Moira S. Laidlaw | Laidlaw & Simon

Impending Changes To Grantor Trust Rules and Estate & Gift Tax Exemption

Moira S. Laidlaw — Tue, 12 Oct 2021 21:05:30 +0000

As you may be aware, Congress is working on a reconciliation bill (the “Bill”) which has tax components that could affect your current estate plan. The major changes fall into two categories: (1) grantor trust estate tax inclusion, and (2) estate and gift tax exemption reduction. The Bill could be enacted as early as the […]

The post Impending Changes To Grantor Trust Rules and Estate & Gift Tax Exemption first appeared on Laidlaw & Simon.

Mental Health Directives in Estate-Planning Engagements

Moira S. Laidlaw — Sat, 02 Oct 2021 17:53:37 +0000

As estate-planning professionals, we help clients plan in the event of incapacity, not just death. While clients may come into our offices worried about death and taxes, we educate them that equally worrisome, and sometimes far more legally complicated, is incapacity. We proceed to help them guard against it by using our main- stay advance […]

The post Mental Health Directives in Estate-Planning Engagements first appeared on Laidlaw & Simon.

It’s happening again – New York State Department of Health Delays Medicaid Home Care Look Back implementation to July 1, 2022

Moira S. Laidlaw — Sun, 26 Sep 2021 21:52:41 +0000

The New York State Department of Health (DOH) has once again delayed the implementation of a thirty (30) month look-back period for Medicaid Applications filed for Community-Based Long Term Care Services (i.e. home care). The look-back period would apply to gifts made on or after October 1, 2020, but only for those applications submitted after the new […]

The post It’s happening again – New York State Department of Health Delays Medicaid Home Care Look Back implementation to July 1, 2022 first appeared on Laidlaw & Simon.

What Happens If I Die Without a Will?

Moira S. Laidlaw — Tue, 17 Aug 2021 14:08:37 +0000

There are many reasons why people do not execute a Last Will and Testament during their lifetime; they are too busy or it’s on their to-do list, they don’t think they are “rich enough” to need one, they think it’s too expensive, or they do not think they are “old enough” to need one, etc. […]

The post What Happens If I Die Without a Will? first appeared on Laidlaw & Simon.

New York State Adopts New Power of Attorney Law

Moira S. Laidlaw — Sat, 12 Jun 2021 21:31:33 +0000

On December 15, 2020, Governor Andrew Cuomo signed a bill into law with the intent of simplifying New York’s Power of Attorney law. This new law goes into effect on June 13, 2021. What is a Power of Attorney? A Power of Attorney is a legal document that allows an individual (the principal) to name […]

The post New York State Adopts New Power of Attorney Law first appeared on Laidlaw & Simon.

Estate Tax and Medicaid Home Care Changes – What to Expect in 2021

Moira S. Laidlaw — Mon, 01 Feb 2021 14:47:11 +0000

Lower Federal Estate Tax Exemption Potentially Coming in March and Upcoming Changes (for worse) to NY Home Care Medicaid The pandemic occupied most of our thoughts and overwhelmed almost every aspect of our daily lives in 2020. Most of us looked forward to 2021 with the hope and expectation that the new year would bring […]

The post Estate Tax and Medicaid Home Care Changes – What to Expect in 2021 first appeared on Laidlaw & Simon.

NY State Medicaid Home Care Rules Changes

Moira S. Laidlaw — Fri, 28 Aug 2020 19:50:12 +0000

Important changes are coming to our New York State Medicaid Home Care rules. As you may recall from our earlier article, the most notable change will be the institution of a thirty month lookback period for home care benefits. Though the NYS Department of Health still must issue official guidance, it appears that the new lookback period […]

The post NY State Medicaid Home Care Rules Changes first appeared on Laidlaw & Simon.

A Codicil Is Seldom a Good Idea

Moira S. Laidlaw — Wed, 15 Apr 2020 15:23:44 +0000

Clients invariably want to amend their wills by use of the codicil—an addition or supplement that adds to or modifies a prior will in whole or in part. This device was beneficial when wills were written by hand, and even later with the invention of the typewriter. No longer did attorneys or their staff need […]

The post A Codicil Is Seldom a Good Idea first appeared on Laidlaw & Simon.

NY Home Care Look Back Passed into Law

Moira S. Laidlaw — Fri, 03 Apr 2020 20:47:25 +0000

In the midst of the current coronavirus situation, New York State has announced that as part of their new budget that they will be amending their Medicaid rules regarding the coverage of community-based long term care services (i.e., home care services). The most notable and drastic change will be the institution of a thirty month […]

The post NY Home Care Look Back Passed into Law first appeared on Laidlaw & Simon.

Why To Use A Trust To Protect A Home Rather Than A Life Estate

Moira S. Laidlaw — Tue, 25 Jun 2019 16:33:41 +0000

In our estate planning engagements, clients are often most concerned about protecting the value of their home. There are two main risks here: taxes and long term care costs. The two most common ways to protect a home are to transfer the home to a trust and reserve the right to live in the home […]

The post Why To Use A Trust To Protect A Home Rather Than A Life Estate first appeared on Laidlaw & Simon.