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  • 529 Plans

    The latest posts for 529 Plans are listed below.

    • FUNDING A STUDENT'S COLLEGE EDUCATION

      Some people who are in a position to give life-changing amounts of money to their loved ones may take pause. If you were to give a young person a significant gift or inheritance he or she may see no reason to get an education and make an individual mark on the world. One thing you could do if you felt this way would be to convey assets into a 529 college savings plan for the benefit of a future ...

    adult guardianship

    The latest posts for adult guardianship are listed below.

    • 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. ...

    • 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 ...

    • 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 ...

    advance directives

    The latest posts for advance directives are listed below.

    • Incapacity Planning Protects You & Your Family

      Estate planning is just one aspect of the larger field of elder law, and as elder law specialists we help our clients address all of the eventualities of aging. At this exact point in time elder law is going through an interesting phase due to the demographic realities of our country. The baby boomers are entering their golden years, so the elder population is growing by leaps and bounds. And when ...

    advance planning

    The latest posts for advance planning are listed below.

    • DON'T LET YOUR FAMILY FIGHT OVER GUARDIANSHIP

      Getting a General Durable Power of Attorney is one of the most important things that you can do as part of your overall estate plan . You should consider the possibility that you might be incapacitated and unable to look after your own interests in the latter years of your life. If you do not plan ahead, then someone else will have to go to court and ask for guardianship over you to protect your ...

    • PLANNING FOR COLLEGE TUITION

      College is extremely expensive and the cost keeps rising. Parents and grandparents routinely struggle with how they will pay for their children or grandchildren’s college education. If you plan ahead, you can make paying for the college education a part of your larger estate plan . You have many different options. The traditional way to pay for a college education is by setting up a Trust. This ...

    • Gift Giving Provides Tax Flexibility

      One of the big changes that the new year is going to bring along that has an impact on estate planning is the return of the estate tax. One of the provisions of the sweeping tax cuts of 2001 was a repeal of the estate tax in 2010, but it will be returning again in 2011. This in and of itself is highly relevant, but in addition to its mere reappearance, the estate tax exclusion amount in 2011 will ...

    Advanced Medical Directives

    The latest posts for Advanced Medical Directives are listed below.

    • 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 ...

    • CONSIDERATIONS IN DESIGNATING A HEALTH CARE PROXY

      One of the most important decisions that you will ever make is who you should appoint to make your health care decisions when you are no longer able to do so. The designation is made in a Health Care P roxy document. Most people instinctually think that they should name a spouse or family member. That is often the best person to appoint. However, there are other things to consider. The person that ...

    • ANSWERS TO 6 IMPORTANT MEDICAL ESTATE PLANNING QUESTIONS (PART TWO OF TWO)

      A benefit of estate planning is that you get your questions answered about all kinds of estate planning issues. For example, you find out how to prevent problems and how to create positive solutions, regarding medical planning. Here, we’re answering the 6 important medical estate planning questions we receive the most frequently. We’re including two parts to this article because there are so many ...

    Aid and Attendance Pension

    The latest posts for Aid and Attendance Pension are listed below.

    • Service Rewarded with Veterans A & A

      Most people are aware of the fact that those who serve in the armed forces for at least twenty years are eligible to receive a retirement pension. This reward has always been a good recruiting tool because an individual could choose to join the military right out of high school, gain an education and job experience while serving, and then retire before the age of forty earning a pension while ...

    Alzheimer's

    The latest posts for Alzheimer's are listed below.

    • ALZHEIMER'S, HEALTH CARE PROXIES, AND POWERS OF ATTORNEY

      Sometimes people who don’t have an extraordinary amount of wealth assume they don’t need to discuss estate planning with an attorney. They are aware of the fact that the estate tax is only applicable to large estates, and they think that only those who are subject to the estate tax should plan ahead. There are a number of reasons why this is patently untrue, but the one that we would like to take ...

    annual gift tax exclusion

    The latest posts for annual gift tax exclusion are listed below.

    • WHAT IS THE ANNUAL GIFT TAX EXCLUSION?

      High net worth families must be aware of the existence of the federal gift tax. Actually, everyone is potentially exposed to the gift tax. The reason why most people don’t pay this tax is because there are exclusions. One of these exclusions is the annual gift tax exclusion. $14,000 Per Person, Per Year Under currently existing laws, you can give as much as $14,000 per year to any number of gift ...

    Application for Burial Benefits

    The latest posts for Application for Burial Benefits are listed below.

    • VA BENEFITS AND ESTATE PLANNING CONSIDERATIONS: PART 3 OF 3

      If you or your family member is an honorable veteran, part of your estate planning considerations include discussing your VA benefits with our office. Families of service members who died after Sept. 30, 2011, can receive up to $700 for their burial expenses. However, the $700 maximum is limited to families of certain hospitalized service members who died during their hospital admissions. If the ...

    • VA BENEFITS AND ESTATE PLANNING CONSIDERATIONS: PART 2 OF 3

      In the last blog, we covered the history of the United States Department of Veterans Affairs (VA) and the types of benefits it administers to veterans and their families. A historical overview may help you understand your military estate planning needs . In addition to providing pension, health care, indemnity benefits and survivorship benefits, the administration provides other types of benefits. ...

    • VA BENEFITS AND ESTATE PLANNING CONSIDERATIONS: PART 1 OF 3

      During an initial consultation with our office, we may discuss your estate planning needs as an honorable veteran and the VA’s role. The United States Department of Veterans Affairs (VA) can trace its history back to the Colonial Era. In 1776, the Continental Congress began providing military benefits to soldiers to encourage them to enlist during the Revolutionary War. Congress officially ...

    Asset Protection

    The latest posts for Asset Protection are listed below.

    • 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 ...

    • ASSET PROTECTION: IS A TRUST THE SOLUTION?

      You may get the impression that a trust of any kind will provide asset protection . The idea is that you are divesting yourself of personal ownership of property that you convey into a trust. This is not entirely true. Let’s look at some of the details. Revocable Living Trusts Revocable living trusts are very popular, and part of the appeal lies in the fact that you can retain control of assets ...

    • PROTECT YOUR CHILDREN'S INHERITANCES FROM DIVORCING SPOUSES, CREDITORS AND PREDATORS

      The heartbreak and financial crisis of divorce strikes 50% of all first marriages and 60% of all second marriages. It’s normal to be concerned about protecting your children’s inheritances from divorcing spouses. As a bonus, you can protect their inheritances from creditors and predators, as well as divorcing spouses. The key to protecting your children’s inheritance is to pass the inheritance in ...

    Assisted Living

    The latest posts for Assisted Living are listed below.

    • CONSIDERING LONG TERM CARE: IS IT NO LONGER SAFE AT HOME?

      As your loved one continues to age, he or she may show signs of the need for long term care in a more supportive environment. It can be difficult to decide if long term care is really needed. If your loved one is having trouble getting around the home, or if you feel that the home is unsafe, it may be time to consider other options. To learn more take a look at the following information. If you ...

    attorney-in-fact

    The latest posts for attorney-in-fact are listed below.

    • Preparing for the Unthinkable: Why Incapacity Planning Is Important

      Many people think incapacity planning is not for them, assuming only those who are approaching retirement age can benefit. The reality is, accidents can occur at any time and leave us mentally incapacitated. A car accident, for example, can leave victims in a coma while medical conditions such as Alzheimer’s disease can slowly take away a person’s mental capacity. By establishing a detailed ...

    • QUESTIONS ABOUT AGENTS, ATTORNEYS-IN-FACT AND EXECUTORS

      When you’re devising an estate plan, you may come across several terms used in relation to people who will play an important part role in your plan. The title for these people, or organizations differ, and each has its own specific meaning and importance. It’s important to understand these terms before you begin the estate planning process. Q: Is an agent the same as an attorney-in-fact? A: ...

    avoid probate

    The latest posts for avoid probate are listed below.

    • A REVOCABLE LIVING TRUST CAN BE RIGHT FOR YOU

      In the last post you learned that probate does not have to be scary if you have an experienced estate planning attorney assist you in making your estate plan. However, that does not mean that your heirs will necessarily have to go through probate if you hire an attorney. In some cases, a revocable living trust is a good option for an estate plan. Property that passes to your heirs through a ...

    • PROBATE DOES NOT HAVE TO BE SCARY

      Many people share a common belief that probate should be avoided at all costs, so instead of hiring an attorney to come up with an estate plan they devise their own schemes. For example, most people know that if two people are on a real estate deed as joint tenants, when one person passes away the entire property automatically passes to the surviving joint tenant. As a result of this knowledge, ...

    • AN INSIDER'S GUIDE TO LIVING TRUSTS IN NEW YORK: PART 2 OF 3

      There are many different reasons you may want to create a living trust, and your attorney may decide to supplement your will with a living trust. However, in most cases, a living trust does not replace the need for a will. Your attorney may decide that creating a living trust is essential to your overall estate planning needs. A living trust does not have to go through probate, and your living ...

    Avoiding Court Interference

    The latest posts for Avoiding Court Interference are listed below.

    Avoiding Family Conflict

    The latest posts for Avoiding Family Conflict are listed below.

    • YOUR FAMILY MAY NEED TO MAKE SPECIAL ESTATE PLANNING PROVISIONS!

      Every family is unique and should take the time to carefully consider their estate planning needs. Taking the time to understand your own family’s needs will allow you to have a better plan in place. Take a look at the following considerations, to see how you can improve your estate planning. If you have any questions, or if you’re ready to start your estate planning affairs, contact an estate ...

    • HOW TO AVOID CONFLICT WHEN SELECTING A GUARDIAN IN YOUR WILL (PART 1 OF 2)

      When you take the time to design your will with your estate planning attorney , you must make the difficult decision of appointing a guardian for the care of your minor children. Many parents struggle with this decision. It’s a good idea to take extra care when making this choice, so that you avoid future conflict. Take a look at some of the tips below for advice on how to avoid conflict when ...

    • AVOID FAMILY CONFLICT BY DISCUSSING YOUR ESTATE PLAN WITH LOVED ONES

      When creating your estate plan , it’s a good idea to discuss your wishes and goals with your loved ones. Doing so will explain your actions and can limit conflicts in the future. Take a look at the information below to better understand the importance of communicating with your loved ones about your estate planning choices. Many people don’t take the time to explain their actions after creating an ...

    Avoiding Guardianship Proceedings

    The latest posts for Avoiding Guardianship Proceedings are listed below.

    Avoiding Long Term Care

    The latest posts for Avoiding Long Term Care are listed below.

    • AVOIDING LONG TERM CARE: WAYS YOU CAN HELP GRANDMA AROUND THE HOME

      As the elderly continue to age, long term care becomes a big concern. Are you looking for a way to keep Grandma at home? There are steps that you can take to make the home safer so that she is better able to function on a daily basis. Take a look at some of the tips below. If you have any questions regarding other ways to avoid long term care, meet with an estate planning – elder law attorney . ...

    Avoiding Probate

    The latest posts for Avoiding Probate are listed below.

    • 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 ...

    • Why it is Important to Start Estate Planning Early

      Estate planning is not just for the well-off or those approaching their golden years. Everyone, regardless of age or the value of their possessions, can benefit from preparing for the future. Each person has an “estate” that is comprised of everything they own and estate planning simply refers to the process of determining how your possessions will be distributed after you pass. By planning early, ...

    Beneficiary Designations

    The latest posts for Beneficiary Designations are listed below.

    • Why it is Important to Start Estate Planning Early

      Estate planning is not just for the well-off or those approaching their golden years. Everyone, regardless of age or the value of their possessions, can benefit from preparing for the future. Each person has an “estate” that is comprised of everything they own and estate planning simply refers to the process of determining how your possessions will be distributed after you pass. By planning early, ...

    • HOW LIFE INSURANCE CAN BECOME A PROBATE ASSET

      If you’re not careful, life insurance (and other beneficiary designation assets) can become a probate asset. And, that’s not good. Beneficiary designation assets are contracts wherein you have the opportunity to name an individual(s) or trust(s) to receive your assets when you die. Beneficiary designations assets include life insurance, retirement accounts, and annuities. Some bank accounts have ...

    • 5 TIPS TO ENSURE YOUR ESTATE PLAN WORKS

      We explain to clients that not only do they need to have the legal documents that form an estate plan in place, they also need to take further steps to ensure that their estate plan works. Your estate plan works if it does what you wanted it to do when you created it. In other words, the picture in your mind matches up with the picture of what really happens when you’re up there sitting on the ...

