General

You’re Invited: City Council Candidates Senior Issues Forum

You’re Invited: City Council Candidates Senior Issues Forum

AGE FRIENDLY PRESENTS:
CITY COUNCIL CANDIDATES SENIOR ISSUES FORUM
Justin Brannan, Bob Capano, John Quaglione

 

WHEN
Wednesday, October 25, 2017
6:00 – 8:00 PM

WHERE
Bay Ridge Center
6935 4th Avenue
Brooklyn, NY 11201

Peter Killen – Forum Chair
Judith D. Grimaldi, Esq., MSW – Moderator
Light refreshments will be served.

Download Flyer

Please visit our website for information on Elder Law and Estate Planning: www.gylawny.com 

GRIMALDI & YEUNG LLP
Phone: 718-238-6960
Brooklyn and Manhattan Offices:

9201 4th Ave, 6th Floor
Brooklyn, NY 11209

546 Fifth Avenue, 6th Floor
New York, NY 10036

This post is made available by the lawyer for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this site you understand that there is no attorney client relationship between you and the lawyer. The post should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. ATTORNEY ADVERTISING.

 

 

And the NIA awards go to…

And the NIA awards go to…

Judith D. Grimaldi and Joanne Seminara. Congratulations! 

The NIA’s 19th Annual Community Recognition Awards Dinner was held on September 28, 2017 at Gargiulo’s Restaurant.

Among the honorees, Judith D. Grimaldi and Joanne Seminara, were awarded for their hard work and outstanding commitment to the community!

Mary Anne Cino, NIA Chief Executive Officer, Judith D. Grimaldi, Joanne Seminara & Annette Scaduto, NIA’s Director of Program Operations

Judith D. Grimaldi, Joanne Seminara and Michel Bove, NIA President

Judith D. Grimaldi & Joanne Seminara with NIA awards

Alyssa Relucio-Silver of NIA; Michael Bove, NIA President; Mary Anne Cino, NIA Chief Executive Officer; Joanne Seminara; Brian Chin, Northfield Bank; Sandra Chapman, Office of Brooklyn Borough President Eric Adams

Justin Brannan, Joanne Seminara, Brian Chin, Northfield Bank, Michael Bove, NIA President

 

Grimaldi & Yeung partners: Joanne Seminara, Pauline Yeung-Ha & Judith D. Grimaldi

 

Please visit our website for information on Elder Law and Estate Planning: www.gylawny.com 

GRIMALDI & YEUNG LLP
Phone: 718-238-6960
Brooklyn and Manhattan Offices:

9201 4th Ave, 6th Floor
Brooklyn, NY 11209

546 Fifth Avenue, 6th Floor
New York, NY 10036

This post is made available by the lawyer for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this site you understand that there is no attorney client relationship between you and the lawyer. The post should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. ATTORNEY ADVERTISING.

Retirement Benefits as a Lasting Legacy

Retirement Benefits as a Lasting Legacy

“When a Trust is a Must”
Part 3 in a series by Joanne Seminara, Esq.

An IRA Trust is an important estate planning tool for maximizing, protecting and managing your Individual Retirement Account or IRA.  Using this tool, an IRA Trust, rather than one or more individual beneficiaries are named as the IRA beneficiary.  The IRA Trust, in turn, designates the beneficiaries of the asset. Properly drafted, an IRA Trust allows extended tax deferral benefits by “stretching out” the payments over the beneficiary’s life expectancy.

An IRA Trust may be advisable for one of more of the following reasons:

  • Beneficiary is too young to manage her own affairs
  • Beneficiary is disabled
  • Asset protection and creditor protection
  • The need to preserve assets for children in second marriages and/or non-traditional family members
  • Wealth preservation
  • Tax planning

Consider the following situation.  Anna, age 78, is a retired widow who, after working as a paralegal at a large law firm for 40 years, has amassed a $500,000 IRA.  Anna has one child,  Nancy, age 50, from whom she is estranged, and 2 granddaughters, who are 13 and 15.  Nancy is married to Mike, a spend-thrift who does not contribute much support to the household.  Anna does not wish to leave her substantial IRA to her daughter and wants to leave her sizable IRA to her grand-daughters so they have the chance of a good start in life.  How can Anna safeguard her hard earned IRA assets for their future needs?

