New York

What is the Best Way to Protect an Inheritance?

Russo Law Group, P.C. - What is the Best Way to Protect an Inheritance?We often see clients with concerns about loved ones who receive government benefits such as Supplemental Security Income (SSI) and/or Medicaid. Since SSI and Medicaid have very strict rules as to how much money and how much income beneficiaries can have in their name, clients often want to be sure that their gift does not affect SSI and/or Medicaid benefits. It’s very important in this type of situation to implement proper planning that protects their loved one’s important benefits.

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Tax Break for Long Island Seniors Not Renewed

Tax Break for Long Island Seniors Not Renewed - Tax BreakOn Long Island, a tax break affecting 35,000 Nassau County seniors was not renewed this year.

Recently, Nassau County let a long-standing property tax abatement expire without any notice to the recipients of the abatement.

Approximately 35,000 seniors, all earning less than $86,000 a year in income, were receiving approximately $200 a year in tax abatement. But now the abatement has been removed because the county legislature did not re-approve the abatement.

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The Basics of Reporting a Sale of Real Property

The Basics of Reporting a Sale of Real PropertyReporting the sale of real property could be either really complicated or relatively simple, depending on the facts and circumstances. The type of property will also impact the manner and type of taxes that need to be paid.

There may also be different tax ramifications depending on who you are selling the real property to and the structure of the sale. For instance, selling real property outright is different than selling property as an installment sale. In an installment sale, you are receiving payments periodically (annually, monthly, etc.) for an extended period of time and may be able to delay the reporting and taxation of these periodic payments until they are actually received—rather than all at once in an outright sale.

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3 Reasons to Avoid Probate

3 Reasons to Avoid ProbateWhen a person dies, his or her estate may need to go through probate. If the decedent leaves a will directing how his or her property should be distributed after death, the will must be submitted to the probate court so that it can be approved as a valid document. During this process, all of the parties that have the legal right to notice will be informed of this proceeding. This will give them a chance to accept or object to the approval of the will.

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Steps to Obtain Medicaid in a New State of Residence

Steps to Obtain Medicaid in a New State of ResidenceA number of my clients have experienced a gap in their Medicaid coverage because they moved from one state to another to be closer to their families. It is important to remember that Medicaid is not portable. You cannot simply transfer it from one state to another. For example, if you are receiving Medicaid benefits in New York and you move to another state, the New York State Medicaid eligibility will be lost. Meanwhile, there could be a considerable delay before you are enrolled in Medicaid and start to receive benefits in your new home state.

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