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Category Archives: Elder Law

Why You Need a Statutory Gifts Rider

While many people may have a general understanding that a durable power of attorney (POA) allows a person to appoint an agent to take care of their finances, various issues can arise if the POA is not properly prepared and/or executed. One such issue often arises regarding the Statutory Gifts Rider (SGR), which is essential for… Read More »






How Digital Assets Figure Into Estate Planning

As digital assets, electronic communication and electronic information continue to grow, it has become more and more necessary for clients to address this property in their estate planning. Last fall, Governor Cuomo signed into law, Estate Powers and Trusts Law (EPTL) Article 13-A, entitled Administration of Digital Assets. Consider the following scenarios: Henry has an active social… Read More »






When Not To Gift

One of the commonly misunderstood (or perhaps unknown) issues to be considered with regard to the gifting/transferring of one’s property is the issue of “step-up in basis.” Internal Revenue Code §1014(a) provides that the cost basis of property for the person acquiring same from a decedent is the fair market value (FMV) of the property at… Read More »






Selecting Your Agents

When preparing your estate plan, you will have to make at least three significant decisions: who to select as the executor of your will, your agent under a power of attorney, and your agent via a health care proxy. Depending upon the complexity of your estate plan, you may also need to select trustee(s), guardian(s) of… Read More »






What Is An Elder Law Attorney?

Elder Law Attorneys do more than simply draft wills and trusts, we also plan for future medical and long term care needs. We have very specific knowledge of the various and complex laws and regulations concerning Medicaid, Social Security and income, estate taxes, among others. And it’s our job to implement planning techniques and strategies particular… Read More »






Living Wills

A Living Will is a legal document in which you state your wishes regarding future health care. While New York State does not have any statutes governing Living Wills, the Court of Appeals, New York’s highest court, has found Living Wills are valid if they provide “clear and convincing” evidence of one’s wishes. Generally, the Living… Read More »






When Gifting Does Not Make Sense: Stepped-Up Basis

One of the commonly misunderstood (or perhaps unknown) issues to be considered with regard to the gifting/transferring of one’s property is the issue of “step-up in basis.” Internal Revenue Code §1014(a) provides that the cost basis of property for the person acquiring same from a decedent is the fair market value (FMV) of the property at… Read More »






Why You Need A Statutory Gift Rider

While many people may have a general understanding that a durable power of attorney (POA) allows a person to appoint an agent to take care of their finances, various issues can arise if the POA is not properly prepared and/or executed. One such issue often arises regarding the Statutory Gifts Rider (SGR), which is essential for… Read More »






Can A Person With Cognitive Impairment Sign Legal Documents?

When someone begins to exhibit signs of Alzheimer’s or dementia – or perhaps even has a diagnosis of some type of cognitive impairment, they often turn to us – wondering if it’s too late to prepare estate plans and get advanced directives in place. To better understand what can and cannot be done, consider the… Read More »






UNDERSTANDING A HEALTH CARE PROXY

Richard, an 81 year-old widower, has had his Will and advanced directive documents (Power of Attorney, Health Care Proxy and Living Will) in order for some time. His daughter, Beth, was named his Health Care Agent in his health care proxy. Of his children, she lived the closest and often accompanied him to doctors’ appointments… Read More »