    Business Succession Planning

    The latest posts for Business Succession Planning are listed below.

    • What Is a Buy-Sell Agreement?

      When you are involved in a business partnership and you are planning your estate, you have to consider the matter of succession. Your share in the business may well be one of your most significant assets. But when you pass on, how is your share carved out and passed along to your heirs without negatively impacting your partners and the viability of the business? This may sound rather challenging, ...

    Capital Gains Taxes

    The latest posts for Capital Gains Taxes are listed below.

    • DO I HAVE TO PAY TAXES ON MY INHERITANCE?

      After the death of a loved one, there is much concern about paying taxes. One of the first questions beneficiaries ask is, “Do I have to pay taxes on my inheritance?” The good news for beneficiaries is that all inheritance and estate taxes will be paid from the estate before you receive your inheritance. Therefore, you do not have to pay taxes on your inheritance; they’ve already been paid before ...

    Caregiver

    The latest posts for Caregiver are listed below.

    • HOW TO BE A GOOD CAREGIVER

      Instead of choosing an assisted living or long term care facility, many families decide to share caregiver responsibilities in order to help out a loved one with his or her needs at home. It can be extremely frustrating and stressful serving as a caregiver. Take a look at some of the tips below for advice on how to be a good caregiver. If you’d like to discuss assisted living and long term care or ...

    Celebrity Estate Planning Mistakes

    The latest posts for Celebrity Estate Planning Mistakes are listed below.

    • 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 ...

    Charitable Planning

    The latest posts for Charitable Planning are listed below.

    • FUN THINGS TO DO WITH YOUR ESTATE PLAN

      Creating an estate plan doesn’t only have to include making difficult decisions. When creating your plan, you’re able to make choices for the future. This includes having the opportunity to have fun with some of your planning decisions. Take a look at the information below, to see how you can have some fun with your estate plan. If you have any additional questions, or if you’d like to begin ...

    • THOUGHTS ABOUT THE CHARITABLE REMAINDER TRUST AND ITS TAX BENEFITS

      The charitable remainder trust is a really interesting tool in your estate planning attorney’s tool belt. It’s so cool that we thought you might find it interesting and want to incorporate it into your estate plan. Here are our thoughts on the charitable remainder trust itself as well as its tax benefits. You set up a trust and donate low basis highly appreciated assets into the trust (yes, there ...

    Charitable Remainder Trusts

    The latest posts for Charitable Remainder Trusts are listed below.

    • THOUGHTS ABOUT THE CHARITABLE REMAINDER TRUST AND ITS TAX BENEFITS

      The charitable remainder trust is a really interesting tool in your estate planning attorney’s tool belt. It’s so cool that we thought you might find it interesting and want to incorporate it into your estate plan. Here are our thoughts on the charitable remainder trust itself as well as its tax benefits. You set up a trust and donate low basis highly appreciated assets into the trust (yes, there ...

    CONSERVATORSHIP

    The latest posts for CONSERVATORSHIP are listed below.

    • 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. ...

    • WHAT IS A GUARDIANSHIP OR CONSERVATORSHIP?

      Estate planning should extend to what could be called end-of-life planning. When you reach an advanced age you may not be able to make all of your own decisions or take care of your own needs. This is not the most pleasant thing to contemplate, but it is a fact of life. Most elders are going to need some type of assistance, and a high percentage of people suffer from incapacitation at some point ...

    • Service Rewarded with Veterans A & A

      Most people are aware of the fact that those who serve in the armed forces for at least twenty years are eligible to receive a retirement pension. This reward has always been a good recruiting tool because an individual could choose to join the military right out of high school, gain an education and job experience while serving, and then retire before the age of forty earning a pension while ...

    contest a trust

    The latest posts for contest a trust are listed below.

    • CAN YOU CHALLENGE A TRUST?

      Most people have heard about last will challenges, but can you challenge a trust? If you look for the answer to this question on the Internet you may get some confusing answers. Popular Misconception Before we talk about trusts, let’s talk about last wills first. A will must be admitted to probate before the heirs to the estate receive their inheritances. It is up to the probate court to examine ...

    Disability

    The latest posts for Disability are listed below.

    • Does Your Estate Plan Protect You if You Become Disabled?

      Incapacity or disability planning is an important part of your estate plan . It is vital to the well-being of yourself and your loved ones that your estate plan effectively guards against the possibility of disability or incapacity. Most people think about estate planning and create a plan based on their eventual death, but they overlook the possibility of becoming disabled. Yet, becoming disabled ...

    Disability Planning

    The latest posts for Disability Planning are listed below.

    • ESTATE PLANNING: IT'S NOT JUST ABOUT DEATH

      Many people assume that estate planning is only the process of planning how your affairs will be handled after death. While this is one way that you can utilize estate planning, there are many other needs that can be met as well. It’s important to realize that an estate plan can also assist you in achieving your goals throughout your lifetime. Take a look at the following information to learn more ...

    Disability Trustees

    The latest posts for Disability Trustees are listed below.

    • WHAT IS INCAPACITY PLANNING?

      If you’re like most people, you may not be familiar with the concept of incapacity planning. Incapacity planning is simply preparing for the time that you may be unable or unwilling to make your own day to day decisions. Estate planning encompasses incapacity planning. When would I be incapacitated? Incapacity refers to the time when you would be unable to manage your finances, medical decisions, ...

    Divorce Protection

    The latest posts for Divorce Protection are listed below.

    • PROTECT YOUR CHILDREN'S INHERITANCES FROM DIVORCING SPOUSES, CREDITORS AND PREDATORS

      The heartbreak and financial crisis of divorce strikes 50% of all first marriages and 60% of all second marriages. It’s normal to be concerned about protecting your children’s inheritances from divorcing spouses. As a bonus, you can protect their inheritances from creditors and predators, as well as divorcing spouses. The key to protecting your children’s inheritance is to pass the inheritance in ...

    DIY Estate Planning

    The latest posts for DIY Estate Planning are listed below.

    • "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 ...

    DIY Wills & Trusts

    The latest posts for DIY Wills & Trusts are listed below.

    • 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 ...

    Do I Need a Will

    The latest posts for Do I Need a Will are listed below.

    • WHAT DO YOU MEAN, A WILL DOESN'T CONTROL MY PROPERTY?

      Many folks associate estate planning with having a will and a will is all they have. They are shocked to learn that a will is not all they need and that it usually doesn’t work. If you’re single, a will doesn’t control all of your property; and, if you’re married a will probably doesn’t control any of your property. Joe and Claire were married (second marriage) and like most married couples, they ...

    drawbacks of probate

    The latest posts for drawbacks of probate are listed below.

    • WHAT ARE THE DRAWBACKS OF PROBATE IN NEW YORK?

      The process of probate in New York is a factor to consider when you are planning your estate. Estate planning is often equated to the execution of a last will. If you do utilize a last will as the legal device that will facilitate the transfer of your assets, these transfers won’t take place until the estate has been probated. Positives This post is about the drawbacks of probate in New York. Many ...

    Dying Intestate

    The latest posts for Dying Intestate are listed below.

    • NO ESTATE PLAN...BIG PROBLEMS

      If you’ve been putting off your estate plan , you’re leaving yourself unprepared and unprotected. Many people put off planning because of anxieties, other commitments, or because they feel there is no need for planning. However, estate planning is extremely important; just look and see… Without an estate plan, your assets will be distributed to beneficiaries based on your state laws. This may mean ...

    Education

    The latest posts for Education are listed below.

    • Education: The Gift That Keeps Giving

      If you have the need to create an estate plan there is little doubt that you understand the value of education and how it fundamental it is to wealth building. There are exceptions of course, but in a very real sense you determine your own future economic status when you are in college depending on the course of study you embark on and how far you take it. True as this may be, many young people ...

    Elder Law

    The latest posts for Elder Law are listed below.

    • 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 ...

    • HOW DO YOU FIND AN ELDER LAW ATTORNEY IN KEW GARDENS NY?

      At some point in time you may get serious about preparing for the eventualities of aging. There are certain contingencies that you may face when you reach an advanced age, and they are easier to address if you made preparations beforehand. The best way to make these preparations is with the assistance of a licensed elder law attorney. Elder Law Attorneys What does an elder law attorney do? ...

    • 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 ...

    elder law attorney in kew gardens

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    • WHAT DOES AN ELDER LAW ATTORNEY IN KEW GARDENS NY FOCUS ON?

      Many estate planning attorneys also focus on elder law issues. When you hear the term “elder law” you may wonder exactly where the focus lies. In a general sense, elder law attorneys assist people who are concerned about legal issues that are of interest to senior citizens. Some elder law attorneys focus on legislation that impacts seniors. They may advocate certain positions. Most elder law ...

    • HOW DO YOU FIND AN ELDER LAW ATTORNEY IN KEW GARDENS NY?

      At some point in time you may get serious about preparing for the eventualities of aging. There are certain contingencies that you may face when you reach an advanced age, and they are easier to address if you made preparations beforehand. The best way to make these preparations is with the assistance of a licensed elder law attorney. Elder Law Attorneys What does an elder law attorney do? ...

    • WHAT QUESTIONS SHOULD I ASK AN ELDER LAW ATTORNEY IN KEW GARDENS?

      When you are preparing for your senior years, you are invariably going to envision your active retirement years. This type of planning is important. However, you should also consider the twilight years that will follow your active retirement years. The eventualities are something that you should discuss with an elder law attorney in Kew Gardens New York. Questions to Ask an Elder Law Attorney in ...

    elder law consultation

    The latest posts for elder law consultation are listed below.

    • WHAT QUESTIONS SHOULD I ASK AN ELDER LAW ATTORNEY IN KEW GARDENS?

      When you are preparing for your senior years, you are invariably going to envision your active retirement years. This type of planning is important. However, you should also consider the twilight years that will follow your active retirement years. The eventualities are something that you should discuss with an elder law attorney in Kew Gardens New York. Questions to Ask an Elder Law Attorney in ...

    estate administration

    The latest posts for estate administration are listed below.

    • 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 ...

    • WHAT IS AN EXECUTOR OF A WILL IN KEW GARDENS NEW YORK?

      If you use a last will to arrange for the distribution of your assets after you die, who is actually going to put the plan into action? Is the document going to act on its own? Clearly, there is a human element to take into consideration. When you are drawing up your last will you must include the nomination of an executor. This is the person who will be charged with the responsibility of ...

    Estate Challenges

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    • CAN YOU CHALLENGE A TRUST?

      Most people have heard about last will challenges, but can you challenge a trust? If you look for the answer to this question on the Internet you may get some confusing answers. Popular Misconception Before we talk about trusts, let’s talk about last wills first. A will must be admitted to probate before the heirs to the estate receive their inheritances. It is up to the probate court to examine ...

    • A LOOK AT DISPUTED ESTATE OF SHERMAN HEMSLEY

      It is important to be completely honest with your attorney and share all relevant details with the possibility of an estate challenge in mind. If you have any reason to believe that someone could step forward to challenge your wishes after you pass away you should definitely let your attorney know about it. There are things that he or she could do to dramatically reduce the likelihood of a ...

    estate executor

    The latest posts for estate executor are listed below.

    • WHAT IS AN EXECUTOR OF A WILL IN KEW GARDENS NEW YORK?

      If you use a last will to arrange for the distribution of your assets after you die, who is actually going to put the plan into action? Is the document going to act on its own? Clearly, there is a human element to take into consideration. When you are drawing up your last will you must include the nomination of an executor. This is the person who will be charged with the responsibility of ...

    Estate Goals

    The latest posts for Estate Goals are listed below.

    • Achieving Goals Takes Planning

      Anyone who has been successful in business knows that you need to set goals and work toward achieving them, both short term and long term. This is also true in the realm of estate planning, because you have to identify what you would like to accomplish with your estate early on to work toward making your intentions a reality. Estate goals are a personal matter, and there are those who concur with ...

    Estate Plan

    The latest posts for Estate Plan are listed below.

    • WHAT'S STOPPING YOU?

      Most Americans do not have Wills. We have discussed the problems with this before on this blog, but it is a subject that is always worth revisiting. If we did not think it was important for people to have estate plans, then we would not do what we do as estate planning attorneys. However, we can only discuss the many reasons why you should have an estate plan so often. If you are reading this, ...

    • JERRY BUSS' ESTATE

      When a celebrity passes away, it is often interesting to see if there is anything that we can learn from their estate . All too often, we learn the many ways that the celebrity did not plan their estate in an ideal way. However, sometimes, we find out that the celebrity did everything the right way. It is still early in the estate process, but at this point it appears that Lakers owner Jerry Buss ...

