November, 2014 | McMahon Law Firm, Attorneys and Counselors at Law

The major purpose of a will in New York

On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Nov 21, 2014 | Estate Planning

Many people misunderstand the need for a will. They see a will as something that individuals who are trying to save money in estate taxes or set up a trust would need. The real reason behind drawing up a will is to ensure that the people that someone wishes taken care...

What is a testamentary trust?

On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Nov 14, 2014 | Estate Planning

A testamentary trust differs from a living trust because a will creates it. This means that it does not go into effect until the person's death, allowing the person to change or revoke it at any time just like any other part of the will before they pass away. After...

I need to do a resource test for Medicaid. What does it mean?

On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Nov 6, 2014 | Medicaid Planning

In New York, people often need Medicaid coverage in order to pay for nursing home care or home health care for elderly loved ones. When the state determines eligibility, there are situations in which, although the intended recipient's income and resources may exceed...

The imposition of New York estate tax

On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Nov 3, 2014 | Tax Planning

For individuals who died before April 1, 2014, an estate tax return must be filed in New York state if the federal gross value of the estate is more than $1 million. In addition, the decedent must have been a resident of New York state at the time of his or her death....