Angiuli & Gentile, LLPStaten Island Workers Comp Attorneys and More - A Full Service Staten Island Law Firm2024-02-28T21:14:09Zhttps://www.aglawnyc.com/feed/atom/WordPress/wp-content/uploads/sites/1503434/2023/03/cropped-AngiuliGentileLLP-site-icon-32x32.pngOn Behalf of Angiuli & Gentile, LLPhttps://www.aglawnyc.com/?p=557032023-12-04T19:46:03Z2023-12-04T19:46:03ZTypes of guardianships
New York recognizes two primary types of guardianships. These are guardianships of the person and guardianships of the property. A guardianship of the person involves decisions about an individual's health, living situation, and overall well-being. On the other hand, a guardianship of the property pertains to financial matters. These might include managing assets and making financial decisions.
Initiating the guardianship process
The process of establishing a legal guardianship begins with filing a petition in the appropriate court. The petitioner, often a concerned family member, must demonstrate the necessity of a guardianship due to the individual's incapacity. Medical and financial evidence is crucial in supporting the case.
Court evaluation and decision
Upon receiving the petition, the court evaluates the protected person's capacity. This evaluation is typically performed by a court-appointed evaluator. The court then reviews the findings and decides whether a guardianship is appropriate.
Termination of guardianship
Guardianships are not always indefinite. The court may terminate the guardianship under certain circumstances. If the protected person regains capacity or if the guardian fails to fulfill their duties, the court may revisit and modify the guardianship arrangement.
Studies show that there are approximately 1.3 million guardianship or conservatorship cases active in the United States at any time. Not only is a guardianship a common legal process but it is also one that can vary state by state, so New York citizens should understand how it works in the Empire State before proceeding.]]>On Behalf of Angiuli & Gentile, LLPhttps://www.aglawnyc.com/?p=556552023-09-25T20:18:44Z2023-09-25T20:18:44ZUnderstanding Medicaid's five-year look-back rule
You or a loved one might be able to qualify for assistance from Medicaid if your assets fall below the predetermined limit. However, Medicaid reviews your previous five years of financial transactions to determine if you gave away assets to gain eligibility.
If Medicaid rules against you, you or your loved one will have to wait until the completion of a penalty period before being able to obtain benefits. Early planning to disburse assets can prevent this difficulty.
Creating a life estate
You may be able to safeguard real estate by creating a life estate. This arrangement allows you to retain full rights to live in your property until your passing.
You can also prevent state claims from affecting the property's value. This strategy bolsters protection against specific financial penalties if nursing home care becomes necessary within five years after the transfer.
Harnessing the power of annuities and trusts
Annuities and trusts can also help you or a loved one to maintain Medicaid eligibility. By transferring assets into one of these vehicles, you may qualify for nursing home care while guarding your liquid assets from depletion.
Note that these methods come under the five-year look-back rule, making timing a factor. Also, you must weigh the impact of periodic annuity payouts on your eligibility before determining the right course.
Using the law to protect a spouse's financial security
The Federal Spousal Impoverishment Act offers financial protection for when only one spouse enters the nursing home. Though Medicaid assesses shared assets, the healthy spouse can elect to keep a portion of assets and income for comfortable living. However, Medicaid may later seek repayment in certain instances.
Estate planning quickly becomes complex, especially when you have various types of assets. Remember to prepare for the impact that long-term care can have on your family's resources to preserve more of your hard-earned funds for your estate.]]>On Behalf of Angiuli & Gentile, LLPhttps://www.aglawnyc.com/?p=556352023-07-27T18:14:58Z2023-07-27T18:14:57ZMost frequent causes of divorce
Poor communication and conflict resolution are common reasons for divorce. Some couples argue about household labor and childcare responsibilities, especially if there is a perceived lack of equality between spouses. In other cases, differing worldviews and religious values can contribute to discord in a marriage.
Marrying too young or entering marriage without adequate preparation can cause strain that leads to divorce. Likewise, financial conflicts are a frequently cited reason for divorce. Marriages that do not have support from the families and parents of one or both spouses can face troubles, as well.
