Guardianship law in New York is based on two types of guardianships, limited and plenary. Limited guardianship gives a guardian certain rights and responsibilities for the person who cannot take care of themselves. The guardian has to be appointed by a court and can be given control over property and finances. The court determines the limitations of guardianship so that it does not interfere with the person’s autonomy or rights.
Plenary guardianship means that the guardian’s authority is unlimited on all matters relating to you–including your health care, finances, where you go, who you see. etc
The court will appoint at least one person as your guardian if there are no living parents or other suitable relatives available to act as your guardian or if their condition makes them incapable of acting as your guardian.
When seeking to obtain guardianship over an individual incapable of making their own decisions, you might want to look into Article 81 or 17-A of the Mental Hygiene Law in New York. Guardianship is often sought when a person with dementia or Alzheimer’s becomes incapacitated and incapable of living independently. If this individual was intellectually or developmentally disabled, they would be more likely to need an Article 17-A guardianship. Article 17-A guardianships are most often used when developmentally disabled people reach the age of 18 and their parents or guardian need to apply for power of attorney so you can make decisions on their behalf. Guardianships in Article 17-A are brought in Surrogates Court, while guardianship proceedings in Article 81 are held at Supreme Court.
For more information about Guardianship law in New York State please contact Law Offices Of Roman Aminov.
Law Offices Of Roman Aminov, 147-17 Union Turnpike, Flushing, NY 11367 – (347) 766-2685
People who are qualified for Supplemental Security Income, otherwise called SSI, are dependent upon pay and resources limits. Beneficiaries cannot claim more than $2,000 in resources (or $3,000 in case they are married). We often get calls from SSI beneficiaries asking us how they can ensure their SSI benefits when obtaining a sizable sum of wealth, ordinarily from a legacy or an individual physical issue settlement. Assuming the beneficiary is younger than 65, a first-party supplemental necessities trust (“SNT”) might be a great choice.
The recipient can work with a unique necessities lawyer to set up the trust and name somebody, called the trustee, to hold the cash on their half.
A trustee may even make payments for household items such as a personal care attendant or a wheelchair. By using an FPSNT, an individual no longer has to rely on family and friends and on the government programs and services that provide for their basic needs.
The creation of an FPSNT expressly reserves the right of the trustor to receive the trust’s income and principal money on his or her own behalf for his or her benefit; no other person can ever inherit from such a trust, subject to some limited exceptions.
You should have a lot of questions about the money you are about to receive after an inheritance or personal injury settlement. It is always smart to speak with a lawyer before you accept it. Call our office for a free consultation at 347-766-2686. Estate attorneys in Queens, New Yorkwill help you every step of the way.
Law Offices Of Roman Aminov 147-17 Union Turnpike, Flushing, NY 11367 (347) 766-2685
To fully take advantage of their combined estate tax exclusions, married couples use credit shelter trusts. This type of planner may be especially useful to couples living in states with state estate taxes in addition to federal estate taxes.
Credit shelter trusts will only be accessible to ultra-rich estates in 2021 as the federal estate tax limit is set at $11.7 million. Federal estate taxes are not imposed on the first $11.7 million of an estate. Additionally, a married couple could use both spouses’ exemption amounts to avoid paying federal estate taxes if their combined estate exceeded $23.4 million. There is the concept of portability within the federal estate and gift tax regulations in New York City. In other words, if one spouse does not use the entire exemption amount, the remaining amount is portable to the surviving spouse at their ultimate death. A surviving spouse, however, must formally elect to utilize their spouse’s remaining estate tax exemption upon the death of their first spouse.
If the first spouse dies leaving their entire estate to the second spouse, there will be no estate tax due. The federal estate tax exemption amount for married couples is $5.95 million. Furthermore, the couple may be liable for estate taxes if they live in a state with a separate estate or inheritance tax. The estate tax-exempt amount of one spouse cannot be transferred to the other in New York state. In the event of an estate not planned properly, the couple’s estate, as well as the second spouse’s estate, may be liable for estate tax. The value of a married couple’s assets is generally split up by them, and an amount equal to the current estate tax exemption amount for the surviving spouse is positioned in a credit shelter trust. The assets can then be passed to the survivor without becoming part of their spouse’s estate and passing directly to them.
We are ready to answer any questions that you may have and would be happy to set up a free case evaluation with one of our attorneys.
Roman Aminov Esq. Estate, Probate & Elder Law of Queens – 147-17 Union Tpke, Queens, NY 11367, (347)766 2685.
