Category: Disabled
“In the pre-SECURE Act universe, there were designated beneficiaries. These beneficiaries could be individuals (sometimes called named beneficiaries), institutions, such as charities, or estates.” Before the SECURE Act, named beneficiaries who inherited an IRA were able to take distributions over the course of their lifetimes. This allowed the IRA to grow over many years, sometimes […]
“Gray divorce issues include weaving through the complications of splitting pensions, 401(k)s and more before the process is complete.” Divorce is different for older couples. They must focus on retirement accounts instead of college savings plans, explains a recent article from Kiplinger titled “Considering Divorce? Beware of Retirement Account Breakups“. After retirement accounts, the marital […]
“An applicable multi-beneficiary trust can solve some–but not all–of the challenges that the new act presents.” The SECURE Act eliminated the life expectancy payout for inherited IRAs for most people, but it also preserved the life expectancy option for five classes of eligible beneficiaries, referred to as “EDBs” in a recent article from Morningstar.com titled […]
“As our children with disabilities grow older, and we ourselves grow older, the future can seem daunting. The future can be overwhelming.” Taking steps to plan for the future when loving parents will not be there to help their disabled child as they age is a hard thing to confront. However, planning in advance for […]
Seek out an estate planning attorney with knowledge of special needs planning. If you do not have good guidance, it is possible that leaving assets to a disabled family member will cause them to lose their benefits, according to The Ledger in “Crafting an estate plan to include disabled family members“. Supplemental Security Income (SSI) […]
Attorney Michael J. Amoruso was honored with the Section Award for his efforts in furtherance of the rights of the Elderly and Persons with Disabilities at the opening session of the New York State Bar Association Elder Law & Special Needs Section 2018 Annual Meeting in NYC. As he accepted the award, Michael urged his fellow […]
Elderly people or those who are disabled and unable to make proper decisions or care for themselves have long had court appointed guardians or conservators. These are typically family members, but courts are increasingly turning to a new business: guardians for hire. When appointed by a judge, these individuals hold authority over their wards, including […]
Ernie Banks, known as “Mr. Cub” had been diagnosed with dementia just days before he signed a will leaving his small estate to a caregiver, charges his estranged wife. Seems like she isn’t done with him yet. In a case for resolving marital disputes sooner rather than later, the battle between Ernie Banks and his […]
New studies are providing more current cost estimates. “What we found was shocking,” Mandell said. “This is a huge hit on families.” The costs to care for a child with special needs is on the rise, as reported in a new study in the medical journal JAMA Pediatric. The study found that the total lifetime […]
A proper Caregiver Agreement is essential when a loved one or friend wants to pay you to provide assistance and care for them. Here is a link to an article in which Michael J. Amoruso, Esq., Managing Partner of Amoruso & Amoruso LLP in Westchester County, NY and Howard S. Krooks, Esq., Of Counsel to […]