    • BOB MARLEY'S MISTAKE

      Recently, Bob Marley’s widow, Rita Marley, and his half-brother, Richard Booker, settled the legal issues between them. The case is an interesting one and is instructive of a common estate planning pitfall that can lead to arguments and litigation between family members. Generally, Marley’s family has been very protective about how the late singer’s image and likeness can be used. They have even ...

    Estate Plan Updates

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    • BE AWARE OF POTENTIAL CHANGES TO TAX LAWS

      Estate planning is an ongoing process. The estate plan that you initially create is going to reflect your life at that time. Things invariably change. In addition to changes within your own life, there can be relevant changes that impact the society as a whole, such as changes to tax laws. When tax laws change, your existing estate plan may no longer be appropriate. If you are not aware of the lay ...

    • BLENDED FAMILIES NEED ESTATE PLANS

      If you have a blended family, it’s important that you have an estate planning attorney craft your estate plan rather than using a simple form Will to divide your assets based on percentages. Blended families are those that have children from multiple marriages and they have unique dynamics for which you should account in your estate plan. This will help avoid conflicts after you pass away. When ...

    Estate Plan Updating

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    • Forgot to Update Your Estate Plan? Your Estranged Sister May Get Your Assets!

      f you fail to update your estate plan , your assets may be given to the wrong people. Updating is something that many people forget to do. Making updates can often be an easy process, with the help of an attorney. If you want to control your assets, take a look at the following information. If you have any questions, or if you’d like to review and update your estate plan, contact an estate ...

    • I JUST GOT MARRIED: HOW DOES THIS CHANGE MY ESTATE PLAN?

      As you likely have experienced, getting married brings lots of changes to your estate plan , so updates are needed. As life changes, your estate plan must also change to reflect your current personal and financial situation as well as current law. As a benefit of updating, you also will benefit from newly established planning techniques as well. If you’ve recently gotten married or are preparing ...

    • HOW TO MAKE CHANGES TO YOUR WILL

      As long as you have testamentary capacity (i.e. you’re mentally competent), you can make changes to your will . You can change it a little, change it a lot, or completely revoke it, any time you want. However, it is imperative that you work with a qualified estate planning attorney so that your changes are legally valid and well understood by your executor, the courts, and your beneficiaries. In ...

    Estate Planning

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    • Major Tax Law Changes Coming in 2022

      Throughout the past year, there have been many discussions and numerous proposals released for review regarding potentially changing current Federal tax law. Recently, the House Ways and Means committee ¹ submitted a proposal that clarifies some of the content. The proposal submitted by the committee is still subject to change at any time but it gives us some indication as to what the final tax ...

    • 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 ...

    • 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 ...

    Estate Planning Attorney

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    • SERVICES YOUR ESTATE PLANNING ATTORNEY CAN PROVIDE THAT MAY SURPRISE YOU

      any people think that an estate planning attorney ’s services are limited to document creation and probate guidance. But, your estate planning attorney is highly trained and experienced; and, therefore, is uniquely qualified to offer additional related services. Family meetings: If you would like to have a multigenerational family meeting, your estate planning attorney would be happy to act as ...

    Estate Planning Benefits

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    • ESTATE PLANNING AVOIDS UNWANTED FAMILY PROBLEMS

      Many people don’t fully realize how beneficial estate planning can be in regard to family dynamics. Without an estate plan in place, your loved ones may argue and disagree with how your affairs are handled. Many people argue about property distribution, funeral wishes, and other important matters after a loved one dies. This is because they usually feel as if their needs weren’t met or thought of, ...

    Estate Planning Definitions

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    • COMMON ESTATE PLAN TERMS

      When creating your estate plan, you will likely see many legal terms that may confuse you. It’s important to understand what these terms mean so that you can create a plan that fits your needs and so that you understand how your plan works. We’ve taken the time to define some of these terms so that you can better understand the estate planning process. Take a look at the information below to learn ...

    Estate Planning Dictionary

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    • COMMON ESTATE PLAN TERMS

      When creating your estate plan, you will likely see many legal terms that may confuse you. It’s important to understand what these terms mean so that you can create a plan that fits your needs and so that you understand how your plan works. We’ve taken the time to define some of these terms so that you can better understand the estate planning process. Take a look at the information below to learn ...

    Estate Planning Documents

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    • ESTATE PLANNING PUZZLES

      People who create their own estate plans often make the mistake of thinking that they only need to use one legal instrument and that it will take care of everything. This is usually a Revocable Living Trust . While a Living Trust is a great estate planning tool, it is probably not the only thing you need. Estate planning is more like putting a puzzle together to find the right fit between various ...

    • MAKE SURE YOUR BENEFICIARIES CAN DISCOVER YOUR LIFE INSURANCE POLICY

      If you have paid life insurance premiums for years, the last thing you want to happen is for the insurance company to receive a windfall after your death instead of paying out to your beneficiaries. However, if your beneficiaries do not know about the policy, they will not know to make a claim. For this reason, part of your estate plan should include some way of letting your beneficiaries know ...

    • 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 ...

    Estate Planning Error

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    • ESTATE PLANNING ERROR: DECEASED QUARTERBACK LEFT TANGLED ESTATE

      Estat e planning is essential for adults of all ages. This is especially true for married people who have children. When you hear about tragic circumstances that befall others because of estate planning error you understand why everyone should have a good estate plan. We are all day to day as they say in the sports world. This is simply the human condition, and there is nothing anyone can do about ...

    estate planning FAQs

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    • WHAT IS THE DIFFERENCE BETWEEN A GUARDIANSHIP AND A POWER OF ATTORNEY?

      A comprehensive estate plan will include an incapacity planning component. A significant percentage of senior citizens become incapacitated to one extent or another. While there are other causes of incapacity, around 45 percent of those who have reached the age of 85 are suffering from Alzheimer’s disease. If you were to contract Alzheimer’s, dementia can set in. Those who are suffering from ...

    • DO I CONTROL ASSETS PLACED INTO A REVOCABLE LIVING TRUST?

      It is important to understand all of your options when you are planning your estate. You may automatically assume that you should use a last will. While you can certainly go this route, you may also want to consider the creation of a revocable living trust. There are those who assume that trusts are only useful for the wealthy. This is not the case. Revocable living trusts can be beneficial for ...

    • HOW MUCH DOES A SPECIAL NEEDS TRUST COST?

      If you want to provide resources for the benefit of someone with a disability, you should consider the creation of a special needs trust. This type of trust, alternately referred to as a supplemental needs trust, can enhance the life of the beneficiary without impacting his or her government benefit eligibility. Let’s look at special needs planning from an overview before we examine the costs. ...

    Estate Planning Fears

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    • ESTATE PLANNING FEARS THAT SHOULD NOT STOP YOU FROM PLANNING

      Many people put off their estate planning because of the fears that they have. These fears should not stop you from doing your important planning tasks. Not having a plan in place will mean that you and your family are unprepared for the future. Take a look at the information below to better understand some common fears. If you have any questions about the planning process, or if you’d like to ...

    Estate Planning for Beginners

    The latest posts for Estate Planning for Beginners are listed below.

    • MAKE SURE YOUR BENEFICIARIES CAN DISCOVER YOUR LIFE INSURANCE POLICY

      If you have paid life insurance premiums for years, the last thing you want to happen is for the insurance company to receive a windfall after your death instead of paying out to your beneficiaries. However, if your beneficiaries do not know about the policy, they will not know to make a claim. For this reason, part of your estate plan should include some way of letting your beneficiaries know ...

    • 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 ...

    • AN INSIDER'S GUIDE TO LIVING TRUSTS IN NEW YORK: PART 3 OF 3

      To fund your living trust, you need to transfer assets into your trust. You can transfer money and property into your trust by placing title to your bank account and title to your real property into the trust. You must specifically identify the property and accounts within your trust. In addition to properly funding your living trust , you need to appoint an individual or trust company to oversee ...

    Estate Planning for College Students

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    • DON'T PUT OFF YOUR ESTATE PLANNING JUST BECAUSE YOU'RE YOUNG

      Many people believe that because they’re young, there’s no need to handle their estate planning affairs. This is NOT true. It’s important to have a plan in place as soon as you reach adulthood, so that you can be prepared throughout your lifetime. If you’ve been putting off planning, take a look at the following information, to better understand your needs and what you can accomplish with estate ...

    Estate Planning for Grandchildren

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    • PLANNING FOR COLLEGE TUITION

      College is extremely expensive and the cost keeps rising. Parents and grandparents routinely struggle with how they will pay for their children or grandchildren’s college education. If you plan ahead, you can make paying for the college education a part of your larger estate plan . You have many different options. The traditional way to pay for a college education is by setting up a Trust. This ...

    • FUN THINGS TO DO WITH YOUR ESTATE PLAN

      Creating an estate plan doesn’t only have to include making difficult decisions. When creating your plan, you’re able to make choices for the future. This includes having the opportunity to have fun with some of your planning decisions. Take a look at the information below, to see how you can have some fun with your estate plan. If you have any additional questions, or if you’d like to begin ...

    • HOW TO HONOR GRANDCHILDREN IN YOUR ESTATE PLANNING (PART 2 OF 2)

      Often clients comment that they know why they had children when the grandchildren arrive. When a grandchild is specifically named in your will or trust , the honor is great. Typically, grandchildren are overlooked. Because we know that you dearly love your grandchildren, we’re providing some tips on how to include your grandchildren in your estate planning. This is part 2 of a 2 part article. ...

    Estate Planning for Parents of Minor Children

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    • PLANNING FOR COLLEGE TUITION

      College is extremely expensive and the cost keeps rising. Parents and grandparents routinely struggle with how they will pay for their children or grandchildren’s college education. If you plan ahead, you can make paying for the college education a part of your larger estate plan . You have many different options. The traditional way to pay for a college education is by setting up a Trust. This ...

    • CHOOSING A GUARDIAN FOR YOUR CHILDREN

      If you have young children, it is important that you name someone to be the guardian of the children in the event that you pass away. To do this, you need to make a Will. An estate planning attorney can help you make a Will . However, you need to choose an appropriate guardian. Here are a few tips. The most important thing is to pick someone who is responsible and willing to serve as guardian. You ...

    • 6 ESTATE PLANNING TIPS FOR PARENTS OF YOUNG CHILDREN

      While all adults need comprehensive up-to-date estate planning, the parents of young children have additional considerations and complexity. Here are 6 estate planning tips for the parents of young children; if you have additional questions or concerns, consult with a qualified estate planning attorney . 1. Write a Love Letter The most important inheritance you can provide your children is your ...

    Estate Planning for Parents of Young Children

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    • WHAT IS THE NOMINATION OF A GUARDIAN?

      A high percentage of young adults are unprepared from an estate planning perspective. Many of these people are single individuals who do not have children. However, there are also parents of young children who are going through life without any estate planning documents. This is a huge mistake that is akin to a gamble. You know you are going to die someday, but you expect to live a normal life ...

    • 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 ...

    Estate Planning for the Young

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    • ESTATE PLANNING FOR PARENTS OF YOUNG CHILDREN

      If you have young children (i.e. children under the age of 18), you need to carefully plan your estate to protect and provide for your children. You’ll need the basic estate planning documents to protect yourself as well, with additional documents and consideration for your children. In your will, you name guardians to raise your children if you die. Name back-up guardians as well in case your ...

    • DON'T PUT OFF YOUR ESTATE PLANNING JUST BECAUSE YOU'RE YOUNG

      Many people believe that because they’re young, there’s no need to handle their estate planning affairs. This is NOT true. It’s important to have a plan in place as soon as you reach adulthood, so that you can be prepared throughout your lifetime. If you’ve been putting off planning, take a look at the following information, to better understand your needs and what you can accomplish with estate ...

    Estate Planning for Young Professionals

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    • DON'T PUT OFF YOUR ESTATE PLANNING JUST BECAUSE YOU'RE YOUNG

      Many people believe that because they’re young, there’s no need to handle their estate planning affairs. This is NOT true. It’s important to have a plan in place as soon as you reach adulthood, so that you can be prepared throughout your lifetime. If you’ve been putting off planning, take a look at the following information, to better understand your needs and what you can accomplish with estate ...

    Estate Planning Mistake

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    • ESTATE PLANNING ERROR: DECEASED QUARTERBACK LEFT TANGLED ESTATE

      Estat e planning is essential for adults of all ages. This is especially true for married people who have children. When you hear about tragic circumstances that befall others because of estate planning error you understand why everyone should have a good estate plan. We are all day to day as they say in the sports world. This is simply the human condition, and there is nothing anyone can do about ...

