Many individuals wonder if they can obtain a mortgage on real property that is owned by a Medicaid trust. Unfortunately, a bank will not likely offer a mortgage or home equity line of credit for property that is in an irrevocable trust. However, in New York State, a Medicaid trust that is irrevocable can be revoked. This means that an individual has the ability to remove the real property from the trust in order to receive a mortgage or home equity line of credit on the property. However, consent must be obtained from the beneficiaries of the trust. Obtain consent from those who are beneficially interested must comply with strict requirements. For this reason, it is important to have an experienced attorney provide assistance. Continue reading “Mortgaging A Property In A Trust”
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Selecting A Trustee For A Special Needs Trust
A Special Needs Trust (SNT) preserves the assets of a person with special needs to support his or her lifestyle. An SNT allows the person to receive supplemental resources without jeopardizing his or her public benefits. Public benefits include Supplemental Security Income (SSI) and Medicaid benefits. An SNT is usually created by a parent or loved one for a child with special needs. Oftentimes, parents may find it difficult to select a trustee for the SNT that he or she is funding. A trustee is responsible for overseeing administrative decisions, including any distributions. Continue reading “Selecting A Trustee For A Special Needs Trust”
NY Paid Family Leave to Apply to All Private Businesses, Regardless of Size
On January 1, 2018, New York State’s Paid Family Leave Benefits Law (PFL) will go into effect. Under the legislation, PFL will be a mandatory benefit in New York that will provide paid time off to employees to bond with their new child, care for a seriously ill loved one, or to address family issues that may arise due to a qualifying military exigency, while protecting their employment. PFL is designed to phase in over four years, increasing annually in weeks available and max percentage of average weekly wage. Continue reading “NY Paid Family Leave to Apply to All Private Businesses, Regardless of Size”
New York Police Officer Divorce Considerations
It’s a common misconception that police officers divorce more frequently than other occupations. A recent Radford University study revealed that the average divorce rate for law enforcement careers is 14.47 percent, well under the national average for all occupations of 16.96 percent. Despite the fact that police officers divorce no more frequently than other occupations, they do have unique factors that must be taken into consideration when filing for divorce. One of the most important is the equitable distribution of a police pension. Continue reading “New York Police Officer Divorce Considerations”
New York Military Divorce
The military lifestyle is hard on both the service member and their spouse. For some military couples, their relationships may ultimately end in divorce. When going through a divorce, many military families experience the same concerns and issues that civilian ones do. However, military couples must take other important factors into consideration, such as which state to file in, division of pension benefits, division of military benefits, and legal representation. Continue reading “New York Military Divorce”
Disinheriting A Spouse In A Will Or Estate Plan In New York State
Ordinarily, in New York State, a decedent is unable to disinherit his or her spouse. According to Section 5-1.1-A , Right of Election by a Surviving Spouse of the Estates, Powers and Trusts Law, a surviving spouse is required to receive a share of the decedent’s estate. It states that the share will be equal to the greater of $50,000 or one-third of the decedent’s estate. Continue reading “Disinheriting A Spouse In A Will Or Estate Plan In New York State”
Deducting Long-Term Care Costs On Income Tax Return
Long-term care includes the ongoing medical and social services that address the needs of those living with a chronic illness, disability or lack of mental capacity, such as Alzheimer’s disease. Long-term care involves assistance with daily tasks, such as bathing, dressing or eating. It may also include assistance with daily living activities, such as house cleaning and transportation. Continue reading “Deducting Long-Term Care Costs On Income Tax Return”
Buying A Foreclosed Property May Lead To Eviction
In New York State a foreclosure is a legal action in which the mortgage holder obtains title to a property due to a borrower defaulting on a loan. Once a judgment is obtained, the foreclosed property is auctioned off. A deed, known as a “Referee Deed,” is then created, which transfers title of the real property to the highest bidder. Continue reading “Buying A Foreclosed Property May Lead To Eviction”
Job Applicant’s Salary History Off the Table in the Interview Process
Recently, Mayor Bill de Blasio signed a bill into law that prohibits all New York City employers from inquiring about a job applicant’s salary history. The bill, Intro 1253, is an expansion of the Mayor’s original Executive Order 21 that was signed in November 2016 and includes both private and public employers. According to Mayor de Blasio this legislation seeks to combat the discriminatory pre-hiring procedures that negatively impact women and minorities. Continue reading “Job Applicant’s Salary History Off the Table in the Interview Process”
New York Law to Protect Freelance Workers Goes Into Effect
New York City is the first city to implement a law to protect its 1.3 million freelance workers against nonpayment. The Freelance Isn’t Free Act (FIFA) mandates that employers sign a contract for freelance work that is valued at $800 or more, either for a single job or total services contracted within a 120-day period. The contracts must include the date the freelancer will receive payment; if they do not include the date of payment, businesses must compensate the freelancer within 30 days of completing the work. FIFA seeks to protect freelance workers against employer retaliation and can increase financial consequences for employers who violate the new rules. Continue reading “New York Law to Protect Freelance Workers Goes Into Effect”