The solution is an “IRA Trust” for the benefit of her granddaughters, who may not be adults or mature enough to manage their own assets at Anna’s death.  A “Trust” allows a person, called a Trustee, to manage assets for the benefit of another person to ensure the assets are used as intended. An IRA Trust is specifically drafted to hold IRA assets, which are typically “tax deferred,” that is, assets for which income taxes have not been paid and for which taxes will be due when the asset is distributed, or “paid out,” in the future.

A designated beneficiary of a retirement benefit plan is generally required to take minimum required distributions (or “MRDs”) starting at age 70.5 over his or her life expectancy.  If a Trust is the beneficiary of an IRA and all the Trust beneficiaries are individuals, the oldest beneficiary‘s life expectancy will be used to calculate the MRDs.  An IRA Trust is the perfect tool for Anna because it allows for tax deferral on the IRA assets (to the extent they are not paid to Anna and taxed during her lifetime) to be further “stretched out” past her lifetime and continued over the lifetime of her now 15 year old granddaughter for the benefit of both granddaughters.

An IRA Trust can be drafted as an “accumulation trust” so that distributions to beneficiaries are accumulated and distributed at certain defined beneficiary ages, or a “conduit trust” which requires direct mandatory distributions to a beneficiary annually over his or her life expectancy term. IRA Trusts can even allow for the flexibility to change the distribution plan during the term of the Trust if the Trust provides for a “trust protector” to make this decision.

Creators of IRA Trusts, called the Grantors, like Anna, should carefully consider the age of their beneficiaries and their likely needs when deciding between an Accumulation Trust and a Conduit Trust.  This decision should follow review of the time period that the IRA assets will remain undistributed or “in trust,” when and how the distributions will be made, and the tax ramifications for such assets.

Trusts are taxed at higher income tax rates than individuals.  Therefore, to the extent the income earned by the IRA is “accumulated” within the Trust and not paid out to an individual beneficiary in any year, the Trust will have to pay income taxes at this higher rate.   Alternatively, an IRA “conduit” trust which provides for regular mandatory distributions to a younger beneficiary may achieve more favorable income tax treatment. This type of Trust, which regularly sheds income over the lifetime of the beneficiary, allows income tax to be paid at the individual’s tax rate, which is typically lower.

There are other issues to consider when deciding between an Accumulation Trust and a Conduit Trust.  If the Grantor wishes to name more than one beneficiary and/or a contingent beneficiary, and one beneficiary is significantly older, a Conduit Trust may be more suitable. Conduit Trusts offer the advantage of using the often longer life expectancy of a single beneficiary, and thus greater tax deferral and growth, rather than the shorter life expectancy of the older beneficiary.

IRA Trusts are advanced estate planning tools governed by complex Federal Internal Revenue Code regulations.  There are special restrictions and terms that must be included in an IRA Trust for it to be effective. An IRA trust should be considered in consultation with experienced estate planning attorneys and financial advisors.

Additional resources provided by the author

Part 1: When a Trust is a Must

Part 2: When a Trust is a Must:  “Long-Term Care and Asset Protection”

 

Joanne Seminara

GRIMALDI & YEUNG LLP:
Phone: 718-238-6960
Brooklyn and Manhattan Offices:

9201 4th Ave, 6th Floor
Brooklyn, NY 11209

546 Fifth Avenue, 6th Floor
New York, NY 10036

This post is made available by the lawyer for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this site you understand that there is no attorney client relationship between you and the lawyer. The post should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. ATTORNEY ADVERTISING.