    Estate Planning Myths

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    • 3 ESTATE PLANNING MYTHS...AND WHY THEY AREN'T TRUE

      Many people have their own thoughts and ideas regarding estate planning and the importance of planning. It’s important to make sure that you understand the truths associated with estate planning so that you can properly prepare for the future. Take a look at some common estate planning myths below to learn more about estate planning misconceptions. If you have any questions, or if you’d like to ...

    Estate Planning Terminology

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    • COMMON ESTATE PLAN TERMS

      When creating your estate plan, you will likely see many legal terms that may confuse you. It’s important to understand what these terms mean so that you can create a plan that fits your needs and so that you understand how your plan works. We’ve taken the time to define some of these terms so that you can better understand the estate planning process. Take a look at the information below to learn ...

    Estate Planning Terms

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    • COMMON ESTATE PLAN TERMS

      When creating your estate plan, you will likely see many legal terms that may confuse you. It’s important to understand what these terms mean so that you can create a plan that fits your needs and so that you understand how your plan works. We’ve taken the time to define some of these terms so that you can better understand the estate planning process. Take a look at the information below to learn ...

    estate planning workshop

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    • ATTEND FREE ESTATE PLANNING WORKSHOP

      If you want to plan your estate as you simultaneously brace yourself for the eventualities of aging, you have a lot to think about. The typical layperson is not going to understand exactly what to expect. We make an effort to provide relevant information through our ongoing series of free estate planning workshops. We are pleased to announce our January Wills, Trusts and Nursing Home Asset ...

    estate tax portability

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    • ESTATE TAX PORTABILITY FILING DEADLINE EXTENDED

      There is a $5.34 million per person federal estate tax exclusion in 2014. This is the amount that you can transfer to your heirs free of taxation. Anything that you are transferring that exceeds this amount is potentially subject to the federal estate tax. If you are married, you may have a question about the federal estate tax exclusion: what happens to your exclusion after you die? Can your ...

    Estate Taxes

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    • ACT NOW TO MINIMIZE THE ESTATE TAX

      If your total estate is between $4 and $15 million, then you need to speak to an estate planning attorney as soon as you possibly can. If you do not act before the end of 2012, then your estate is likely to face unwanted estate tax issues. An Estate Planning attorney can help you minimize issues with the estate tax. No one knows for certain what the estate tax will be in the future. All that can ...

    • FEDERAL GIFT TAXES CAN REDUCE AN ESTATE'S TAX LIABILITIES: PART 3 OF 3

      You should now understand how you can make lifetime gifts to reduce the tax liabilities on your estate. However, you can further reduce your income tax liabilities by understanding the federal tax code. The Internal Revenue Service (IRS) typically considers all gifts as taxable unless they come within the annual gift limits. The IRS does not consider some gifts as taxable. This means that some ...

    • FEDERAL GIFT TAXES CAN REDUCE AN ESTATE'S TAX LIABILITIES: PART 2 OF 3

      After reading the first part of this three-part series, you now have a basic understanding of why a lifetime gift may reduce an estate’s federal income tax liabilities. Now, I will cover how you can further reduce your estate’s tax liabilities . The Internal Revenue Service (IRS) gives each donor (gift giver) a tax exemption of $13,000 annually for a lifetime gift made to each donee (gift ...

    Executor Duties

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    • HOW CAN AN ESTATE MAINTAIN A WRONGFUL DEATH LAWSUIT ON A DECEDENT'S BEHALF? PART 2 OF 3

      As discussed in the previous blog entry, the New York Estates, Powers and Trust Law (EPTL) establishes the statutory procedures that personal representatives, administrators and executors must follow when filing wrongful death lawsuits. The EPTL provides mandatory statutes of limitations or time limits in which a personal representative can sue someone on a decedent’s behalf for wrongfully causing ...

    • HOW CAN AN ESTATE MAINTAIN A WRONGFUL DEATH LAWSUIT ON A DECEDENT'S BEHALF? PART 2 OF 3

      As discussed in the previous blog entry, the New York Estates, Powers and Trust Law (EPTL) establishes the statutory procedures that personal representatives, administrators and executors must follow when filing wrongful death lawsuits. The EPTL provides mandatory statutes of limitations or time limits in which a personal representative can sue someone on a decedent’s behalf for wrongfully causing ...

    • HOW CAN AN ESTATE MAINTAIN A WRONGFUL DEATH LAWSUIT ON A DECEDENT'S BEHALF? PART 1 OF 3

      Unfortunately, quite often a decedent’s death does not occur because of natural causes. Natural causes include dying of old age, dying from a terminal illness or life-ending illness or from a preexisting medical condition. If you die from a wrongful act, a family member, spouse or your personal representative has the right to sue someone on your behalf. This blog series covers your personal ...

    Executor of a Will

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    • HOW CAN AN ESTATE MAINTAIN A WRONGFUL DEATH LAWSUIT ON A DECEDENT'S BEHALF? PART 1 OF 3

      Unfortunately, quite often a decedent’s death does not occur because of natural causes. Natural causes include dying of old age, dying from a terminal illness or life-ending illness or from a preexisting medical condition. If you die from a wrongful act, a family member, spouse or your personal representative has the right to sue someone on your behalf. This blog series covers your personal ...

    • NEW YORK LAW AND EXECUTORS' RIGHTS AND DUTIES: PART 3 OF 3

      Continuing the discussion from the first two blogs in this three-part blog series covering the important duties that executors have in New York, this last blog covers the executor’s final duties. Under New York law, an executor can become personally liable for repaying creditors if they distribute a decedent’s assets before properly accounting for all of the decedent’s creditors. As an executor, ...

    • NEW YORK LAW AND EXECUTORS' RIGHTS AND DUTIES: PART 2 OF 3

      Continuing the discussion from the first blog of this three-part series, executors should understand their legal duties. An executor has very significant legal obligations. Under New York law, executors must inventory a decedent’s assets, pay debts and funeral costs, and pay taxes and administration costs. An executor may be liable for several years until they wind up the entire estate and receive ...

    executor of a will in kew gardens new york

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    • WHAT IS AN EXECUTOR OF A WILL IN KEW GARDENS NEW YORK?

      If you use a last will to arrange for the distribution of your assets after you die, who is actually going to put the plan into action? Is the document going to act on its own? Clearly, there is a human element to take into consideration. When you are drawing up your last will you must include the nomination of an executor. This is the person who will be charged with the responsibility of ...

    Family Estate Planning Discussions

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    • AVOID FAMILY CONFLICT BY DISCUSSING YOUR ESTATE PLAN WITH LOVED ONES

      When creating your estate plan , it’s a good idea to discuss your wishes and goals with your loved ones. Doing so will explain your actions and can limit conflicts in the future. Take a look at the information below to better understand the importance of communicating with your loved ones about your estate planning choices. Many people don’t take the time to explain their actions after creating an ...

    Federal Estate Tax

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    • IF I AVOID PROBATE, DO I ALSO AVOID THE FEDERAL ESTATE TAX?

      Some clients ask whether avoiding probate also avoids the federal estate tax. Both probate and the federal estate tax deal with your estate, but avoiding one doesn’t avoid the other. To answer the question, if you avoid probate, you don’t necessarily avoid the federal estate tax. What is Probate? What’s the Federal Estate Tax? Probate is the process of validating a will, if there is one, and ...

    Financial Abuse

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    • Financial Abuse of Elders

      The FBI warns that senior citizens are the targets of scam artists because seniors often have financial assets and can be manipulated into signing documents like contracts for unneeded goods or services. Even worse yet, fragile seniors can be convinced that the right thing to do is to sign over their assets to a predator who is taking advantage of their situation. In the Nursing Home Scam artists ...

    financial planning

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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 ...

    Firm News

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    • Connect with Davidov Law Group Online

      Stay in touch with Davidov Law Group online! Our firm has a variety of social media and other online accounts. Like, follow, friend, and share using any of the platforms shown below. You can also stop by our office, give us a call, or send us an email if you need a Nassau County estate planning attorney. We look forward to hearing from you! CONTACT DAVIDOV LAW GROUP Address: 1981 Marcus Avenue, ...

    Funding

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    • 5 TIPS TO ENSURE YOUR ESTATE PLAN WORKS

      We explain to clients that not only do they need to have the legal documents that form an estate plan in place, they also need to take further steps to ensure that their estate plan works. Your estate plan works if it does what you wanted it to do when you created it. In other words, the picture in your mind matches up with the picture of what really happens when you’re up there sitting on the ...

    Gift Tax

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    • CAN I GIVE GIFTS TO MY CHILDREN TAX-FREE

      When you hear about the gift tax you may wonder about the details. Are gifts that you give to your children taxable? Let’s examine the answer to this question. Gift Tax Parameters You cannot discuss the gift tax without discussing the estate tax, because the gift tax is unified with the estate tax. In fact, the gift tax would not exist if it was not for the estate tax, because it is in place to ...

    • WHAT IS THE ANNUAL GIFT TAX EXCLUSION?

      High net worth families must be aware of the existence of the federal gift tax. Actually, everyone is potentially exposed to the gift tax. The reason why most people don’t pay this tax is because there are exclusions. One of these exclusions is the annual gift tax exclusion. $14,000 Per Person, Per Year Under currently existing laws, you can give as much as $14,000 per year to any number of gift ...

    • FUNDING A STUDENT'S COLLEGE EDUCATION

      Some people who are in a position to give life-changing amounts of money to their loved ones may take pause. If you were to give a young person a significant gift or inheritance he or she may see no reason to get an education and make an individual mark on the world. One thing you could do if you felt this way would be to convey assets into a 529 college savings plan for the benefit of a future ...

    gifting

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    • ESTATE PLANNING: IT'S NOT JUST ABOUT DEATH

      Many people assume that estate planning is only the process of planning how your affairs will be handled after death. While this is one way that you can utilize estate planning, there are many other needs that can be met as well. It’s important to realize that an estate plan can also assist you in achieving your goals throughout your lifetime. Take a look at the following information to learn more ...

    Guardians for Minor Children

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    • YOUR FAMILY MAY NEED TO MAKE SPECIAL ESTATE PLANNING PROVISIONS!

      Every family is unique and should take the time to carefully consider their estate planning needs. Taking the time to understand your own family’s needs will allow you to have a better plan in place. Take a look at the following considerations, to see how you can improve your estate planning. If you have any questions, or if you’re ready to start your estate planning affairs, contact an estate ...

    • HOW TO AVOID CONFLICT WHEN SELECTING A GUARDIAN IN YOUR WILL (PART 1 OF 2)

      When you take the time to design your will with your estate planning attorney , you must make the difficult decision of appointing a guardian for the care of your minor children. Many parents struggle with this decision. It’s a good idea to take extra care when making this choice, so that you avoid future conflict. Take a look at some of the tips below for advice on how to avoid conflict when ...

    • MINORS AS BENEFICIARIES: 8 IMPORTANT ESTATE PLANNING TERMS

      Many people don’t realize that minors can’t legally inherit property. Naming a minor in your will or trust must be done with carefully crafted language. If not, the court will intervene and take control of the gift. As a result, much money and time are wasted. It’s important to have a basic understanding of these 8 important, minor related, estate planning terms. If you have questions or have a ...

    GUARDIANSHIP

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    • 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. ...

    • WHAT IS THE DIFFERENCE BETWEEN A GUARDIANSHIP AND A POWER OF ATTORNEY?

      A comprehensive estate plan will include an incapacity planning component. A significant percentage of senior citizens become incapacitated to one extent or another. While there are other causes of incapacity, around 45 percent of those who have reached the age of 85 are suffering from Alzheimer’s disease. If you were to contract Alzheimer’s, dementia can set in. Those who are suffering from ...

    • WHAT IS A GUARDIANSHIP OR CONSERVATORSHIP?

      Estate planning should extend to what could be called end-of-life planning. When you reach an advanced age you may not be able to make all of your own decisions or take care of your own needs. This is not the most pleasant thing to contemplate, but it is a fact of life. Most elders are going to need some type of assistance, and a high percentage of people suffer from incapacitation at some point ...

    Health Care Power of Attorney

    The latest posts for Health Care Power of Attorney are listed below.

    • 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 ...

