Preserve Your Legacy

Estate Planning | Elder Law | Special Needs Planning

Click Here:
COVID-19 Notice

Welcome to Our Blog

  • Don’t Delay Planning Your Estate

    Most people have the best of intentions; that includes establishing an estate plan. People seem to never have time to address this issue. The present situation has most of us working from home and, as a result, having more available time. Why not use the opportunity to set up a plan to protect your family, preserve your assets and ease your mind about the future? During this unprecedented health ...
    Continue Reading
  • Major Law Changes Affecting Seniors

    Beginning October 1, 2020, New York will impose a new requirement regarding community Medicaid, those Medicaid services provided in an individual’s home such as homecare. The state will start to use a new “look-back” period of 30 months or 2 ½ years of an individual’s financial records. This means a person applying for community Medicaid must submit financial information for the 2 ½ years prior to ...
    Continue Reading
  • Multigenerational Home Trends and How It Affects Estate Planning

    In an interesting trend, more and more Americans are living in multigenerational households than ever before. Multigenerational homes are defined as those with more than one adult generation residing in them. In 2012, about 56.8 million Americans lived in such households, approximately 18.1% more than in 2011. In comparison, only about 28 million lived in such homes in 1980. Part of the reason for ...
    Continue Reading
  • The Importance of Asset Protection Planning

    You have built up a lifetime’s worth of assets, savings, and wealth, and are finally ready to retire. With smart financial decision-making and years of constant saving, you have even accumulated a healthy amount of money to leave as an inheritance to your children and grandchildren. But did you know that it can all disappear in a heartbeat if you should be sued? Whether it be the result of ...
    Continue Reading
  • Do All Assets Have to Go Through Probate?

    When a person passes away, their assets are ordinarily distributed according to the terms of their will through probate court. With that being said, not all assets are required to go through this process. Obvious assets which need to go through probate are those that are titled in your name only, such as vehicles, property, investments, and more, as only the probate court can remove your name from ...
    Continue Reading
  • 3 Major Benefits of Living Trusts

    Most people believe that naming beneficiaries in their last will and testament is their only option for leaving property and assets to surviving loved ones at the time of their death. While this is indeed an option, perhaps a better option is to use a legal tool known as a living trust . A living trust, also known as an “inter vivos” or “revocable” trust, is a written legal document through which ...
    Continue Reading
  • 5 Things You Should Include in Your Will

    While nobody ever wants to entertain the thought of their own death, it is an inevitability that must be planned for ahead of time. One of the most important ways for you to plan your final affairs is to draft a thorough and legally sound last will and testament . This document will provide your surviving loved ones with clear instructions regarding how you want your property and assets to be ...
    Continue Reading
  • More Reasons to Consider Transfer Tax Planning

    Clients with Interests in Family Held Entities Urged to Consider Transfer Tax Planning While Discounts Remain Available By Michael Davidov, Esq., CFP Minority and marketability discounts are important benefits in transfer tax (estate and gift tax) planning for clients with closely held family entities and businesses, such as limited liability companies (LLCs), closely held corporations and limited ...
    Continue Reading
  • I've Been Named As the Administrator of an Estate... Now What?

    When a person passes away, no matter how much estate planning they accomplished, probate to some degree will be necessary to sort through their assets and interpret their will or trust . In most cases, somewhere in their estate plan, there is named an estate administrator . This person is now formally in charge of overseeing the management of the estate as it moves through probate. For many estate ...
    Continue Reading
  • Handling an Estate If the Decedent Doesn't Leave a Will Behind

    Estate planning is an effective way to tell your loved ones what to do with your property and assets after you pass away. For many people reaching their golden years, wills are the go-to estate planning tool, and for good reason. Wills allow the testator to clearly state what they want to be inherited by whom and why. “My niece gets my car because she is an auto enthusiast,” for example, is easily ...
    Continue Reading
  • Living Wills vs. Living Trusts: Which Is Right for Me?

    If you are considering creating an estate plan or are already knee-deep in the estate planning process, you have likely heard of both a “living will” and a “ living trust ” as two essential documents that you should include in your comprehensive plan. Despite their similar names, these two very important legal tools are quite different from one another and serve different purposes. A living will ...
    Continue Reading
  • How to Avoid Probate in New York

    When a person passes away, their assets are ordinarily collected and distributed according to the terms of their will (or to their closest living relatives if no will is present) through a process known as probate . This process is notorious for being lengthy, costly, and confusing, especially in the event that a dispute should arise among beneficiaries. Fortunately, there are many things that you ...
    Continue Reading
  • 5 Essential Estate Planning Documents

    Many people believe that having an estate plan means simply having a last will and testament or trust. While these documents are indeed important, they are only a few of the many tools necessary in creating a comprehensive estate plan. If you are looking to create an estate plan or are reviewing your existing plan, it is important you make sure to have the following documents. Last Will and ...
    Continue Reading
  • What It Takes to Become a Legal Guardian in New York

    People who are in their gray years will naturally and gradually lose the abilities to take care of themselves and manage their finances or estate. Rather than allow this process to slowly damage their wellbeing, it is important to establish a legal guardian ahead of time that will be tasked to control and care for their estate, as well as making important health related decisions for them. ...
    Continue Reading
  • Medicare Vs. Medicaid: What's the Difference?

    Mixing up Medicare and Medicaid is pretty simple to do, thanks to their incredibly similar names. Despite how frequently Medicare and Medicaid are switched around inadvertently in conversation, the two government-sponsored programs are not all that similar to one another at all. If you are thinking you need government assistance to afford your healthcare costs, knowing the differences and details ...
    Continue Reading
Page of 19