In recent years, many people have put estate and gift tax concerns out of their minds since the Obama Administration increased the estate tax credit to more than $5 million in the early 2010s. The Tax Cuts and Jobs Act of 2017 again substantially increased the estate and gift tax credit, protecting most estates in […]

If you earn a living and consider planning ahead for retirement, you have likely heard the phrases “defined benefit plan” and “defined contribution plan.” However, while many people may see these terms, they may not fully understand the differences between these retirement income programs, even if they are enrolled in one type of plan. Make […]

Which Documents Do You Need to Retain?

March 28th, 2019 by David Goldfarb

In today’s day and age of online transactions, it can be difficult to wonder if we still need paper statements or documents at all. Of course, we all still have paper records, but how long should we hold on to them? Can we shred some and purchase a smaller filing system? Will retaining certain paper […]

The Irrevocable Life Insurance Trust (ILIT)

March 15th, 2019 by David Goldfarb

Many people purchase life insurance policies to take care of their families after they pass away. Family members can use life insurance proceeds in a variety of ways, such as paying off taxes or a mortgage, covering funeral costs, to replace lost income for the household, or to cover a major expense, such as college […]

The Top Reasons to Plan Your Estate

February 28th, 2019 by David Goldfarb

While every adult needs a comprehensive estate plan, certain reasons make it especially important to create a plan or review an existing plan for any necessary modifications. The following are some reasons to call our elder law attorneys right away. You Have Children An estate plan will allow you to acknowledge your children and ensure […]

What Is Estate Planning?

February 14th, 2019 by David Goldfarb

Too many people think that estate planning only pertains to senior citizens and that it is only for wealthy individuals. Both are misconceptions, however, as adults of all ages can benefit from  estate planning no matter their financial situation. Every adult has an estate. Some estates involve real estate, investment accounts, and more, while others […]

The number of aging individuals of Latin American descent in New York City is increasing, and it is not expected to stop growing anytime soon. The U.S. Department of Health and Human Services Administration on Aging recently reported there were about 3.6 million Latin American people over the age of 65 in the United States, […]

Know the Medicare Deductibles and Premiums for 2019

January 24th, 2019 by David Goldfarb

The coming of the New Year means many things, including making resolutions, starting a new tax year, and new rates for Medicare premiums and deductibles, as announced by the federal government. Medicare benefits help many people cover the costs of long-term care and other medical treatment. However, these benefits do not always come without out-of-pocket […]

Elder Law Concerns as Alzheimer’s Rate Steadily Rises

January 17th, 2019 by David Goldfarb

According to the Centers for Disease Control and Prevention (CDC), Alzheimer’s disease is currently the fifth-leading cause of death in the United States for individuals age 65 and older. About 5 million people in the U.S. live with Alzheimer’s, which is about 1.6 percent of our country’s overall population. However, a new study shows that […]

Second Marriage Planning

January 10th, 2019 by David Goldfarb

People who go through a divorce often go on to remarry in the future, which can often result in a blended family. Blended families may include children from your previous relationship, children from your new spouse’s previous relationship, and/or children that you and your spouse have or adopt together. While beginning a new family dynamic […]