    • ANSWERS TO 6 IMPORTANT MEDICAL ESTATE PLANNING QUESTIONS (PART TWO OF TWO)

      A benefit of estate planning is that you get your questions answered about all kinds of estate planning issues. For example, you find out how to prevent problems and how to create positive solutions, regarding medical planning. Here, we’re answering the 6 important medical estate planning questions we receive the most frequently. We’re including two parts to this article because there are so many ...

    • ANSWERS TO 6 IMPORTANT MEDICAL ESTATE PLANNING QUESTIONS (PART ONE OF TWO)

      A benefit of estate planning is that you get your questions answered about all kinds of estate planning issues. For example, you find out how to prevent problems and how to create positive solutions, regarding medical planning. Here, we’re answering the 6 important medical estate planning questions we receive the most frequently. We’re including two parts to this article because there are so many ...

    HIPPA

    The latest posts for HIPPA are listed below.

    • ANSWERS TO 6 IMPORTANT MEDICAL ESTATE PLANNING QUESTIONS (PART TWO OF TWO)

      A benefit of estate planning is that you get your questions answered about all kinds of estate planning issues. For example, you find out how to prevent problems and how to create positive solutions, regarding medical planning. Here, we’re answering the 6 important medical estate planning questions we receive the most frequently. We’re including two parts to this article because there are so many ...

    • ANSWERS TO 6 IMPORTANT MEDICAL ESTATE PLANNING QUESTIONS (PART ONE OF TWO)

      A benefit of estate planning is that you get your questions answered about all kinds of estate planning issues. For example, you find out how to prevent problems and how to create positive solutions, regarding medical planning. Here, we’re answering the 6 important medical estate planning questions we receive the most frequently. We’re including two parts to this article because there are so many ...

    • The HIPAA and Health Care Proxies

      In addition to the financial matters that you must attend to when planning your estate it is also important to address the realities of aging as they apply to health care. People in the United States are enjoying ever-increasing life spans and medical science can do amazing things, so Americans are routinely living into their late eighties and beyond. When you reach such an advanced age it is not ...

    Home Health Care

    The latest posts for Home Health Care are listed below.

    • CONSIDERING LONG TERM CARE: IS IT NO LONGER SAFE AT HOME?

      As your loved one continues to age, he or she may show signs of the need for long term care in a more supportive environment. It can be difficult to decide if long term care is really needed. If your loved one is having trouble getting around the home, or if you feel that the home is unsafe, it may be time to consider other options. To learn more take a look at the following information. If you ...

    • Somebody's Sweetheart

      The month of February and Valentines Day brings a celebration of love and stirs couples to rekindle feelings of romance and devotion. Not so different from young couples are aging seniors, celebrating memories of sweethearts and romance in days gone by. Sit a while with a senior couple and they will soon be telling you their romance story or listen to a widow or widower as they sing their favorite ...

    In the News

    The latest posts for In the News are listed below.

    • Davidov Law Group Featured in Forbes Magazine

      Davidov Law Group is thrilled to be featured in Forbes Magazine ! In the article, husband-and-wife attorney team Michael and Ilana Davidov share their story of how they came to focus their legal practice on estate planning and elder law . The decision followed their personal experience with a family member who developed Alzheimer's, resulting in legal complications that overwhelmed the family. The ...

    Incapacity Planning

    The latest posts for Incapacity Planning are listed below.

    • Preparing for the Unthinkable: Why Incapacity Planning Is Important

      Many people think incapacity planning is not for them, assuming only those who are approaching retirement age can benefit. The reality is, accidents can occur at any time and leave us mentally incapacitated. A car accident, for example, can leave victims in a coma while medical conditions such as Alzheimer’s disease can slowly take away a person’s mental capacity. By establishing a detailed ...

    • ALZHEIMER'S, HEALTH CARE PROXIES, AND POWERS OF ATTORNEY

      Sometimes people who don’t have an extraordinary amount of wealth assume they don’t need to discuss estate planning with an attorney. They are aware of the fact that the estate tax is only applicable to large estates, and they think that only those who are subject to the estate tax should plan ahead. There are a number of reasons why this is patently untrue, but the one that we would like to take ...

    • POWER OF ATTORNEY KEW GARDENS NY: DIFFERENCE BETWEEN A GENERAL AND A LIMITED POA

      The process of estate planning should ideally be a broad and comprehensive one. Recording your wishes regarding the distribution of your assets is only part of what you should take into consideration. You should also address the postmortem aspect. On the other side of the coin, you should address the period of time that would logically precede your death. This can include the execution of a power ...

    Incentive Trusts

    The latest posts for Incentive Trusts are listed below.

    • Incentive Trusts Are Useful Estate Planning Tools

      When you evaluate your estate and recognize the fact that you are in a position to provide inheritances for your loved ones that will have life changing impact, you invariably feel a sense of profound responsibility. It is not as easy as simply handing over a large sum of money and letting the rest take care of itself. Having no financial motivations in life can prevent people from reaching their ...

    Inheritance Planning

    The latest posts for Inheritance Planning are listed below.

    • 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 ...

    • A LOOK AT DISPUTED ESTATE OF SHERMAN HEMSLEY

      It is important to be completely honest with your attorney and share all relevant details with the possibility of an estate challenge in mind. If you have any reason to believe that someone could step forward to challenge your wishes after you pass away you should definitely let your attorney know about it. There are things that he or she could do to dramatically reduce the likelihood of a ...

    • Dealing with an Unexpected Inheritance

      Sometimes, you might be expecting to receive an inheritance and you know what to do with it before it comes. However, if you receive an unexpected inheritance, you might not know what all of your options are and what to do with the inheritance. An estate planning attorney can assist you in making sure that you do everything you need to do with the inheritance. In some cases, you might not want the ...

    Inheritance Taxes

    The latest posts for Inheritance Taxes are listed below.

    • Dealing with an Unexpected Inheritance

      Sometimes, you might be expecting to receive an inheritance and you know what to do with it before it comes. However, if you receive an unexpected inheritance, you might not know what all of your options are and what to do with the inheritance. An estate planning attorney can assist you in making sure that you do everything you need to do with the inheritance. In some cases, you might not want the ...

    • FEDERAL GIFT TAXES CAN REDUCE AN ESTATE'S TAX LIABILITIES: PART 3 OF 3

      You should now understand how you can make lifetime gifts to reduce the tax liabilities on your estate. However, you can further reduce your income tax liabilities by understanding the federal tax code. The Internal Revenue Service (IRS) typically considers all gifts as taxable unless they come within the annual gift limits. The IRS does not consider some gifts as taxable. This means that some ...

    • FEDERAL GIFT TAXES CAN REDUCE AN ESTATE'S TAX LIABILITIES: PART 2 OF 3

      After reading the first part of this three-part series, you now have a basic understanding of why a lifetime gift may reduce an estate’s federal income tax liabilities. Now, I will cover how you can further reduce your estate’s tax liabilities . The Internal Revenue Service (IRS) gives each donor (gift giver) a tax exemption of $13,000 annually for a lifetime gift made to each donee (gift ...

    Internal Revenue Service Form 706

    The latest posts for Internal Revenue Service Form 706 are listed below.

    • ESTATE TAX PORTABILITY FILING DEADLINE EXTENDED

      There is a $5.34 million per person federal estate tax exclusion in 2014. This is the amount that you can transfer to your heirs free of taxation. Anything that you are transferring that exceeds this amount is potentially subject to the federal estate tax. If you are married, you may have a question about the federal estate tax exclusion: what happens to your exclusion after you die? Can your ...

    intestacy

    The latest posts for intestacy are listed below.

    • HOW IS INTESTATE PROPERTY TRANSFERRED?

      Everyone should have an estate plan in place. If you die without leaving behind any instructions with regard to the transfer of your property you will die intestate. Under these circumstances, the state will be forced to step in and sort things out. Intestate Succession Laws The state of New York will make an effort to find your next of kin if you die intestate. In many cases blood relatives will ...

    intestacy succession

    The latest posts for intestacy succession are listed below.

    • HOW IS INTESTATE PROPERTY TRANSFERRED?

      Everyone should have an estate plan in place. If you die without leaving behind any instructions with regard to the transfer of your property you will die intestate. Under these circumstances, the state will be forced to step in and sort things out. Intestate Succession Laws The state of New York will make an effort to find your next of kin if you die intestate. In many cases blood relatives will ...

    Intestate Sucession

    The latest posts for Intestate Sucession are listed below.

    • NO ESTATE PLAN...BIG PROBLEMS

      If you’ve been putting off your estate plan , you’re leaving yourself unprepared and unprotected. Many people put off planning because of anxieties, other commitments, or because they feel there is no need for planning. However, estate planning is extremely important; just look and see… Without an estate plan, your assets will be distributed to beneficiaries based on your state laws. This may mean ...

    irrevocable trusts

    The latest posts for irrevocable trusts are listed below.

    • CAN A TRUST PROTECT FAMILY WEALTH FROM ESTATE TAXES?

      Estate taxes can significantly erode the wealth that you have accumulated throughout your life. One imposition of the estate tax can play havoc with your financial legacy, but it can actually be levied over multiple generations. The maximum rate of the federal estate tax is 40 percent at the present time. The amount of the credit or exclusion in 2014 is $5.34 million. If your assets exceed this ...

    James Gandolfini Estate

    The latest posts for James Gandolfini Estate are listed below.

    • 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 ...

    Joint Ownership

    The latest posts for Joint Ownership are listed below.

    • "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 ...

    joint tenancy

    The latest posts for joint tenancy are listed below.

    • SHOULD I CREATE A JOINT TENANCY WITH MY CHILD?

      There are many different ways to arrange for the transfer of property to your children. The optimal course of action will vary depending on your objectives and the unique nature of your circumstances. Joint tenancy is one option. A joint tenant is a co-owner of property. You could potentially add your child to your home deed or the title of some other type of property. He or she would become a ...

    Legacy Planning

    The latest posts for Legacy Planning are listed below.

    • 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 ...

    Life Insurance

    The latest posts for Life Insurance are listed below.

    • HOW LIFE INSURANCE CAN BECOME A PROBATE ASSET

      If you’re not careful, life insurance (and other beneficiary designation assets) can become a probate asset. And, that’s not good. Beneficiary designation assets are contracts wherein you have the opportunity to name an individual(s) or trust(s) to receive your assets when you die. Beneficiary designations assets include life insurance, retirement accounts, and annuities. Some bank accounts have ...

    • IF I HAVE A LIVING WILL, WILL MY LIFE INSURANCE STILL PAY?

      You may be worried that if you have and use a living will that your life insurance won’t pay; no worries. Honoring a living will does NOT affect life insurance payouts in any way, but it’s a good question to ask. Here are the answers to several other common living will related questions. What is a Living Will? A living will is an advanced medical directive, meaning that you make a medical decision ...

    • What Is a Buy-Sell Agreement?

      When you are involved in a business partnership and you are planning your estate, you have to consider the matter of succession. Your share in the business may well be one of your most significant assets. But when you pass on, how is your share carved out and passed along to your heirs without negatively impacting your partners and the viability of the business? This may sound rather challenging, ...

    Living Trust

    The latest posts for Living Trust are listed below.

    • 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 ...

    • 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 ...

    • 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 ...

    Living Will

    The latest posts for Living Will are listed below.

    • 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 ...

    • THE DIFFERENCES BETWEEN A WILL AND A LIVING WILL

      Living wills and last wills and testaments, most commonly referred to as simply a will, are two very important parts of any complete estate plan. These two vital parts of your estate plan serve two very different purposes. While you can create these documents at any time, you should only do so after consulting with a qualified attorney who can advise you about all your options and make ...

    • IF I HAVE A LIVING WILL, WILL MY LIFE INSURANCE STILL PAY?

      You may be worried that if you have and use a living will that your life insurance won’t pay; no worries. Honoring a living will does NOT affect life insurance payouts in any way, but it’s a good question to ask. Here are the answers to several other common living will related questions. What is a Living Will? A living will is an advanced medical directive, meaning that you make a medical decision ...

    long term planning

    The latest posts for long term planning are listed below.

    • Can an Estate Plan Provide for My Special Needs Child?

      It is never too early to begin thinking about the future and if you have a child with special needs, you must take extra care to plan for their future as well as your own. When planning for the future of a special needs child, there are additional factors to consider on top of traditional estate planning. By utilizing tools such as a special needs trust, you can provide your child with long term ...

    • 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 ...

    Long-Term Care

    The latest posts for Long-Term Care are listed below.

    • WHAT ASSETS CAN I KEEP WHEN MY SPOUSE APPLIES FOR MEDICAID?