Ground for divorce in New York State
A couple in New York can seek a no-fault divorce for any reason, provided they can truthfully report that their marriage has been irrevocably broken for at least six months before filing. However, people can file for other reasons, too. For example, New York considers adultery to be legal grounds for divorce. People in abusive relationships can file for divorce because of cruel and inhuman treatment. In addition, if one person leaves or kicks their spouse out of the family home for more than a year, the couple can divorce due to abandonment. It is also possible to obtain a divorce if one spouse is in prison for over three years.
Issues that increase conflict in a marriage, including a lack of shared values, financial problems and infidelity, can contribute to divorce.]]>On Behalf of Angiuli & Gentile, LLPhttps://www.aglawnyc.com/?p=555882023-05-24T02:14:48Z2023-05-24T02:14:48ZDebt after separation and before divorce
You can continue to incur debts after your separation but before your divorce. When this happens, individuals are responsible for the debt they incur.
Credit card debt in your name
You are responsible for the credit card debt you incurred under your name. You are not responsible for your spouse's debt if they put it on their accounts. You could be liable for half of the debt if it is a joint account.
Car loan debt
Car loans that are in both of your names are problematic in divorces. In most cases, one of you will keep the car and deal with the payments. However, that can cause problems for you. If your spouse gets the car and does not make the payments, they will incur more debt. Your name is still on the loan, and your credit will tank.
If you have a tricky financial situation and are going through a divorce, you should consider speaking to a credit counselor or another professional. These individuals will likely have seen cases that are similar to yours. They also know the laws and the nuances of splitting debt. You can find credit counselors for free if you are having financial troubles. They can help you manage your debt and get back on your feet financially.]]>On Behalf of Angiuli & Gentile, LLPhttps://www.aglawnyc.com/?p=555872023-05-23T21:41:40Z2023-05-23T21:41:40ZWho qualifies for Medicaid?
The purpose of Medicaid is to provide health care coverage to individuals with limited income or resources. Under federal law, every state must offer Medicaid to certain groups, including but not limited to:
Low-income families
People who receive SSI
Medically needy children
Medically needy aged, blind or disabled adults
Eligibility depends on your income or resources.
What if I make too much money but still need help?
If your income exceeds the Medicaid limit, you may still be eligible for assistance if you have high medical bills. In New York, the Medicaid Excess Income program is available to people who are under 21, 65 or older, blind, disabled or parents of children under 21.
Under this program, you can spend your excess income toward your medical expenses and then receive Medicaid assistance with the remaining bills, similar to paying an insurance deductible.
Does Medicaid cover everything?
Medicaid covers a wide range of health care, including checkups, immunizations and prescription drugs. It also covers many of the resources older people often need, such as nursing home care, home health services and mobility aids like wheelchairs.
Growing older should not mean a decrease in your quality of life. If you qualify, Medicaid can help you stay healthy for many years to come.]]>On Behalf of Angiuli & Gentile, LLPhttps://www.aglawnyc.com/?p=555862023-05-23T21:40:06Z2023-05-23T21:40:06Zchild custody when you move out of New York State.
Send written notice
If you are the custodial parent, you need to send a formal letter about your moving plans to your children’s other parent. You need to allow enough time for your former spouse to respond and file an objection with the courts. Upon filing, a judge should schedule a relocation hearing.
Attend the relocation hearing
During the hearing, the judge will ask both you and your former spouse to testify. The court may also appoint a guardian ad litem and have that individual testify. Bring any witness that can provide evidence to support your case, including your children’s report cards, information about your children’s new schools and features of the new community that are better for your children.
Understand the judge’s considerations
The judge will ask you why you want to move, and he or she will ask your former spouse about his or her reasons for opposing the move. Discuss any emotional, financial and educational benefits your children will experience from the move.
The relationship between both you and your ex and your children. You need to present how you will help your children maintain their relationship with their other parent.
The judge will decide on custody. For the best result, gather significant evidence to support your case.]]>On Behalf of Angiuli & Gentile, LLPhttps://www.aglawnyc.com/?p=555142023-03-29T00:50:45Z2023-03-29T00:50:45ZSECURE 2.0 Act, which President Biden signed into law in December. It features a range of changes regarding retirement savings. Three key changes include:
1. Age raised
Designed to boost savings, the initial act raised the age for required minimum distributions from 70 ½ to 72. The latest version bumps that up to 73. The act includes a provision that will further raise that age to 75 by 2033. This change allows people to continue building money and avoid withdrawal taxes. These ages apply to simple and SEP IRAs.
