Elder Law News
From Enea, Scanlan & Sirignano, LLP
July 2025
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New York's Elder Law Team
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How Is Inherited Property Taxed?
By: Lauren C. Enea, Esq.
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“How much am I going to have to pay in taxes?” is one of the most common questions I am asked after a client experiences the death of a loved one. The tax liability of inheriting assets can be onerous and confusing. Generally, there are three types of taxes that are possible: an Estate Tax, an Income Tax, and a Capital Gains Tax on the sale of inherited property.
The New York Estate Tax: In New York, there is no inheritance tax, meaning that beneficiaries do not have to pay a tax on their receipt of assets from a decedent’s estate or trust. However, there is a New York Estate Tax, which is assessed based on the fair market value of assets held by a decedent in the State of New York as of the decedent’s date of death. For the year 2025, the New York Estate Tax exemption is $7,160,000; as such, a decedent can leave approximately $7,000,000 worth of assets to their beneficiaries without taxes having to be paid. Because the New York Estate Tax exemption is relatively high, in many cases, estate taxes are not of concern.
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The Impact of Retirement Plans on Medicaid Eligibility
By: Stella King, Esq.
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It is a misconception that a sizeable retirement plan, such as an IRA, 401K, or 403B, prevents one from qualifying for Medicaid. Luckily, in New York State, this is not the case. An individual may still qualify for either home care Medicaid (HCMA) or nursing home Medicaid (NHMA) regardless of the amount within their retirement account.
For the year 2025, the Medicaid financial eligibility limit is $32,396 for an individual and $43,781 for a couple. Yet, this asset threshold does not factor in the principal of one’s retirement accounts, provided that said accounts are in “payout status” and the account owner is taking the Required Minimum Distribution (RMD) or Required Maximum Distribution (RMxD) each year (whether the RMD or RMxD is used is determined by the county Department of Social Services). By placing the retirement account in payout status, the principal of the account becomes exempt for Medicaid financial eligibility purposes.
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Summer Office Hours Update:
To give our team the well-deserved rest and recharge they need during the summer months, our office will close at 3:00PM on Fridays in July and at 1:00PM on Fridays in August. We appreciate your understanding and look forward to continuing to serve you with the same care and dedication throughout the season.
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The Enea, Scanlan & Sirignano, LLP team recently enjoyed a summer outing at Yankee Stadium — a great day of sunshine, camaraderie, and a chance to celebrate the hard work and dedication of our incredible staff.
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An inspiring day on the green for a cause that touches so many lives! Enea, Scanlan & Sirignano, LLP recently sponsored the Ronald McDonald House of the Greater Hudson Valley’s annual Golf Outing — a key fundraising event that supports programs providing comfort and care to families with children receiving treatment at Maria Fareri Children’s Hospital. Michael P. Enea, Esq., who proudly serves on the organization’s Board of Directors, continues to champion our firm’s mission to give back to the community and support families when they need it most.
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Upcoming Speaking Engagements
Featuring the Attorneys of Enea, Scanlan & Sirignano, LLP
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Thursday, July 10, 2025 from 3:00-4:00pm
Stella King, Esq. will be speaking on
“Estate Planning for Every Age”
Hosted by: Tuckahoe Public Library
In Person: 71 Columbus Ave, Tuckahoe, NY 10707
This program is open to the public.
For more information or to register, visit:
https://tuckahoelibrary.libcal.com
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Tuesday, July 15, 2025 from 12:00-1:00pm
Michael P. Enea, Esq. will be speaking on
“Avoiding the New York Estate Tax Cliff”
Hosted by: NYSSCPA Manhattan/Bronx Chapter
Webinar
This program is for financial professionals.
For more information or to register, visit: https://cpe.nysscpa.org/product/35478
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The Talking Seniors podcast is currently on break.
Take a listen to some of the episodes from last season.
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Episode 13: What to Discuss with Family When an Alzheimer's Diagnosis Occurs
Anthony J. Enea, Esq. interviews Joan Nimmo of The Alzheimer's Association about the important conversations that are necessary when a diagnosis of Alzheimer's occurs within the family.
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