      When you work and pay taxes you accumulate retirement credits. You can accrue a maximum of four credits per year. Once you have accumulated 40 credits, you qualify for Medicare coverage when you reach the age of 65. Medicaid is a program that provides health insurance for people with very limited financial resources. You don’t have to accumulate credits to qualify for Medicaid. Most working people ...

    • HOW DO YOU FIND AN ELDER LAW ATTORNEY IN KEW GARDENS NY?

      At some point in time you may get serious about preparing for the eventualities of aging. There are certain contingencies that you may face when you reach an advanced age, and they are easier to address if you made preparations beforehand. The best way to make these preparations is with the assistance of a licensed elder law attorney. Elder Law Attorneys What does an elder law attorney do? ...

    • WHAT QUESTIONS SHOULD I ASK AN ELDER LAW ATTORNEY IN KEW GARDENS?

      When you are preparing for your senior years, you are invariably going to envision your active retirement years. This type of planning is important. However, you should also consider the twilight years that will follow your active retirement years. The eventualities are something that you should discuss with an elder law attorney in Kew Gardens New York. Questions to Ask an Elder Law Attorney in ...

    long-term care costs

    The latest posts for long-term care costs are listed below.

    • WHAT IS MEDICAID IN KEW GARDENS NY?

      Medicaid is a vast and complicated program that is of interest to different people for different reasons. It has actually become more difficult to understand since the health care laws have been changed. In this post we will look at Medicaid in Kew Gardens NY only as it applies to long-term care for senior citizens. What About Medicare? When you are planning ahead with your senior years in mind ...

    • WHAT DOES AN ELDER LAW ATTORNEY IN KEW GARDENS NY FOCUS ON?

      Many estate planning attorneys also focus on elder law issues. When you hear the term “elder law” you may wonder exactly where the focus lies. In a general sense, elder law attorneys assist people who are concerned about legal issues that are of interest to senior citizens. Some elder law attorneys focus on legislation that impacts seniors. They may advocate certain positions. Most elder law ...

    Medicaid

    The latest posts for Medicaid are listed below.

    • 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 ...

    • DO YOU HAVE TO IMPOVERISH YOURSELF TO QUALIFY FOR MEDICAID?

      When you hear that many elders rely on Medicaid to pay for long-term care , you may become alarmed. Most people are aware of the fact that Medicaid is only available to people who are financially needy. If a high percentage of seniors are on Medicaid late in their lives, they must be impoverished, right? Unfortunately, there are people who wind up spending all of their resources paying for ...

    • NURSING HOMES AND GOVERNMENT ASSISTANCE

      One of the most common misconceptions among retirees is that if they have Medicare, they are covered for stays in nursing homes. Though Medicare will pay for short-term care in a nursing facility, you will not be covered for long-term care. One of the reasons why so many people make this mistake is because of the fact that Medicaid does pay for long term care, but this is true only for those ...

    Medicaid Planning

    The latest posts for Medicaid Planning are listed below.

    • WHAT IS THE FIVE-YEAR MEDICAID LOOK-BACK?

      As you get older, you may begin to think long and hard about the eventualities of aging. When you look at the statistics, you will find that most American senior citizens will need help with their day-to-day needs eventually. Long-term care is very expensive, and Medicare does not pay for custodial care. Medicaid is a government program that will assist with these expenses. Need-Based Health ...

    • WHAT ARE THE DISADVANTAGES OF A MEDICAID TRUST?

      Before we get into the disadvantages of a Medicaid trust, we should provide the necessary background information. First of all, you may wonder why Medicaid should matter to you if you are going to qualify for Medicare as a senior citizen. Long-Term Care Costs Medicare provides government administered health insurance for those who qualify, but there are gaps. You must pay deductibles, co-payments, ...

    • WHAT IS MEDICAID IN KEW GARDENS NY?

      Medicaid is a vast and complicated program that is of interest to different people for different reasons. It has actually become more difficult to understand since the health care laws have been changed. In this post we will look at Medicaid in Kew Gardens NY only as it applies to long-term care for senior citizens. What About Medicare? When you are planning ahead with your senior years in mind ...

    Medicaid planning information

    The latest posts for Medicaid planning information are listed below.

    • ATTEND FREE ESTATE PLANNING WORKSHOP

      If you want to plan your estate as you simultaneously brace yourself for the eventualities of aging, you have a lot to think about. The typical layperson is not going to understand exactly what to expect. We make an effort to provide relevant information through our ongoing series of free estate planning workshops. We are pleased to announce our January Wills, Trusts and Nursing Home Asset ...

    Medicaid recovery

    The latest posts for Medicaid recovery are listed below.

    • SHOULD I CREATE A JOINT TENANCY WITH MY CHILD?

      There are many different ways to arrange for the transfer of property to your children. The optimal course of action will vary depending on your objectives and the unique nature of your circumstances. Joint tenancy is one option. A joint tenant is a co-owner of property. You could potentially add your child to your home deed or the title of some other type of property. He or she would become a ...

    Medical Gifts

    The latest posts for Medical Gifts are listed below.

    • Gifting Health Care

      We have highlighted the inheritance planning strategy of gift giving previously, but there is an exemption that is often overlooked that we would like to look at today. To provide some context the purpose of giving gifts from an estate planning perspective is to reduce the value of your estate in an effort to limit or eliminate your heirs’ estate tax exposure. On a personal level, when you give ...

    Medical Power of Attorney

    The latest posts for Medical Power of Attorney are listed below.

    • PLANNING FOR INCAPACITY: WHO WILL MAKE YOUR END OF LIFE DECISIONS?

      Incapacity planning is something that everyone should take the time to include in his or her estate plan. If you want to be able to have a choice in your future medical decisions, you need to incorporate incapacity planning into your overall estate plan . Take a look at some of the information below to learn more about the importance of this planning. If you have additional questions, or if you’d ...

    Medicare

    The latest posts for Medicare are listed below.

    • NURSING HOMES AND GOVERNMENT ASSISTANCE

      One of the most common misconceptions among retirees is that if they have Medicare, they are covered for stays in nursing homes. Though Medicare will pay for short-term care in a nursing facility, you will not be covered for long-term care. One of the reasons why so many people make this mistake is because of the fact that Medicaid does pay for long term care, but this is true only for those ...

    MINORS AS BENEFICIARIES

    The latest posts for MINORS AS BENEFICIARIES are listed below.

    • MINORS AS BENEFICIARIES: 8 IMPORTANT ESTATE PLANNING TERMS

      Many people don’t realize that minors can’t legally inherit property. Naming a minor in your will or trust must be done with carefully crafted language. If not, the court will intervene and take control of the gift. As a result, much money and time are wasted. It’s important to have a basic understanding of these 8 important, minor related, estate planning terms. If you have questions or have a ...

    new york long-term care planning

    The latest posts for new york long-term care planning are listed below.

    • NEW YORK LONG-TERM CARE PLANNING BY THE NUMBERS [INFOGRAPHIC]

      Thanks to monumental advances in medicine and healthcare, as well as an overall better quality of life in the United States, we are living longer. Although we can all expect to live longer today than our grandparents or great-grandparents did, the cost of living longer may be high. In fact, without long-term care planning, a lifetime of savings could be wiped out in a relatively short period of ...

    nursing home asset protection

    The latest posts for nursing home asset protection are listed below.

    • MEDICAID FOR THE MIDDLE CLASS

      You may be under the impression that Medicaid is not relevant to you because you are a middle-class individual without a great deal of financial need. It is true that Medicaid is a need-based health insurance program that is jointly administered by the federal government along with each respective state government. Medicaid is a safety net for those with virtually no financial resources. This ...

    nursing home expenses

    The latest posts for nursing home expenses are listed below.

    • 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 ...

    Nursing Homes

    The latest posts for Nursing Homes are listed below.

    • 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 ...

    • CONSIDERING LONG TERM CARE: IS IT NO LONGER SAFE AT HOME?

      As your loved one continues to age, he or she may show signs of the need for long term care in a more supportive environment. It can be difficult to decide if long term care is really needed. If your loved one is having trouble getting around the home, or if you feel that the home is unsafe, it may be time to consider other options. To learn more take a look at the following information. If you ...

    • WHAT TO CONSIDER WHEN CHOOSING A NURSING HOME

      When visiting various nursing homes, it can be difficult making the best choice. You want to make sure that you choosing a nursing home that will provide excellent care to your elderly loved one. Take the following things into consideration when narrowing down your nursing home options. Make sure that your loved one feels comfortable at the nursing home that you choose. If possible, bring your ...

    Organ Donation

    The latest posts for Organ Donation are listed below.

    • ANSWERS TO 6 IMPORTANT MEDICAL ESTATE PLANNING QUESTIONS (PART TWO OF TWO)

      A benefit of estate planning is that you get your questions answered about all kinds of estate planning issues. For example, you find out how to prevent problems and how to create positive solutions, regarding medical planning. Here, we’re answering the 6 important medical estate planning questions we receive the most frequently. We’re including two parts to this article because there are so many ...

    • ANSWERS TO 6 IMPORTANT MEDICAL ESTATE PLANNING QUESTIONS (PART ONE OF TWO)

      A benefit of estate planning is that you get your questions answered about all kinds of estate planning issues. For example, you find out how to prevent problems and how to create positive solutions, regarding medical planning. Here, we’re answering the 6 important medical estate planning questions we receive the most frequently. We’re including two parts to this article because there are so many ...

    • SHOULD YOU BE AN ORGAN DONOR?

      Along with authorizing organ donation with the use of a donor card (often your driver’s license,) you can state your organ donation wishes in your estate planning documents. This can be done in a separate organ donation form. Take the following things into consideration when considering implementing organ donation into your planning. By donating organs and tissues, you can help contribute to ...

    Parent/Child Estate Discussions

    The latest posts for Parent/Child Estate Discussions are listed below.

    • Can an Estate Plan Provide for My Special Needs Child?

      It is never too early to begin thinking about the future and if you have a child with special needs, you must take extra care to plan for their future as well as your own. When planning for the future of a special needs child, there are additional factors to consider on top of traditional estate planning. By utilizing tools such as a special needs trust, you can provide your child with long term ...

    • 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 ...

    Paying for Long Term Care

    The latest posts for Paying for Long Term Care are listed below.

    • 4 WAYS TO PAY FOR LONG TERM CARE

      If you’re like most people, you have concerns about your ability to pay for long term care should you or a loved one need the support of long term care in the future. With nursing homes costing more than $130,000 per year in New York City, your concerns are well founded. Long term care refers to care in your home, assisted living facility, or a nursing home when you can no longer care for ...

    Pet Planning

    The latest posts for Pet Planning are listed below.

    • ESTATE PLANNING OPTIONS FOR PETS

      If you are concerned about what will happen to your pets after you pass away, you have several options to provide for their care. All of the options have their benefits and drawbacks, but most people can find one that suits their needs. The traditional option is to provide for your pets’ care in a Will. You bequeath your pets to someone else the same as you do with your other assets. The drawback ...

    • Your Estate Plan & Your Pets

      When you are planning your estate during the earlier stages of adulthood you are going to have a very different focus that you will have later on. If you have dependent children still in the home, making sure that they are provided for come what may will be your primary concern. Financially you can protect them by purchasing adequate life insurance coverage, and this is something that estate ...

    Pet Trusts

    The latest posts for Pet Trusts are listed below.

    • ESTATE PLANNING OPTIONS FOR PETS

      If you are concerned about what will happen to your pets after you pass away, you have several options to provide for their care. All of the options have their benefits and drawbacks, but most people can find one that suits their needs. The traditional option is to provide for your pets’ care in a Will. You bequeath your pets to someone else the same as you do with your other assets. The drawback ...

    Pour-Over-Will

    The latest posts for Pour-Over-Will are listed below.

    • DOES MY REVOCABLE LIVING TRUST REPLACE MY WILL?

      Yes, but no. When you have a fully funded revocable living trust , your final asset distribution is in your trust; and, technically, if you have all of your assets funded and no minor children, you don’t need a will. In this case, your trust is called a “will substitute.” However, it is prudent to execute a pour-over-will, which is used to distribute any assets intentionally or inadvertently left ...

    Power of Attorney

    The latest posts for Power of Attorney are listed below.

    • Preparing for the Unthinkable: Why Incapacity Planning Is Important

      Many people think incapacity planning is not for them, assuming only those who are approaching retirement age can benefit. The reality is, accidents can occur at any time and leave us mentally incapacitated. A car accident, for example, can leave victims in a coma while medical conditions such as Alzheimer’s disease can slowly take away a person’s mental capacity. By establishing a detailed ...

