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What Assets Can You Keep When You Go on Medicaid?

Understanding what assets you can keep when applying for Medicaid in New York is crucial for successful financial planning. The state’s specific rules and regulations can often be complex and overwhelming, leaving many residents uncertain

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How Does New York State Gift Tax Work?

Gift taxes are a financial obligation imposed on a person’s right to transfer property to another person without receiving fair market value in return. Giving someone a gift that exceeds a specific value may require

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What is Medicaid’s Estate Recovery Program?

After becoming incapacitated, older adults often require assistance in covering the high expenses of continued care. The mounting bills can be daunting, and being approved for Medicaid can bring significant relief. However, it’s essential to

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What is an Affidavit of Heirship in New York?

Understanding the role and application of affidavits of heirship in the New York estate probate and administration process is essential for anyone tasked with overseeing the fair distribution of a decedent’s assets. These documents are

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5 Ways to Avoid Estate Taxes

Today, many Americans are understandably concerned with the legacy they will leave their loved ones when they pass away. For individuals who own businesses or have accumulated significant wealth, the estate or death tax can

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Disadvantages of a Medicaid Trust

The decision to incorporate a Medicaid Asset Protection Trust (MAPT) into your estate plan is nuanced, involving a range of considerations that go well beyond its apparent benefits. Understanding the potential disadvantages of MAPTs is

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