Despite the current pandemic, there have been significant changes in the law which could affect your estate plan.

The SECURE ACT has dramatically changed how inherited IRAs must be distributed and has clearly limited categories of individuals who may be exempt from these changes.

One of the provisions of the CARES ACT, which passed as a result of the COVID-19 pandemic, permits individuals to not take their required minimum distribution (RMD) during 2020.

The NYS Budget Bill has a new provision which has significantly altered Community Medicaid rules. There is now a 30 month look back period for home care services. This provision takes effect October 1, 2020.

If you wish to discuss these changes or any other aspect of your estate plan, feel free to contact us. We are conducting remote consultations at this time.

For more than 40 years, our firm has been assisting people like you with long term care and estate planning needs. We bring you the knowledge and resources to protect you and your family. Armstrong & Lamberti, PLLC does not provide tax, legal, or accounting advice by articles. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Call 718.477.7700 or contact us online to schedule a free initial consultation with an estate planning attorney at Armstrong & Lamberti, PLLC. We proudly serve Staten Island, Brooklyn and the other boroughs of New York City.