Do you have enough assets and income to take care of your immediate family and donate to one or more of your favorite charities? 

A great question to ask, especially in today’s economic climate, but it is exactly because times are hard, that I am asking.  We’re all good people as a whole and when we’re passionate about one or more charities, well they become just like family to us.

A good number of my clients would like to leave a portion of their estate (even if it’s small) to one or more of their favorite charities but they don’t know how to do it! They are concerned that there won’t be enough left for their families. This is a valid concern but there are a number of options available that can make charitable gift-giving a “win-win” for all!

Here are some options to consider:

• Charitable Gift Annuities allow you to retain an income stream
• Charitable Trusts allow you to save income taxes today and estate taxes later on

Not only will you help your favorite charity but you can save income and estate taxes. If you’re thinking about charitable gift-giving, the first step you need to take is to determine which charities you would like to help out and in what way.  Let me know what you think!  Tell me about some of your favorite charities.

As many as 5.3 million Americans have it and it is the seventh leading cause of death. You may think it’s an “older” person’s disease; however there are 250,000 Americans who have it - under age 65. And thanks to Scott Kirshbaum’s documentary, we can get a first-hand account of the toll a wandering mind takes on the person without control.

We’ve heard the countless, heart-wrenching stories about the effects Alzheimer’s has on family members, friends and caregivers, but we've never seen the actual disease be the only “star” of the story, until now.

Scott Kirshbaum’s documentary You’re Looking at Me Like I Live Here and I Don’t is currently airing on PBS’ Independent Lens http://yourelookingatme.com/ program and it is a simple and bold introspection into one woman’s battle with this disease.

This film zeros in on the daily routine of one woman, Lee Gorewitz, who lives in a residential care center in Danville, California. According to Neil Genzlinger of The New York Times, “Kirschbaum catches glimmers of self-awareness in Ms. Gorewitz, indications that she recognizes her diminished capacity and knows there’s nothing to be done about it.”

On my television show, Family Comes First, we met the Henley Family where we focused on “Alzheimer’s Impact on Family.” Mike Henley was diagnosed with Early Onset Familial Alzheimer’s at age 36 and passed away at the age of 46 this past February. He bravely fought this disease but clearly, much more needs to be done.

Having to take care of a family member who has been diagnosed with Alzheimer’s disease can be a heartbreaking proposition. But there are many who refuse to give up and decide to take care of their loved one at home. We can find hope and strength from family and resources that are available in our community.

We must do our best to combat this horrible disease. As founding chair of the legal advisory committee of the Alzheimer’s Association Long Island Chapter (http://www.alz.org/longisland/) , we are available to help families take care of a loved one who has Alzheimer’s.

How long has it been since you last reviewed your will, trusts, estate plans? 

Before you tell yourself of course a seasoned attorney would ask me that question, I want you to think about this – I’m a Baby Boomer too. We may think that we have all the time in the world to update and plan and we think that we are too busy making sure our children and family are provided for should anything happen.  Think again.

In a recent Forbes article, Five Reasons Baby Boomers Need to Review Estate Plans (And It’s Not About Taxes), http://www.forbes.com/sites/deborahljacobs/2012/03/29/five-reasons-baby-boomers-need-to-review-estate-plans-and-its-not-about-taxes/ senior editor Deborah L. Jacobs cited comments made by Paul G. Schervish, a Boston College professor and renowned researcher on wealth and philanthropy in America that was a little shocking, “Boomers will give away much more than they receive.” If that’s not a call to action to revisit your estate plans, I don’t know what is!

Do those documents still reflect who you are, what you care about and what you have today? Schervish tells us that it’s estimated that post-boomers, ages 28 to 45 are in better shape financially than we think and in fact, better shape than we were at that age.

As a boomer and an experienced estate planning attorney, I agree with Ms. Jacobs and Mr. Schervish - Take care of yourself and think about your legacy – the kids will be alright.

Boomers, tell me what you think!

New York State has implemented new regulations effective September 8, 2011 that have “Expanded” Medicaid Estate Recovery.

In the past, New York State (NYS) was limited to recover against the estate of the Medicaid recipient as to assets passing under a Will or by intestacy (when there is no will). As a practical matter, generally, Medicaid recovery would occur when a Medicaid recipient retained ownership of his or her home while receiving Medicaid benefits. There are other restrictions on NYS as to Medicaid estate recovery which is not covered in this article.

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Our time with our daughter, Theresa, was precious.

As it should be for all parents.

It’s now been over five years since Terry Shiavo passed away in front of our eyes on the national stage.

Sitting on the beach, I wondered… how many grains of sand are there?

So, was it fair that Armando Galarraga of the Detroit Tigers did not get his perfect game.

It ain’t over til it’s over
– The great Yogi Berra