    • ALZHEIMER'S, HEALTH CARE PROXIES, AND POWERS OF ATTORNEY

      Sometimes people who don’t have an extraordinary amount of wealth assume they don’t need to discuss estate planning with an attorney. They are aware of the fact that the estate tax is only applicable to large estates, and they think that only those who are subject to the estate tax should plan ahead. There are a number of reasons why this is patently untrue, but the one that we would like to take ...

    • DON'T LET YOUR FAMILY FIGHT OVER GUARDIANSHIP

      Getting a General Durable Power of Attorney is one of the most important things that you can do as part of your overall estate plan . You should consider the possibility that you might be incapacitated and unable to look after your own interests in the latter years of your life. If you do not plan ahead, then someone else will have to go to court and ask for guardianship over you to protect your ...

    powers of attorney

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    • POWER OF ATTORNEY KEW GARDENS NY: DIFFERENCE BETWEEN A GENERAL AND A LIMITED POA

      The process of estate planning should ideally be a broad and comprehensive one. Recording your wishes regarding the distribution of your assets is only part of what you should take into consideration. You should also address the postmortem aspect. On the other side of the coin, you should address the period of time that would logically precede your death. This can include the execution of a power ...

    • 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 ...

    • Incapacity Planning Protects You & Your Family

      Estate planning is just one aspect of the larger field of elder law, and as elder law specialists we help our clients address all of the eventualities of aging. At this exact point in time elder law is going through an interesting phase due to the demographic realities of our country. The baby boomers are entering their golden years, so the elder population is growing by leaps and bounds. And when ...

    Probate

    The latest posts for Probate are listed below.

    • 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 ...

    • 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 ...

    • What Is the Difference Between Estate Planning and Probate?

      Estate planning and probate are both processes which determine how your estate will be distributed among your inheritors upon your passing. Estate planning refers to the preparations and instructions you make for how you would like your assets to be handled. Probate is the process by which your wishes are carried out and your estate is distributed after your death. On the surface this may seem ...

    Probate Avoidance

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    • 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 ...

    • WHAT ARE THE DRAWBACKS OF PROBATE IN NEW YORK?

      The process of probate in New York is a factor to consider when you are planning your estate. Estate planning is often equated to the execution of a last will. If you do utilize a last will as the legal device that will facilitate the transfer of your assets, these transfers won’t take place until the estate has been probated. Positives This post is about the drawbacks of probate in New York. Many ...

    • SHOULD I CREATE A JOINT TENANCY WITH MY CHILD?

      There are many different ways to arrange for the transfer of property to your children. The optimal course of action will vary depending on your objectives and the unique nature of your circumstances. Joint tenancy is one option. A joint tenant is a co-owner of property. You could potentially add your child to your home deed or the title of some other type of property. He or she would become a ...

    Probate Court

    The latest posts for Probate Court are listed below.

    • NO ESTATE PLAN...BIG PROBLEMS

      If you’ve been putting off your estate plan , you’re leaving yourself unprepared and unprotected. Many people put off planning because of anxieties, other commitments, or because they feel there is no need for planning. However, estate planning is extremely important; just look and see… Without an estate plan, your assets will be distributed to beneficiaries based on your state laws. This may mean ...

    probate in kew gardens ny

    The latest posts for probate in kew gardens ny are listed below.

    • PROBATE IN KEW GARDENS NY: IS PROBATE A LENGTHY PROCESS?

      When you evaluate the surveys that are done periodically, you find that far too many people procrastinate when it comes to estate planning. One of the reasons for this is a lack of information. Invariably, once you understand the facts you recognize why estate planning is important. With this in mind, let’s look at the process of probate in Kew Gardens NY. A Last Will Someone who is ...

    probate pitfalls

    The latest posts for probate pitfalls are listed below.

    • WHAT ARE THE DRAWBACKS OF PROBATE IN NEW YORK?

      The process of probate in New York is a factor to consider when you are planning your estate. Estate planning is often equated to the execution of a last will. If you do utilize a last will as the legal device that will facilitate the transfer of your assets, these transfers won’t take place until the estate has been probated. Positives This post is about the drawbacks of probate in New York. Many ...

    probate process

    The latest posts for probate process are listed below.

    • PROBATE IN KEW GARDENS NY: IS PROBATE A LENGTHY PROCESS?

      When you evaluate the surveys that are done periodically, you find that far too many people procrastinate when it comes to estate planning. One of the reasons for this is a lack of information. Invariably, once you understand the facts you recognize why estate planning is important. With this in mind, let’s look at the process of probate in Kew Gardens NY. A Last Will Someone who is ...

    professional advisors

    The latest posts for professional advisors are listed below.

    • PLAN ADVISOR MEETINGS

      Estate planning takes a team effort. This is the perfect idea to plan and schedule important meetings at the same time. This includes scheduling meetings with an estate planning attorney, insurance professional, CPA, and financial advisor. If you take the time to schedule these meetings over the next few weeks, you will be well on your way to beginning to creating the future you want. 1. Don’t let ...

    Proper Asset Ownership

    The latest posts for Proper Asset Ownership are listed below.

    • WHAT DO YOU MEAN, A WILL DOESN'T CONTROL MY PROPERTY?

      Many folks associate estate planning with having a will and a will is all they have. They are shocked to learn that a will is not all they need and that it usually doesn’t work. If you’re single, a will doesn’t control all of your property; and, if you’re married a will probably doesn’t control any of your property. Joe and Claire were married (second marriage) and like most married couples, they ...

    • I HAVE A TRUST; HOW SHOULD I OWN MY PROPERTY?

      You should own your property in accordance with your needs, goals, and up-to-date estate plan, designed by a qualified estate planning attorney. Proper asset ownership is a key to a successful estate plan ; and, most people don’t own their assets properly. If you have a revocable living trust , fund your assets into the trust. If you do trust-based planning, your estate planning attorney will tell ...

    PROPER PLANNING

    The latest posts for PROPER PLANNING are listed below.

    • Guardianship, Conservatorship, & Proper Planning

      There are those who are under the impression that the only thing that they need to plan when they are considering their estate is the eventual distribution of their assets after they pass away. This is really not the case, because it is also important to address matters that can crop up when you are still alive but unable to make decisions for yourself. As we all know people who are reaching their ...

    property ownership

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    • HOW PROPERTY OWNERSHIP AFFECTS YOUR ESTATE PLANNING

      There are different ways to own property. It is important to understand how each form of property ownership affects your estate plan. Knowing how each ownership impacts your estate plan, can allow you to make better estate planning decisions. Below are descriptions on the three main ways to own property. Individual Name If you are not married, most of your property will probably be owned in your ...

    Qualified Personal Residence Trusts

    The latest posts for Qualified Personal Residence Trusts are listed below.

    • A QPRT Can Preserve Your Estate Value

      In 2011 the estate tax is back after a one year temporary repeal, and the thing about it that can take a lot of people by surprise is the new exclusion amount. In 2009 the exclusion was $3.5 million, so if the total overall value of your estate did not exceed this number it was not subject to the estate tax. However, in 2011 this figure has been shrunk down to just $1 million, and the maximum rate ...

    Record Intestacy Case

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    • $40 MILLION ESTATE SITS UNCLAIMED

      Imagine the good that $40 million could do. If you had this kind of money you would be able to do amazing things for your family. Of course, there are people who don’t have any living family members. However, if someone has ever showed you any kindness, you could repay this person in an absolutely unbelievable manner. You could also do incredible things for charitable organizations or institutions ...

    retirement planning

    The latest posts for retirement planning are listed below.

    • 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 ...

    • TO CONVERT OR NOT TO CONVERT: THE ROTH IRA

      Roth IRAs have wonderful benefits: tax free growth and tax free distributions. So, when you have the opportunity to convert assets from a traditional IRA to a Roth IRA, should you make the conversion? Here are some considerations that will help you to decide: Zero tax bracket : If a full conversion or partial conversion can be offset by deductible losses (i.e. business losses, mortgage interest, ...

    • Long Term Planning & Cost Control

      When you are planning for the more active segment of your retirement years through to the end of your life you have little choice but to proceed with a good bit of speculation. It is easy to be cavalier and talk about planning for all of the eventualities of aging as though it is a simple matter of moving numbers around. But depending on where you are in your life now, how your latter years ...

    Revocable Living Trust

    The latest posts for Revocable Living Trust are listed below.

    Revocable Living Trusts

    The latest posts for Revocable Living Trusts are listed below.

    • HOW MUCH MONEY DO YOU NEED FOR A TRUST?

      A question that often comes up in estate planning is “How much money do you need to get a Trust?” The question is a fundamental misunderstanding, but a common one. Although there would not be much point in doing so, you can put as little as a single penny into a Trust . The question is based on the premise that Trusts are designed for rich people. It’s a false premise. Trusts are designed for ...

    • 9 IMPORTANT TRUST PLANNING TERMS

      We’ve found that our clients benefit from reviewing our “9 Important Trust Planning Terms” so we’re sharing it with you as well. If you have any trust planning questions or concerns, be sure to consult with a qualified trust planning – estate planning attorney. Trust A trust is a legal agreement, technically, a contract. The trust is like an instruction book that gives guidance to the trustee as ...

    • Revocable Living Trusts Can Improve Efficiency

      Efficiency is the name of the game when you are engaged in estate planning, and when you choose to execute a will as your instrument of transfer you may be choosing an inefficient route. A will has to pass through the legal process of probate, and this is when the probate or surrogate court supervises the administration of your estate. Probate is not a bad thing in many cases because some estates ...

    Roth IRA

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    • TO CONVERT OR NOT TO CONVERT: THE ROTH IRA

      Roth IRAs have wonderful benefits: tax free growth and tax free distributions. So, when you have the opportunity to convert assets from a traditional IRA to a Roth IRA, should you make the conversion? Here are some considerations that will help you to decide: Zero tax bracket : If a full conversion or partial conversion can be offset by deductible losses (i.e. business losses, mortgage interest, ...

    Roth IRA Conversion

    The latest posts for Roth IRA Conversion are listed below.

    • TO CONVERT OR NOT TO CONVERT: THE ROTH IRA

      Roth IRAs have wonderful benefits: tax free growth and tax free distributions. So, when you have the opportunity to convert assets from a traditional IRA to a Roth IRA, should you make the conversion? Here are some considerations that will help you to decide: Zero tax bracket : If a full conversion or partial conversion can be offset by deductible losses (i.e. business losses, mortgage interest, ...

    SCOTUS DOMA Decision

    The latest posts for SCOTUS DOMA Decision are listed below.

    • 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 ...

    Special Needs Planning

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    Staying in Control

    The latest posts for Staying in Control are listed below.

    • 6 REASONS TO BEGIN YOUR ESTATE PLANNING (PART 1 OF 2)

      If you’ve been putting off your estate planning , you’re leaving yourself and your family unprepared for the future. It’s important to create a plan as soon as possible, so that you’re always protected. Take a look at 6 reasons, to see why it’s important to begin your estate planning. Have a say in how your affairs are handled. With an estate plan, you’re able to make important decisions about ...

    Steve McNair Estate

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    • ESTATE PLANNING ERROR: DECEASED QUARTERBACK LEFT TANGLED ESTATE

      Estat e planning is essential for adults of all ages. This is especially true for married people who have children. When you hear about tragic circumstances that befall others because of estate planning error you understand why everyone should have a good estate plan. We are all day to day as they say in the sports world. This is simply the human condition, and there is nothing anyone can do about ...

    Takes Control

    The latest posts for Takes Control are listed below.

    • NO ESTATE PLAN...BIG PROBLEMS

      If you’ve been putting off your estate plan , you’re leaving yourself unprepared and unprotected. Many people put off planning because of anxieties, other commitments, or because they feel there is no need for planning. However, estate planning is extremely important; just look and see… Without an estate plan, your assets will be distributed to beneficiaries based on your state laws. This may mean ...

    Tax Efficiency

    The latest posts for Tax Efficiency are listed below.

    • CAN I GIVE GIFTS TO MY CHILDREN TAX-FREE

      When you hear about the gift tax you may wonder about the details. Are gifts that you give to your children taxable? Let’s examine the answer to this question. Gift Tax Parameters You cannot discuss the gift tax without discussing the estate tax, because the gift tax is unified with the estate tax. In fact, the gift tax would not exist if it was not for the estate tax, because it is in place to ...

    • DO I PAY TAXES WHEN I RECEIVE AN INHERITANCE?

