Preserve Your Legacy

Estate Planning | Elder Law | Special Needs Planning

Blog Posts in March, 2012

  • DIABETES ALERT DAY

    Today is the 24th annual American Diabetes Association Alert Day. Take the Diabetes Risk Test to find out if you are at risk for developing type 2 diabetes: http://www.diabetes.org/diabetes-basics/prevention/diabetes-risk-test/?utm_source=WWW&utm_medium=ContentPage&utm_content=risk-test&utm_campaign=ALERT
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  • DESIGNATING DIFFERENT PEOPLE FOR DIFFERENT ROLES IN YOUR ESTATE PLAN

    As part of your estate plan, your New York City estate planning attorney will draw up a wide range of documents for you. As part of the process, you will need to designate people to act on your behalf. You might need to appoint an executor, a trustee, a general power of attorney, a healthcare prox and more. You do not need to designate the same person to act in every role. Speak with your attorney ...
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  • DURABLE FINANCIAL POWER OF ATTORNEY BASICS

    A durable power of attorney allows an attorney-in-fact or an agent to make specific financial decisions on the principal’s behalf. A power of attorney document must be in writing and must comply with specific statutory formalities. Additionally, some banks may require parties to use their specific forms before they honor their power of attorney instruments. In most cases, you will have to sign ...
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  • DUTIES IN AN ADULT GUARDIANSHIP

    if you have been appointed as guardian over an adult relative, it is not enough in New York to only manage the your relative’s financial affairs. You have explicit duties and responsibilities under New York law that you must faithfully carry out. A New York probate attorney can explain your duties in detail and even help you with some of them. The basic responsibilities are described below. The ...
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  • PROCESS OF ADULT GUARDIANSHIP APPOINTMENT IN NEW YORK

    If you have an incapacitated adult relative who is unable to provide for his or her own needs, you might be able to have a court appoint you as a guardian in New York. This is often necessary if an elder relative does not have an effective General Durable Power of Attorney. You will need to go to court to be appointed as a guardian of an adult relative, so consider the services of a New York ...
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  • PROTECTING THE INHERITANCE OF CHILDREN FROM A PREVIOUS MARRIAGE

    Many people fear that a spouse from a second marriage will not leave assets to the children of a previous marriage. If you leave all of your assets to your spouse in a simple will, this is a real concern. The second spouse is under no obligation to leave assets to your children from a previous marriage in his or her own will. Even if you and your spouse create joint wills that leave assets to all ...
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  • SPENDTHRIFT TRUSTS AND ASSET PROTECTION

    If you have a child who is not good with money or owes a lot of money to creditors, you might have a a justifiable concern that any money you leave to them in a will or trust will be quickly blown or disappear into the bank accounts of the creditors. However, this should not stop you from leaving assets to your irresponsible child. An attorney can devise a trust for you that will protect your ...
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  • CAN YOU DISINHERIT YOUR HEIRS?

    In most situations, you can disinherit your heirs by simply leaving them out of your will . However, you generally cannot disinherit your spouse by will. According to most state’s probate laws, although you can disinherit any of your other relatives by written will, you cannot disinherit your spouse. Absent a valid prenuptial agreement created before you and your spouse married, you cannot use ...
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  • STEPCHILDREN DON'T AUTOMATICALLY INHERIT, USUALLY

    In most situations, a stepchild will not inherit property from a step-parent after the step-parent dies. The step-child does stand to inherit from his or her biological parents, but all inheritances are dependent on the laws of the state in which you live. Talk to a your estate planning attorney for more detailed information. Intestacy: When you die without will, your stepchildren are very ...
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