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Tag Archive: Will

Gov. Cuomo Proposes Changes to NYS Estate Tax

New York is one of only fourteen states that tax estates. That means in addition to the federal estate tax, a New York estate could be paying another 9% – 16% to Albany – a fact that some believe is leading to a migration from New York to other states. Governor Andrew Cuomo’s new budget proposes several major changes to New York’s estate tax. First some background: The federal estate tax applies to people who have an estate of $5.34 million or more, and they typically pay a rate of 40%. So the federal system has a big exemption, but a high tax rate. New York’s system affects many more taxpayers because the personal exemption of $1 million is so much lower, notwithstanding the lower 9% – 16% rate. When Governor Cuomo highlighted this issue at his recent press conference, he made a series of proposals to bring the New

Planning for the Disabled: Supplemental Needs Trusts

Wills, Trusts and Planning for those with Special Needs WHO NEEDS A WILL? Anyone who is married, has children, and does not want their estate administered by the pre-set laws of the state. If you do not have a will, your assets will pass as dictated by law, which may not necessarily be how you want your estate administered. For example, if you are married and have children, without a will your spouse will not automatically inherit your entire estate; your spouse and children would share your assets, even if your children are minors. PLANNING FOR THOSE WITH SPECIAL NEEDS… If assets are left to a disabled beneficiary, the beneficiary could be disqualified from receiving state or federal benefits. To avoid this disqualification in the past, families would disinherit disabled family members and leave assets to someone else who agreed to “take care” of them. In 1993 Congress enacted laws

Health Insurance and Your Children

Extending Health Insurance for Children in New York On June 29, 2009, Governor Paterson signed legislation which allows children to remain or obtain coverage under their parents’ health insurance through age 29. Eligibility for health insurance benefits under New York’s “Age 29” law requires that the child be unmarried, not insured or eligible for health insurance through his/her own employer, and that he/she live or work in New York, (or within the health insurance company’s area of service). On March 23, 2010, President Obama signed the Patient Protection and Affordable Care Act (“Affordable Care Act”). The Affordable Care Act, together with the Health Care and Education Reconciliation Act of 2010 signed into law on March 30, 2010, allow children to remain on their parents’ medical insurance plan until age 26. The Affordable Care Act applies to all young adults, regardless of where they live, the nature of their financial circumstances,

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