Click here to watch Dave Zumpano on WKTV NewsTalk. Dave Zumpano joins us from the Estate Planning Law Center. Tonight’s topics included IRA’s and when they are protected and when they are at risk. Zumpano joins us on the Live at Five News hour twice each month to take Estate Planning questions over the phone. He also sits in on News Talk on NEWS Channel 2 at Noon.
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Click here to watch Dave Zumpano on WKTV NewsTalk. Dave Zumpano, from the Estate Planning Law Center, joins us tonight on the Live at Five Newshour. This segment touches upon the different roles lawyers, financial advisors and accountants play in successful estate planning. Other frequently asked questions include nursing home concerns, the difference between a will and a trust and also naming an executor to your estate.
Continue Reading... →Each year the government modifies the amounts allowed in determining eligibility for federal or state benefits and the tax rates. Despite the confusion of numbers, I will attempt to outline the new numbers in place effective January 1, 2015. Medicaid Of notable concern to most individuals is the ability to qualify for Medicaid should the need for long-term care arise. Currently under the Medicaid laws in New York, an individual is allowed to have assets of up to $14,850.00 and a spouse living in the community is entitled to have assets up to $119,220.00 and still be considered eligible for Medicaid. In addition, the individual monthly income allowance is $50.00 for an individual in a long-term care facility and all remaining income would be required to pay for the cost of care. If an individual residing in a nursing home has a spouse in the community, then the spouse in
Continue Reading... →WHAT IS ASSET PROTECTION? As an attorney who teaches lawyers across the country about estate planning, elder law, Medicaid planning, Veterans benefits planning, and asset protection planning, it is amazing to me how much confusion there is among lawyers as to what asset protection really is. If there is that much confusion with lawyers, I could only image the confusion with their clients. So what is asset protection? Asset protection laws deal with the protection of your assets against future creditors. Asset protection planning cannot be done to avoid having to pay existing creditors or existing obligations. The most common protection sought is protection from the “nursing home” or other long term care costs. Asset protection also includes the protection of assets from lawsuits, one’s own poor decision making, or fear of not having the mental capacity to manage the assets you have accumulated. All of these are forms of
Continue Reading... →IT’S ALL ABOUT FAMILY All of us have family. Whether it is our spouse, children, extended family, or even our pets. The question is, what does estate planning have to do with family? Everything! Over the past 25 years I have been asking my clients what they want their estate plans to accomplish. The number one answer I receive is, “Dave, I want stay in control.” The second issue I hear is, “I don’t want to become a burden to my loved ones,” and third is, “I want to keep it simple.” The reality is, the only way to stay in control and keep your estate planning simple is to actually do it now, while you are healthy. And the only way to not become a burden to your family is to ensure your planning provides your wishes for your care so your loved ones don’t have to make life
Continue Reading... →Proper Estate Planning WHAT IF YOU DON’T DIE? Many seniors assume they will die before they reach a “certain age.” I understand why. From the time we are young, we have been told we will work until 65, retire and then plan for our “final years”. Now, look around you. How are old are you? Did you think you were going to be this old and feel this good? My parents, age 89, recently drove themselves from Central New York to Connecticut to visit my brother. How about you? Many seniors today are extremely active. They go to the gym, they stay actively engaged socially and intellectually. What we believed to be true based on what we have been told since we were young is not quite turning out the way we thought. But have you planned for it? That’s really the key to estate planning. Most people think estate
Continue Reading... →Isn’t it Time You Took the Time for Proper Estate Planning? Do you remember the first time you got a babysitter for your children? If it was like mine, my wife went through extreme measures to write down very detailed instructions for the babysitter on how to care for the children; what time to put them to bed, be sure to give them warm milk, make sure my daughter has her stuffed animal, etc. When the babysitter finally arrived, there was extensive conversations and reiterations of what was written in the note. We wanted to ensure the babysitter knew how to contact us, where we would be and all the specific nuances of each of the children. As that continued, I began to pry my wife away and remind her we had dinner reservations a mere few miles away. We left the house and got in the car. It was
Continue Reading... →Dave & Christine Zumpano Family Fund supports American Heart Association, Go Red for Women Dave & Christine Zumpano Family Fund supports American Heart Association, Go Red for Women The Dave & Christine Zumpano Family Fund are proud to support the American Heart Association’s Go Red for Women event as this year’s Heart Ambassador. “My wife and I are honored and appreciative to be able to give back to such a wonderful organization and cause” said Dave Zumpano, founder and attorney of Estate Planning Law Center in New Hartford. The Dave & Christine Zumpano Family Fund are proud to support the American Heart Association’s Go Red for Women event as this year’s Heart Ambassador. “My wife and I are honored and appreciative to be able to give back to such a wonderful organization and cause” said Dave Zumpano, founder and attorney of Estate Planning Law Center in New Hartford. Zumpano also
Continue Reading... →Is Your Company protected from Lawsuits, Long term Care Costs and other Predators? The Estate Planning Law Center, David J. Zumpano CPA/ESQ is proud to have joined the Rome Chamber of Commerce in April and they will host their first Business Before Hours at Jervis Public Library in Rome on May 8th. Most business owners don’t take the time to slow down and think about their future. Most think they are all set and protected but are they built to last? Can the business continue without the owner, whether it is retirement, unexpected health issues or even death! This one hour workshop is open to all business owners, chamber member or not, and the following will be discussed. In this one hour discussion business owners will discover: The shortcomings of protection with LLC’s and Corporations How using trusts with your business can enhance your privacy and will learn about asset
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