Preserve Your Legacy

Estate Planning | Elder Law | Special Needs Planning

Blog Posts in 2012

  • YOU CANNOT MISS DEADLINES IN PROBATE

    If you want to contest a family member’s Will it is important that you do everything right and within designated time frames. Probate Courts will not wait for you to learn what you need to do, nor will they make allowances if you miss deadlines. The battle over Sherman Hemsley’s Will is a good illustration of this. About a month before he passed away, Hemsley wrote a Will and left everything to a ...
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  • A LONG LOST WILL

    It is not normal for a Court to revisit an estate decades after someone dies. However, that is exactly what is happening right here in New York with the case of The Will Of Elmer H. Bobst who passed away over 30 years ago. Originally, Bobst’s estate was divided according to Letters Testamentary that he left behind. However, his heirs have recently discovered that after writing the Letters, he made ...
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  • COVERING THE BASICS

    Often times in this space we take something for granted. We assume that our readers are interested in estate planning, so they must know what an estate plan is. That is our mistake. Many people do not really know what an estate plan is. With this post we hope to make up for that by telling those readers what an estate plan actually is. An estate plan is a collection of legal documents that are ...
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  • HELP HURRICANE SANDY VICTIMS

    I do not need to tell my readers in the New York area about the devastation that Hurricane Sandy has brought to our homes and neighbors. If you can help someone in person, I implore you to do so. If not, please follow this link to learn about other ways to help.
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  • DO YOU NEED A PROFESSIONAL TRUSTEE?

    Many people who create Trusts do not have a family member who is an appropriate person to appoint to serve as a Trustee. The person who serves as a Trustee should be financially responsible and someone who will not be tempted to administer the Trust for his or her own benefit instead of the benefit of the Trust beneficiaries. Ideally, the person should also be someone who the beneficiaries respect ...
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  • WILL YOU HAVE ANYTHING LEFT OVER?

    Many people are often concerned that after they spend their money in retirement, they will not have anything left over to leave to their families . It can be a difficult problem simply because people are living longer and longer thanks to advances in medical science. Many people will need more money in their retirement years than they planned for. However, with proper planning, you can make sure ...
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  • DO YOUR CHILDREN KNOW WHAT TO DO IN AN EMERGENCY?

    If you have a medical emergency and have to be hospitalized, where do you want your loved ones to be? Would you rather have them at the hospital talking to the doctors and hospital staff about your important medical issues, or would you rather your loved ones be at home frantically searching for your important health care documents ? Of course, you would rather have your loved ones at the hospital ...
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  • PLANNING FOR CHANGES

    ome big changes in your life are easy to recognize. When you have your first child, for example, you know that your life has dramatically changed. At these times, it is easy to see why you need to update your estate plan to reflect the changes. However, there are other changes in your life that are harder to recognize because they occur gradually. For example, in your career, you will probably ...
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  • THE AFFORDABLE CARE ACT AND YOUR ESTATE

    The Supreme Court’s recent decision to uphold the Affordable Car Act effects more than just your health care and your health insurance. It could also have important implications for your estate plan that you should talk to an estate planning attorney about. The Affordable Care Act implements a new 3.8% surtax on investment income, including investment income of estates and Trusts that is not ...
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  • WILL YOU HAVE TO PAY FOR YOUR PARENTS' CARE?

    Do you know what your parents’ plans are to pay for long term care in a nursing home? Do your parents even have plans for the possibility? These are questions that you need to know the answers to. I’m sure you are aware that you can be forced by law to pay for the care for your children. What you might not know is that 29 states have laws that can force you to pay for the long term care of your ...
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  • IT'S NOT ALL ABOUT PROPERTY

    Many people make the mistake of thinking that estate planning is just about protecting wealth and distributing property. Those are often important goals of estate planning, but they are not the only reasons to have an estate plan. There are other reasons to have an estate plan and other goals that you can accomplish with an estate plan. In fact, the other goals are often far more important than ...
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  • DON'T LET DOCTORS DECIDE YOUR CARE

    If you are in surgery and unable to make an important decision concerning your care, have you considered who you want to make the decision for you? Have you discussed it with the person you would designate so that he or she knows what you would want done? Have you created the appropriate legal framework for the person you designate to make those decisions? A Health Care Proxy is a document that ...
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  • HELP STOP ELDER ABUSE

    Most people think of physical violence when they think of “abuse,” but elder abuse can take a variety of forms. There are people out there who seek to manipulate the elderly and they convince the elderly to rearrange their financial affairs for the abuser’s benefit. Of course, they do not tell the elderly that is what they are doing. It just happens to work out that way. Unfortunately, this is a ...
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  • REVOCABLE LIVING TRUSTS ARE NOT MAGIC

    People are sometimes confused by the term “Revocable Living Trust.” Unscrupulous companies and websites often take advantage of this confusion as a way to get people to purchase a Revocable Living Trus t form from them. These companies and websites make people think that there is something magical about a Revocable Living Trust. However, to understand whether you need a Revocable Living Trust, you ...
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  • GET SOMETHING UNIQUE

    One thing that makes estate planning fun is that everyone’s situation is unique. Every client that comes into an estate planning attorney’s office has a different story to tell and different estate planning goals. The fun part for attorneys is not only in listening to all of the different stories, but also in developing an estate plan that meets each client’s unique situation. For example, many ...
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