FIRM NEWS
Tanya Hobson-Williams Quoted in Bigger Law Firm
Firm Principal Tanya Hobson-Williams was recently quoted in an Bigger Law Firm article on the Internal Revenue Service (IRS) using private debt collection companies to try to collect millions of dollars in overdue federal taxes. Ms. Hobson-Williams discussed how increasing the funding to the IRS may reduce the need for outside collections and use increased staff to collect outstanding tax debt.
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LEGAL NEWS
New York Homeowners May Be at Risk of Losing Foreclosure Help
Last year, the foreclosure rate in New York State surged and today thousands of residents are at risk of losing their homes. It was recently announced that state-funded resources that provide foreclosure assistance will not receive funding as of October 2017 and will stop accepting clients as of this spring. Currently, there are no plans to replace the funds allocated to foreclosure assistance. Some warn that the lack of foreclosure resources for New York residents can have devastating effects, leading to homelessness and homeowners falling victim to scams.
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Tracking down a Retirement Account
Many individuals have worked for different companies throughout the years and may have had a 401(k) plan worth a small amount of money when they left. Some people lose track of these accounts over the years or find that their plan was transferred to another administrator. Sometimes, in such a case, the administrator may not be able to locate the plan. Unfortunately, there is no central repository for missing 401(k) funds to date.
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How Joint Accounts and Gifting Affect Medicaid Eligibility
As individuals begin to age, long-term care services and how to finance them become major concerns. Many turn to Medicaid to pay for their long-term care needs. Medicaid is a joint Federal and State funded program that provides medical insurance and long-term care payments on behalf of middle- to low-income individuals, including those who are elderly and disabled. However, since Medicaid eligibility is determined by the combined value of income and assets, gifting money and joint accounts may impede a person’s ability to secure Medicaid benefits.
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Nursing Home Contracts
Before a senior gets admitted to a nursing home, he or she will need to sign a contract or other admission’s agreement. A contract is a legally binding document that defines the conditions under which the senior is admitted. It is important for seniors and caregivers alike to review and understand the contract in its entirety to ensure optimal care, protection and provisions. Some of the most important terms of a nursing home contract define the circumstances under which a resident can be admitted, transferred or discharged and how they will pay for the services provided.
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