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Adding a Gifting Rider to a Comprehensive Power of Attorney May Assist During Catastrophic Events

power of attorney lawyer Garden CityIn New York State, a gifting rider grants an agent the power to gift assets and resources. In addition, an agent may utilize the gifting rider to transfer assets out of the principal’s name for Medicaid purposes. For this reason, incorporating a gifting rider into a comprehensive power of attorney may be essential to managing and protecting assets in the event the principal becomes incapacitated. In addition, without a gifting rider, an agent is limited in their power.

Here, a wife involved in a serious accident would benefit from having a gifting rider as part of her power of attorney, because her husband, as the designated agent, may need to transfer assets in order for her to be entitled to long-term care benefits in a skilled nursing facility.

In the event that a person does not have a gifting rider as part of their power of attorney, a Guardianship proceeding may need to be commenced in order to transfer assets from one spouse to another. For this reason, it is important to have a gifting rider as part of a power of attorney.  While a gifting rider may be beneficial, some individuals may not feel comfortable providing an agent that much power. With that being said, a gifting rider may be limited to powers specifically enumerated in the document. Therefore, a person may choose to expand an agent’s power to gift or limit an agent’s power to gift by setting forth-specific guidelines.

If you are looking to create a comprehensive power of attorney with a gifting rider, an experienced lawyer can provide you with the legal guidance necessary to help plan for your future. From the simple to complex, the attorneys at Blodnick, Fazio & Clark are skilled in all aspects of estate planning and are dedicated to representing their clients with diligence and compassion. With an office conveniently located in Garden City, Nassau County, the firm is dedicated to providing high-quality legal representation at reasonable costs. Call (516) 280-7105 to arrange a free consultation.

Establishing a Pet Trust Will Protect Your Furry Friend

pet trust lawyer Long IslandToday, furry friends have become part of the family. Recently, more pet owners are looking to ensure that their pets are taken care of in the event he or she becomes incapacitated or dies. One way to ensure that a beloved pet is taken care is to establish a comprehensive pet trust. A pet trust is a valid legal directive that provides protections to ensure that a pet is well taken care of in accordance with the owner’s wishes. Continue reading Establishing a Pet Trust Will Protect Your Furry Friend

Benefits of Establishing a Comprehensive Power of Attorney

estate planning lawyer Garden CityA power of attorney is an advance directive that is designed to designate an agent to make financial decisions on a person’s behalf in the event he or she becomes incapacitated. There are a number of benefits to developing a comprehensive power of attorney.

Establish Who Will Make Decisions on Your Behalf

In the event that a person becomes incapacitated and can no longer make decisions, a designated agent that you trust will now be able to act on your behalf to make important financial decisions. If a person does not have a comprehensive power of attorney, a guardianship proceeding may need to be commenced. Continue reading Benefits of Establishing a Comprehensive Power of Attorney

The Fundamentals of Capacity when Executing a Will

estate plan lawyer Nassau CountyThe main component to executing a Last Will and Testament or any advance directive is that a testator must have testamentary capacity at the time of execution. In accordance with New York State law, a person must be of “sound mind.”

Specifically, the testator “must have the intelligent knowledge of his or her natural objects of their bounty, property, and possessions, and must know what he or she wishes to do with those assets.” Continue reading The Fundamentals of Capacity when Executing a Will

Executors Play an Important Role

estate planning lawyer Garden CityAn executor of an estate is the person named to act on behalf of the decedent. An executor has a fiduciary duty to ensure that the decedent’s wishes for the disposition of his or her property and assets are carried out accordingly. In addition, the executor is responsible for the administrative process of an estate, including paying taxes and creditors. Furthermore, an executor is not required to have prior experience or knowledge in the field. Continue reading Executors Play an Important Role

What You Should Know Before Hiring an Intern

Long Island business lawyerWhether or not an intern is paid is usually a deciding factor in considering hiring one. While many internships are not paid, labor laws usually allow the intern to work for college credit. However, there are restrictions to this exception. An internship must abide by specific criteria in order to be exempt from the Minimum Wage Act and Orders, which outlines New York’s laws regarding pay and overtime. In order to be exempt from this law, an intern cannot be considered an employee and an employment relationship cannot exist between the for-profit business and the intern. It can be determined that an employment relationship does not exist if the relationship meets all of the following criteria: Continue reading What You Should Know Before Hiring an Intern

Proposed New York City Legislation Seeks to End Requirement of After-Hours Work Communications

New York business lawyerDo employees have the right to disconnect? Rafael Espinal, a New York City council member from Brooklyn, thinks so. On March 22, 2018, Councilman Espinal introduced a bill that would make it illegal for employers to require employees to access work-related communications when they are off duty, on vacation, using personal days, or off sick. These communications can include, but not limited to, emails, text messages, and instant messenger services. Continue reading Proposed New York City Legislation Seeks to End Requirement of After-Hours Work Communications

Navigating the Uncertainties for Long-Term Care Needs

Garden City Medicaid trust lawyerMedicare is a Federal program enacted in 1965. It is an earned-benefit program for those that are aged 65 or older or disabled. It consists of parts A, B, C and D. Part A is for hospital insurance coverage, as well as limited stays in nursing homes and some rehabilitative services such as physical, vocational, and speech therapy. Usually, there is no co-pay for Part A coverage. However, it is $167.50 per day for skilled nursing facility visits in excess of twenty-one days. Continue reading Navigating the Uncertainties for Long-Term Care Needs

New Tax Law Cracks Down on Entertainment Expenses for Businesses

Newsmax FinanceGarden City business lawyer reported on a little-known item in the new tax law that will do away with special interest tax breaks and loopholes, among them the elimination of a company’s ability to write off entertainment as part of its business expenses. Continue reading New Tax Law Cracks Down on Entertainment Expenses for Businesses

Start Planning Today: Healthcare Coverage Can be Complex

Garden City elder law and estate planningMedicare

Medicare is a federal program enacted in 1965 that was established to provide health coverage to those 65 and older and those with a qualifying disability. Medicare consists of four sections:

  • Part A – hospital insurance, inpatient care, rehabilitation care in a skilled nursing facility, as well as physical, vocational, and speech therapy, hospice, lab tests, surgery, and home health care. Medicare Part A does not have a premium, so long as an individual or their spouse worked forty quarters or more. Part A provides twenty days of full coverage for those in a skilled nursing facility. After the first 20 days, however, there is a $167.50 per-day-co-pay.
  • Part B – covers 80% of outpatient insurance for physician office visits, medical devices, and some rehabilitative services. Medicare Part B has a $134.00 premium but varies with income.
  • Part C or Medicare Advantage – is an optional plan that replaces Medicare Part A and B for a private insurance company.
  • Part D – covers prescription drugs.

Continue reading Start Planning Today: Healthcare Coverage Can be Complex

Blodnick Fazio & Associates
1325 Franklin Ave.
Suite 555
Garden City, New York 11530
Tel: (516) 280-7105
Fax: (516) 280-7102