Inflation-adjusted basis and capital gains tax allow the taxpayer to take the current value of an asset as its basis for capital gains tax purposes. This is often referred to as “step-up in basis” or “step-up in cost”. The donor of the asset gets a step-up too, but they don’t pay any capital gains tax on their donation.
The step-up in basis is a provision in the United States tax law that permits an individual to increase the basis of any property, including stocks and bonds, without incurring capital gains tax. This change was implemented by President Trump to make sure that the rich don’t take advantage of this loophole. Step-ups can occur either when an individual dies or sells the property for more than its adjusted basis. A taxable event occurs when an individual sells their assets for less than their adjusted basis so they automatically incur taxes on any increased value above what they originally paid. The reason for this is because the person is not allowed to purchase any other property with cash other than his/her house, cars, and investments without paying taxes on it.
It would also have a big impact on estates with a lot of illiquid assets like real estate. Even if the asset is not sold by the beneficiary, there is a proposal that would apply a capital gains tax. This could force heirs to sell their inherited family property, liquidate inherited requirement accounts, and even have a significant impact on corporate assets.
If you are looking for an experienced law firm that will provide you with the right advice, contact Roman Aminov Law Office today.
Law Offices Of Roman Aminov, 1600 Ave. M, Brooklyn, NY 11230, (347)76 62682
Whether you’re buying or selling a home in New York, closing day is the most important day in the process. It’s the day you’ll take or relinquish ownership of the property. To ensure a successful closing day, you’ll want to handle the closing process with care. Here are a few tips for a successful residential real estate closing process:
Taking Care of the Paperwork
Keep all papers – forms, receipts, and documents in one place. This will save you time and prevent any delays in the paperwork process. If you need to take out an item from your file, make sure to do so ahead of time, and put it back in place as soon as possible. If you’re buying or selling a house, make sure all your invoices are paid ahead of time. This prevents the seller or buyer from trying to pull a fast one on you.
Dealing with the Title Company
Your title company will provide you with all of the documents required by New York. When they do, make sure you read and understand each form. We’ve all heard horror stories about people not understanding paperwork, but it doesn’t have to happen to you. Just make sure you know what every document means before signing it.
Do Your Due Diligence before closing on the deal
You’ll want to make sure all property taxes have been paid. If you’re buying a house, make sure the seller has paid off all mortgage obligations – and make sure they transfer the title over to you. This will ensure ownership of the house is transferred in your name and not that of another party.
Consider Hiring a Real Estate Attorney
Just about every state requires you to hire a NY real estate attorney to accompany you to the closing process. Make sure to hire one with closing experience. It’s always a good idea to hire an attorney when buying or selling property – it gives you peace of mind in case something goes wrong.
When the day comes to sign and exchange documents, you’ll want to make sure you bring everything with you and have a copy of every single document. Good Luck!
Get in touch and schedule a call to find your dream home in New York City !!
Real Estate Lawyer Queens R.A Esq. 88-02 136th St, Jamaica, NY 11418 (718) 206-1555 https://realestatelawyernys.com/
Martin Van Buren High School in Queens Village will be the first vaccination site in Council District 23, which encompasses the most eastern parts of Queens.
The site was supposed to open last week, but was delayed due to the winter storm, which dropped eight inches of snow and caused City Hall to push back the opening.
“Martin Van Buren High School is a perfect location for a vaccine site here in eastern Queens,” said Councilman Barry Grodenchik. “After working with City Hall for weeks, I am encouraged by the selection of this school and look forward to seeing the site in operation.”
Grodenchik said the phone lines at his office have been ringing “off the hook” as local residents, especially seniors, seek appointments.
Some residents have even traveled outside the borough because the vaccine was not available nearby.
You can now remove “former” from Councilman Jim Gennaro’s title.
The eastern Queens representative, who resoundingly won a special election on February 2 with 60 percent of the vote, officially fills the vacancy created by the departure of former Councilman Rory Lancman.
Lancman left the City Council early for a role in the Cuomo administration. Gennaro will serve the remainder of the term, which goes until the end of the year.
If Gennaro wants to hold onto the seat for a full four-year term, he will have to win the primary and general election this year.
After his special election win was certified by the NYC Board of Elections, Gennaro was sworn into office via Zoom.
“I am humbled by and grateful to the people of the 24th Council District who returned me to office with more than 60 percent of the vote in an eight-candidate field,” he said. “I am overwhelmed by their support and I promise to live up to the trust that the people have placed in me.”
Gennaro said he is now hiring staff to serve his constituents, and he has already interviewed some “very talented and committed people.”
Constituents can reach his office at 718-217-4969.