Elderly people in New York are encountering a problematic irony that is common in jurisdictions across the world: they are not poor enough to qualify for the state-funded system that will help them, but not wealthy enough to afford private services either. In this circumstance, we are talking about Medicaid, the joint state-federal health care program for those with low income and resources.
Many New Yorkers will want to learn about the intricacies of new tax laws taking effect this year. This year some important new rules are in play and learning how to take advantage of different parts of the tax code can be key in minimizing your tax obligations.
A popular retirement home in New York is closing, leaving many residents and families shocked, inconvenienced, and nervous about the future. The facility is closing due to rising costs in its neighborhood and concerns about its long-term viability. Unfortunately, many families have been disappointed at the news and are concerned about their prospects for finding comparable levels of quality and convenience in a new facility.
Changes to New York laws relating to the estate tax exemption took effect April 1, 2014. That makes this a good time for New Yorkers to review their estate plan and do some forward-looking tax planning. The new law may make estate planning more complex for some residents.
There are three primary things that many older individuals are concerned with as they approach retirement and beyond in New York: living independently in their own homes, staying healthy and having access to quality care, and the desire to have the financial support necessary to sustain their lifestyle. Failing to research long-term care planning can leave retirees exposed to big threats in their golden years.