Preserve Your Legacy

Estate Planning | Elder Law | Special Needs Planning

Blog Posts in 2013

  • WHAT IS LEGACY WEALTH PLANNING IN NEW YORK?

    New York residents who are in possession of a significant amount of wealth have some great responsibilities, and some great opportunities. Accumulating wealth is challenging, but it can be just as challenging to keep these assets in the family over a number of generations. This is where legacy wealth planning in New York becomes important. What is legacy wealth planning? In a general sense it is ...
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  • NEW YORK MEDICAID PLANNING: GIVING AWAY ASSETS

    You may wonder what Medicaid has to do with your life as a senior citizen. You worked hard as you traversed a career path, and payroll taxes were taken out of your salary for years. You are going to qualify for Medicare coverage when you reach the age of 65. Medicaid is for people who have no financial resources. This is an assumption that can get some people into trouble because they are under ...
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  • A LOOK AT THE NEW YORK PROBATE PROCESS

    Probate is a very big factor to consider when you are planning your estate. There are potentially numerous different parties that would have an interest in your estate. For this reason, your estate must be probated when you use a last will to arrange for the distribution of your personally owned property. The process of probate is in place to allow the business of the estate to be conducted before ...
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  • WHEN IS IT TOO LATE TO START MEDICAID PLANNING?

    Medicaid planning is important for many senior citizens because of the high costs that go along with long-term care. The stark reality is that most people simply cannot pay these expenses comfortably out-of-pocket. This is because we are talking about an average annual expense exceeding $136,000 for nursing home care. One of the misconceptions that is harbored by far to many people is the idea ...
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  • Why not just create your own estate plan using fill-in-the-blanks documents that you can find on the Internet? There are a number of answers to this question, but the thing that we would like to point out here is the need for a custom crafted estate plan.

    You have to be careful that you don’t do more harm than good when you are planning your estate. If you are not aware of all the relevant facts you may provide assets to loved ones in a way that is less than ideal, and they may ultimately pay a significant price. The above principle applies in a number of different situations, but we would like to look at the matter of special needs planning here. ...
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  • THE CUSTOM CRAFTED ESTATE PLAN

    Why not just create your own estate plan using fill-in-the-blanks documents that you can find on the Internet? There are a number of answers to this question, but the thing that we would like to point out here is the need for a custom crafted estate plan. Do you know what legal devices are best for your specific family dynamic, your financial standing, and your intentions? If you assume that you ...
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  • "POOR MAN'S ESTATE PLAN" CAN MAKE YOU POORER

    People sometimes take on do-it-yourself projects to save money. Unfortunately, in some cases these efforts wind up costing more money in the long run. This certainly comes into play when you’re talking about estate planning . There are certain simple steps that you can take to arrange for the transfer of assets to others. Joint ownership is one of them. Sometimes called the “poor man’s estate ...
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  • PLANNING DISCUSSIONS: ROLE REVERSAL

    Parents are used to caring for their children when they are young and then subsequently providing them with advice and guidance when they grow up. Along the way your parents may have found it to be inappropriate and unnecessary to share the details of their financial situation with you. You may have a general idea about their earnings and make certain assumptions. However, you have no way of ...
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  • RETIREMENT CAN BE ELUSIVE FOR BOOMERS

    Surveys that have been conducted over the last few years are consistently indicating that many members of the baby boomer generation are not financially confident as their preferred retirement dates approach. A lot of people who are feeling as though they may not be able to retire soon as they would like to and cite the economic crisis that came to a head in 2008 as the primary reason why they ...
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  • THE TAXMAN COMETH FOR GANDOLFINI ESTATE

    Nobody likes to pay taxes, but it is especially troubling when you have to pay taxes on top of taxes. This is something that the family of the recently deceased actor James Gandolfini is facing. Throughout his life the departed star of The Sopranos paid taxes on his income, which was considerable, so the taxes were certainly no drop in the bucket. Now estate taxes are being imposed due to the ...
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  • A MUST-READ REPORT ON RISKY DIY WILLS & TRUSTS

    If you go online you can find instructions on how to do various things. In many cases you have to pay a premium price to obtain this information, and who knows how accurate or useful it may be? That having been stated there are websites out there that sell do-it-yourself estate planning documents like living trusts and simple wills. Is it wise to arrange for the transfer of everything you have ...
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  • CLARITY REGARDING COMMON ESTATE PLANNING DEVICES

    There are a lot of different legal devices that are used in estate planning. People sometimes harbor misconceptions about them based on assumptions. We would like to shed some light on three common estate planning instruments here. The most common estate planning device is the simple last will. This document is typically used to arrange for future asset transfers and to name a guardian for minor ...
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  • SCOTUS: DOMA PROVISION IS UNCONSTITUTIONAL

    The Supreme Court recently ruled on a case that centered around an estate planning matter. Regardless of how you feel about the subject of same-sex marriage this is a ruling that is certainly of interest to people in the estate planning community because it has practical implications. A New York woman named Edith Windsor was presented with an estate tax bill after she inherited assets from her ...
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  • LONG TERM CARE AND ASSISTED LIVING COSTS: ARE YOU READY?

    Intelligent retirement planning is going to include anticipating the expenses that you may incur during your twilight years. It is not uncommon for people to require living assistance late in their lives, and this can be quite expensive. So you think that you will be eligible for Medicare when the time comes and you’re not worried about it? The fact is that Medicare won’t pay for long-term care. A ...
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  • EVERYTHING YOU NEED TO KNOW ABOUT PROBATE

    People sometimes envision a hypothetical scenario. After a funeral family members gather in private and someone very close to the deceased somberly reads the last will. This person will distribute inheritances and everything is settled. The Probate Process In fact the above is a myth. The estate must pass through the process of probate before anyone will receive an inheritance. During this process ...
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