The ABLE Act: Is it all that it’s cracked up to be?
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The ABLE Act: Is it all that it’s cracked up to be?

The Achieving a Better Life Exprience Act of 2014 (the “ABLE Act”) was signed into law by President Obama in December 2014 and effective in New York as of April 1, 2016. The law is designed to help certain individuals with disabilities pay for qualified expenses without adversely affecting benefits from Supplemental Security Income (“SSI”),...

Can I Gift My Life Insurance to Charity?
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Can I Gift My Life Insurance to Charity?

Life insurance has long been touted as an essential strategy for protecting a young and growing fam- ily. As we age, however, life insurance becomes more expensive and the need for it may lessen. Recently, clients of ours asked about donating a life insurance policy to charity. They had already put away their “nest egg”...

Supplemental Needs Trusts for Adult Beneficiaries
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Supplemental Needs Trusts for Adult Beneficiaries

When one creates an estate plan, he or she will generally inquire as to the provisions that will protect the rights of minor children. What is often overlooked is planning for adult beneficiaries who may be receiving governmental benefits such as Medicaid or Supplemental Security Income. Certain govern- mental programs have income and resource limits...

Five Estate Planning Myths
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Five Estate Planning Myths

Understanding who needs to do estate planning, what an effective plan should include and how to go about executing the documents, is key to establishing a valid and enforceable plan that is right for you. Misconceptions abound and any one of them can result in costly mistakes.   Properly crafted, an estate plan will protect...

The New Power of Attorney Law
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The New Power of Attorney Law

On December 15, 2020, Governor Cuomo signed into law changes to the New York State Power of Attorney. Changes will take effect on June 13, 2021 and the new forms cannot be executed before that date. This also means that the old form should not be executed on or after that date.   There are...

New York State Excelsior Pass
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New York State Excelsior Pass

Now that the CDC has relaxed rules for vaccinated individuals, and many businesses have fully reopened in New York State, it may become necessary for individuals to provide proof of a COVID19 vaccination. The New York State Excelsior Pass provides digital proof of vaccination. It is a free, fast and secure way to provide proof...

Proposed Tax Legislation Could Have Significant Consequences
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Proposed Tax Legislation Could Have Significant Consequences

In our last newsletter, we forecast potential changes to estate taxes due to the majority maintained by the Democrats in the House of Representatives and the slight advantage the Democrats have in the Senate because Vice President Harris, a Democrat, casts the tie-breaking vote. The President recently released his American Family Plan (AFP) which includes...

Spring Cleaning — Time To Review and Renew
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Spring Cleaning — Time To Review and Renew

Tax season is over! Spring has FINALLY sprung! It’s time to “review and renew.” Each spring, we at Berwitz & DiTata LLP encourage our clients, friends and “would be” friends to focus on estate planning, refresh those resolutions and stop procrastinating. We call it our annual “Review and Renew” program.   If you have never...

José Fernández’s Untimely Death Raises Estate Planning Issues
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José Fernández’s Untimely Death Raises Estate Planning Issues

José Fernández was a talented, young pitcher for the Miami Marlins. His death, on September 25, 2016 at the age of 24, was a tragic loss for the baseball community, the Cuban American community and, most importantly, his family. The loss was made more tragic by the reports that, shortly before his death, Fernández announced,...

“Orphan Elders”— Is Aging in Place Always the Best Option?
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“Orphan Elders”— Is Aging in Place Always the Best Option?

“Orphan Elders” is the term used to describe seniors who are aging alone – without a network of family and friends. They are single or widowed, have no children, or none with whom they have a regular and supportive relationship, and no support system. Because of health or financial reasons, they may be isolated socially....