2. Access enhanced
While still designed for savings, new rules will make it easier to gain access to money without penalties for some circumstances. These situations include long-term care, domestic abuse, terminal illness and certified disasters. In 2024, some plans will have the option for people to take out money for emergency expenses, up to $1,000, with the option to reinvest that amount over three years.
3. Catch-up distribution increased
People aged 60 to 63 who have employer-based plans will soon have the opportunity to invest more as catch-up contributions. The act states the new limits as the greater of $10,000 or 50% more than the standard amount. In 2024, catch-up contributions will start to get indexed for inflation.
Additional portions of the updated act include 529 plan conversions, student loans and automatic 401(k) enrollment.]]>On Behalf of Angiuli & Gentile, LLPhttps://www.aglawnyc.com/?p=554472023-03-03T15:17:16Z2023-03-03T15:17:16ZName an executor
An executor is a person who will take responsibility for your estate after you die. They account for all of the debts and assets in your estate, settle the debts and distribute the assets according to your wishes. While spouses or adult children typically fill this role, you may name any adult you trust as the executor of your estate.
List significant assets
List all of your significant assets in your will, including bank accounts, real estate and investments. If you have other items of value, such as family heirlooms or art collections, include those too. It is not necessary to include assets such as insurance, retirement or stock that have beneficiaries named within those accounts, as they will pass directly to the named beneficiaries.
Name a guardian
If you have minor children, include a section where you name the guardian you wish to take physical and legal custody of your children after your passing. In most cases, guardianship automatically transfers to a surviving parent.
Name beneficiaries
Name your heirs and beneficiaries, along with which assets each of them should receive. Also include contingent instructions for how assets should distribute in case a beneficiary passes before you.
Revisit your will every few years and after any major life change and make updates as needed. You may need to remove beneficiaries or add new heirs as your family changes and grows.]]>On Behalf of Angiuli & Gentile, LLPhttps://www.aglawnyc.com/?p=554042023-01-16T22:09:08Z2023-01-16T22:09:08ZWhat does a power of attorney do?
A power of attorney is a powerful document. It allows a person (agent) you choose to act on your behalf with your money and property. Once a power of attorney goes into effect, your agent can operate with or without your consent.
While you can revoke your power of attorney, you must be of sound mind. If you are no longer of sound mind, you will need the support of a court to remove the agent for acting improperly.
Choosing an agent
The person you choose as an agent must be someone you trust to make decisions you agree with when they cannot consult you. Your agent can make important financial decisions on your behalf, including making gifts. While many choose a loved one, you may want to consider someone who can be neutral when faced with a friend or family member who could take advantage of the situation.
When should I start the process?
Life can change very quickly. When you have a power of attorney, your agent can seamlessly support you and your family’s needs. Also, if your life or relationships change, you can modify a power of attorney already in place. However, if you suddenly cannot handle your financial affairs, it can be difficult for your loved ones to figure out what you want and how they can support you.
Creating a power of attorney can give you and your loved ones peace of mind when the needs arise. Your friends and family can be confident knowing what you want and how to support your goals.]]>On Behalf of Angiuli & Gentile, LLPhttps://www.aglawnyc.com/?p=539172022-12-12T17:37:44Z2022-12-12T17:37:44Zwill not appear on your credit report. Still, your divorce might affect your credit score in a few different ways.
You might still owe your creditors
Even though your divorce decree ends your marriage, you continue to be responsible for any credit cards, loans and lines of credit you have with your ex-spouse. This is true even if you and your ex-spouse have an agreement to the contrary. Therefore, to protect your credit score, you should be sure to close joint accounts.
You might have less available credit
If you and your ex-spouse had joint credit cards, your divorce may cause your credit limit to drop. That is, the issuing bank might lower your available credit after considering only your income. If you have outstanding balances, this might put you over your credit limit.
You might see a drop in your credit score
Much of your credit score comes from your credit utilization ratio, which compares the amount of credit you are using to the amount you have available. If your credit limits drop, your credit utilization ratio might increase. This, of course, could cause your credit score to fall.
Ultimately, to protect your credit score during and after your divorce, it is advisable to review your credit report regularly.]]>