Congratulations to our Super Lawyers 2017!

Congratulations to our Super Lawyers 2017!

We are proud to congratulate

Judith D. Grimaldi and Pauline Yeung-Ha, partners of Grimaldi & Yeung LLP, named Super Lawyers 2017

and Naomi Levin, our Senior Associate, named Super Lawyer Rising Star 2017! 


These recognitions are made by their peers in a very selective & intense process. Only 5% of New York State Attorneys are selected as Super Lawyers and only 2.5% of New York State Attorneys under the age of 40 are selected as Rising Stars!


The attorneys will be featured as Super Lawyers in The New York Times newspaper on Sunday, October 1, 2017 as well as in the New York Metro Top Women Super Lawyers supplement in The New York Times newspaper – on Sunday, March 26, 2018.

We congratulate them on this highly esteemed and very deserving honor!  

Please visit our website for information on Elder Law and Estate Planning: www.gylawny.com 

GRIMALDI & YEUNG LLP
Phone: 718-238-6960
Brooklyn and Manhattan Offices:

9201 4th Ave, 6th Floor
Brooklyn, NY 11209

546 Fifth Avenue, 6th Floor
New York, NY 10036

This post is made available by the lawyer for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this site you understand that there is no attorney client relationship between you and the lawyer. The post should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. ATTORNEY ADVERTISING.

New York State’s Home Care Worker Wage Parity Law will be applicable to Personal Assistants

New York State’s Home Care Worker Wage Parity Law will be applicable to Personal Assistants

POLICY ALERT:  Effective October 13, 2017, New York State’s Home Care Worker Wage Parity Law will be applicable to Personal Assistants providing home care and related services through the Medicaid CDPAS program.  The Wage Parity Law establishes a minimum rate of compensation for any home care aide providing services that is paid for by a government agency.

The Wage Parity Law is already applicable to other categories of home care aides, including home health aides, personal care aides and home attendants employed by certified home health agencies, long term home health care programs and managed care plans.  The requirement to pay more to home care aides means that the “overhead” costs of providing care will increase.

If State funding of the Medicaid program does not also increase, this creates an incentive for managed care plans and their vendors to limit home care service hours.  This has negative consequences for the people in need of care, and for the people who earn their living providing it.

GRIMALDI & YEUNG LLP
Phone: 718-238-6960
Brooklyn and Manhattan Offices:

9201 4th Ave, 6th Floor
Brooklyn, NY 11209

546 Fifth Avenue, 6th Floor
New York, NY 10036

This post is made available by the lawyer for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this site you understand that there is no attorney client relationship between you and the lawyer. The post should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. ATTORNEY ADVERTISING.

Outstanding Women in Business & Community Leadership: Judith and Joanne

Outstanding Women in Business & Community Leadership: Judith and Joanne

Grimaldi & Yeung LLP is proud to announce that their partners, Judith D. Grimaldi and Joanne Seminara are once again being honored for their outstanding achievements in business and in the community! 

NIA Community Services Network will be honoring both Ms. Grimaldi and Ms. Seminara as Outstanding Women in Business & Community Leadership at the NIA’s 19th Annual Community Recognition Awards Dinner on Thursday, September 28, 2017. 

The NIA Community Services Network, Inc., is a not-for-profit community service organization dedicated to addressing issues that impact youth, families, and seniors. NIA’s mission, “Building strong children, strong families and strong communities,”  located in the diverse and underserved neighborhoods of New York City.

We congratulate them on this highly esteemed and very deserving honor!

GRIMALDI & YEUNG LLP:
Phone: 718-238-6960
Brooklyn and Manhattan Offices:

9201 4th Ave, 6th Floor
Brooklyn, NY 11209

546 Fifth Avenue, 6th Floor
New York, NY 10036

This post is made available by the lawyer for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this site you understand that there is no attorney client relationship between you and the lawyer. The post should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. ATTORNEY ADVERTISING.