Genser Cona Elder Law, Author at Genser Cona Elder Law

All posts by Genser Cona Elder Law

Tax Relief

COVID-19 Tax Relief

Due to the Coronavirus pandemic, the federal government has implemented tax and retirement plan relief that may benefit you. Additionally, tax planning remains an important part of preparing your estate plan and these new changes must be considered as you revisit your planning strategies.  Estate and Gift Tax Planning: The due date for gift tax […]

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Coronavirus

Protect Yourself from the Coronavirus

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Genser Cona Elder Law is at the forefront of the latest news on COVID-19, also know as the Coronavirus. Click here to listen to partner Melissa Negrin-Wiener discuss Coronavirus and the older population on LI in the AM with Jay Oliver. The Centers for Disease Control and Prevention (CDC) is recommending that older adults avoid […]

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Elder Law Attorney

Irrevocable or Revocable: Which Trust Is Right For You?

All trusts are not the same and there are many different types used for a variety of purposes. Two common types of trusts in estate planning are revocable trusts and irrevocable trusts. Here’s an overview:Irrevocable TrustAn irrevocable trust is a trust set up for asset protection purposes. The trust can hold almost any type of asset, […]

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Estate Administration: Small Estate Threshold Raised in New York

Probate and administration proceedings in New York State are reasonably straight forward and efficient, relative to other states, and New York law also allows for a simplified proceeding called voluntary administration for small estates with a value below a certain threshold.  Recently, the threshold was expanded from estates valued at less than $30,000 to include all estates under $50,000.   Voluntary administration […]

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Couples Married 50+ Years Tell All for Long Lasting Love

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Genser Cona Elder Law Hosts 27 Couples who have been Married for 50+ Years for a Valentine’s Dinner “This was a great night to look forward to and such a wonderful event to look back on,” said Ivelisse Beja of Hicksville.  Zachary and Ivelisse Beja, who have been married for 66 years, were guests at Genser […]

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How to Select an Executor

How to Select an Executor

A key component in an estate plan is selecting your decision-makers. One of those decision-makers is your executor, whom you name in your last will and testament to take charge of your estate after your passing. The role of Executor is powerful, as the executor has access to your assets after your passing. While they have […]

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Social Security Statement

Your Social Security Statement: What Is It and Why Should You Save It?

This is the time of year when recipients of Social Security will receive an annual benefit statement from the Social Security Administration. This year’s benefit statement will show a 1.6% cost of living increase. Do not throw this statement away! This document is very important should you need to apply for government benefits (i.e., Medicaid, Veterans […]

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Special Needs Planning

TOP TEN ESTATE PLANNING TIPS FOR PARENTS OF CHILDREN WITH SPECIAL NEEDS

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Today, children with a wide variety of special needs live long and productive lives. Advancements in medical science and healthcare plus the availability of innovative resources that provide occupational training, employment and independent living assistance have helped make this possible.  The legal field has also refined estate planning tools to ensure that children with special […]

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Medicaid Rates in 2020

Medicaid Rates in 2020

Medicaid Regional Rates: The following figures represent the Department of Health’s assessment as to the average cost of nursing home care in each region. These figures are used to calculate Medicaid penalty periods for gifts and asset transfers. Medicaid Income and Resource Allowances: The New York State Department of Health has issued resource and income allowances […]

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Major Changes to IRAs and 401ks in 2020

Major Changes to IRAs and 401(k)s in 2020

Effective January 1, 2020, Congress made a number of major changes to IRAs and 401(k)s with the passage of the SECURE Act (“Setting Every Community Up for Retirement Enhancement”). Some changes are of great benefit to seniors but others will negatively impact beneficiaries and call for an immediate update to your estate plan.Here is a […]

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