      It seems as though you are taxed every time you receive any type of financial boost. For this reason you may assume that you must pay taxes when you receive an inheritance. In fact, you don’t have to report your inheritance as taxable income. There is however a caveat to this. If you inherit property that appreciates, you have to deal with taxes on the gains. This does not mean that taxation is ...

    tax free gifts

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    • FEDERAL GIFT TAXES CAN REDUCE AN ESTATE'S TAX LIABILITIES: PART 3 OF 3

      You should now understand how you can make lifetime gifts to reduce the tax liabilities on your estate. However, you can further reduce your income tax liabilities by understanding the federal tax code. The Internal Revenue Service (IRS) typically considers all gifts as taxable unless they come within the annual gift limits. The IRS does not consider some gifts as taxable. This means that some ...

    • FEDERAL GIFT TAXES CAN REDUCE AN ESTATE'S TAX LIABILITIES: PART 2 OF 3

      After reading the first part of this three-part series, you now have a basic understanding of why a lifetime gift may reduce an estate’s federal income tax liabilities. Now, I will cover how you can further reduce your estate’s tax liabilities . The Internal Revenue Service (IRS) gives each donor (gift giver) a tax exemption of $13,000 annually for a lifetime gift made to each donee (gift ...

    • FEDERAL GIFT TAXES CAN REDUCE AN ESTATE'S TAX LIABILITIES: PART 1 OF 3

      Federal gift tax laws play an integral role in reducing an estate’s income tax liabilities. As a taxpayer, making lifetime gifts can reduce your estate’s gross tax liabilities since these gifts are not included as part of your gross estate at your death in most cases. According to the federal Internal Revenue Code, a gift is one in which real or personal property, cash or any other type of ...

    Testamentary Capacity

    The latest posts for Testamentary Capacity are listed below.

    • IS YOUR WILL VALID?

      When creating your will , it’s important to make sure that you follow all laws so that you have a will that is valid. In many cases, wills are contested, or challenged, because laws are not followed, or an individual was found to be forced into creating the will. Take a look at the following information, to better understand what makes a will valid. If your will isn’t legally valid, its terms are ...

    the estate tax efficiency

    The latest posts for the estate tax efficiency are listed below.

    • ARE TRUSTS ONLY FOR THE RICH?

      The process of estate planning should involve a significant amount of research. You don’t want to limit yourself and make less than ideal decisions based on a lack of information. There are misconceptions out there, and you can make mistakes if you buy into them. One of them is the notion that trusts are only for the rich. Different Types of Trusts There are certain types of trusts that are used ...

    transfer taxes

    The latest posts for transfer taxes are listed below.

    • 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 ...

    • DO I PAY TAXES WHEN I RECEIVE AN INHERITANCE?

      It seems as though you are taxed every time you receive any type of financial boost. For this reason you may assume that you must pay taxes when you receive an inheritance. In fact, you don’t have to report your inheritance as taxable income. There is however a caveat to this. If you inherit property that appreciates, you have to deal with taxes on the gains. This does not mean that taxation is ...

    • BE AWARE OF POTENTIAL CHANGES TO TAX LAWS

      Estate planning is an ongoing process. The estate plan that you initially create is going to reflect your life at that time. Things invariably change. In addition to changes within your own life, there can be relevant changes that impact the society as a whole, such as changes to tax laws. When tax laws change, your existing estate plan may no longer be appropriate. If you are not aware of the lay ...

    trust administration

    The latest posts for trust administration are listed below.

    • 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 ...

    Trust Benefits

    The latest posts for Trust Benefits are listed below.

    • WHAT ARE THE ADVANTAGES AND DISADVANTAGES OF SETTING UP A REVOCABLE LIVING TRUST?

      Revocable living trusts are widely used and are now part on the everyday vernacular; however, if you don’t fully understand the advantages and disadvantages of setting up a revocable living trust, you are not alone. In a nutshell, living trust advantages include: Control: Using a trust permits you to stay in control during any period of disability and even after your death. Otherwise, without a ...

    Trust Funding

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    • AN INSIDER'S GUIDE TO LIVING TRUSTS IN NEW YORK: PART 3 OF 3

      To fund your living trust, you need to transfer assets into your trust. You can transfer money and property into your trust by placing title to your bank account and title to your real property into the trust. You must specifically identify the property and accounts within your trust. In addition to properly funding your living trust , you need to appoint an individual or trust company to oversee ...

    • AN INSIDER'S GUIDE TO LIVING TRUSTS IN NEW YORK: PART 1 OF 3

      A living trust allows the person creating the trust to set aside money or property within the trust for the benefit of others by appointing a trustee to administer the trust and ensure the trust property is distributed to the beneficiaries. If you are the person creating a living trust, you are known as the grantor, owner or settlor of the living trust. A living trust is also known as a revocable ...

    • DOES MY REVOCABLE LIVING TRUST REPLACE MY WILL?

      Yes, but no. When you have a fully funded revocable living trust , your final asset distribution is in your trust; and, technically, if you have all of your assets funded and no minor children, you don’t need a will. In this case, your trust is called a “will substitute.” However, it is prudent to execute a pour-over-will, which is used to distribute any assets intentionally or inadvertently left ...

    Trust Planning

    The latest posts for Trust Planning are listed below.

    • Can an Estate Plan Provide for My Special Needs Child?

      It is never too early to begin thinking about the future and if you have a child with special needs, you must take extra care to plan for their future as well as your own. When planning for the future of a special needs child, there are additional factors to consider on top of traditional estate planning. By utilizing tools such as a special needs trust, you can provide your child with long term ...

    • 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 ...

    • AN INSIDER'S GUIDE TO LIVING TRUSTS IN NEW YORK: PART 3 OF 3

      To fund your living trust, you need to transfer assets into your trust. You can transfer money and property into your trust by placing title to your bank account and title to your real property into the trust. You must specifically identify the property and accounts within your trust. In addition to properly funding your living trust , you need to appoint an individual or trust company to oversee ...

    Trustee

    The latest posts for Trustee are listed below.

    • 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 ...

    Trusts

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    • CAN MY LIVING TRUST PROTECT A SPENDTHRIFT HEIR?

      Living trusts are very versatile, and they provide a number of different benefits. We will look at a few of them in this blog post, with an emphasis on spendthrift protections. Measured Distributions You may have someone in your family who is not particularly good with money. Perhaps this individual has come to you over the years for assistance, and you are concerned about what will happen after ...

    • ASSET PROTECTION: IS A TRUST THE SOLUTION?

      You may get the impression that a trust of any kind will provide asset protection . The idea is that you are divesting yourself of personal ownership of property that you convey into a trust. This is not entirely true. Let’s look at some of the details. Revocable Living Trusts Revocable living trusts are very popular, and part of the appeal lies in the fact that you can retain control of assets ...

    • 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 ...

    Undue Influence

    The latest posts for Undue Influence are listed below.

    • IS YOUR WILL VALID?

      When creating your will , it’s important to make sure that you follow all laws so that you have a will that is valid. In many cases, wills are contested, or challenged, because laws are not followed, or an individual was found to be forced into creating the will. Take a look at the following information, to better understand what makes a will valid. If your will isn’t legally valid, its terms are ...

    Using Estate Planning to Avoid Family Conflict

    The latest posts for Using Estate Planning to Avoid Family Conflict are listed below.

    • BLENDED FAMILIES NEED ESTATE PLANS

      If you have a blended family, it’s important that you have an estate planning attorney craft your estate plan rather than using a simple form Will to divide your assets based on percentages. Blended families are those that have children from multiple marriages and they have unique dynamics for which you should account in your estate plan. This will help avoid conflicts after you pass away. When ...

    UTMA

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    • MINORS AS BENEFICIARIES: 8 IMPORTANT ESTATE PLANNING TERMS

      Many people don’t realize that minors can’t legally inherit property. Naming a minor in your will or trust must be done with carefully crafted language. If not, the court will intervene and take control of the gift. As a result, much money and time are wasted. It’s important to have a basic understanding of these 8 important, minor related, estate planning terms. If you have questions or have a ...

    VA benefits

    The latest posts for VA benefits are listed below.

    • VA BENEFITS AND ESTATE PLANNING CONSIDERATIONS: PART 3 OF 3

      If you or your family member is an honorable veteran, part of your estate planning considerations include discussing your VA benefits with our office. Families of service members who died after Sept. 30, 2011, can receive up to $700 for their burial expenses. However, the $700 maximum is limited to families of certain hospitalized service members who died during their hospital admissions. If the ...

    • VA BENEFITS AND ESTATE PLANNING CONSIDERATIONS: PART 2 OF 3

      In the last blog, we covered the history of the United States Department of Veterans Affairs (VA) and the types of benefits it administers to veterans and their families. A historical overview may help you understand your military estate planning needs . In addition to providing pension, health care, indemnity benefits and survivorship benefits, the administration provides other types of benefits. ...

    • VA BENEFITS AND ESTATE PLANNING CONSIDERATIONS: PART 1 OF 3

      During an initial consultation with our office, we may discuss your estate planning needs as an honorable veteran and the VA’s role. The United States Department of Veterans Affairs (VA) can trace its history back to the Colonial Era. In 1776, the Continental Congress began providing military benefits to soldiers to encourage them to enlist during the Revolutionary War. Congress officially ...

    Veterans

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    • HAPPY VETERANS DAY!

      Thank you to all the Veterans who have served and continue to serve our country, as well as to the families of Veterans! Through your sacrifices, you have given the rest of us peace and freedom.

    Wealth Preservation

    The latest posts for Wealth Preservation are listed below.

    • CAN A TRUST PROTECT FAMILY WEALTH FROM ESTATE TAXES?

      Estate taxes can significantly erode the wealth that you have accumulated throughout your life. One imposition of the estate tax can play havoc with your financial legacy, but it can actually be levied over multiple generations. The maximum rate of the federal estate tax is 40 percent at the present time. The amount of the credit or exclusion in 2014 is $5.34 million. If your assets exceed this ...

    • WHAT IS THE ANNUAL GIFT TAX EXCLUSION?

      High net worth families must be aware of the existence of the federal gift tax. Actually, everyone is potentially exposed to the gift tax. The reason why most people don’t pay this tax is because there are exclusions. One of these exclusions is the annual gift tax exclusion. $14,000 Per Person, Per Year Under currently existing laws, you can give as much as $14,000 per year to any number of gift ...

    • ARE TRUSTS ONLY FOR THE RICH?

      The process of estate planning should involve a significant amount of research. You don’t want to limit yourself and make less than ideal decisions based on a lack of information. There are misconceptions out there, and you can make mistakes if you buy into them. One of them is the notion that trusts are only for the rich. Different Types of Trusts There are certain types of trusts that are used ...

    What a Will Controls

    The latest posts for What a Will Controls are listed below.

    • WHAT DO YOU MEAN, A WILL DOESN'T CONTROL MY PROPERTY?

      Many folks associate estate planning with having a will and a will is all they have. They are shocked to learn that a will is not all they need and that it usually doesn’t work. If you’re single, a will doesn’t control all of your property; and, if you’re married a will probably doesn’t control any of your property. Joe and Claire were married (second marriage) and like most married couples, they ...

    Will Administration

    The latest posts for Will Administration are listed below.

    • WHAT IS WILL ADMINISTRATION?

      When an individual dies, his or her financial life must be wound down. If that person died with a will or a living trust that was not fully funded, will administration is required. Another name for will administration is “probate.” You’ve probably heard that term. During probate, the court must validate the will; then, will administration can begin. Will administration (probate) is required for ...

    Will and Trusts

    The latest posts for Will and Trusts are listed below.

    • ESTATE PLANNING PUZZLES

      People who create their own estate plans often make the mistake of thinking that they only need to use one legal instrument and that it will take care of everything. This is usually a Revocable Living Trust . While a Living Trust is a great estate planning tool, it is probably not the only thing you need. Estate planning is more like putting a puzzle together to find the right fit between various ...

    • AN INSIDER'S GUIDE TO LIVING TRUSTS IN NEW YORK: PART 2 OF 3

      There are many different reasons you may want to create a living trust, and your attorney may decide to supplement your will with a living trust. However, in most cases, a living trust does not replace the need for a will. Your attorney may decide that creating a living trust is essential to your overall estate planning needs. A living trust does not have to go through probate, and your living ...

    • DOES MY REVOCABLE LIVING TRUST REPLACE MY WILL?

      Yes, but no. When you have a fully funded revocable living trust , your final asset distribution is in your trust; and, technically, if you have all of your assets funded and no minor children, you don’t need a will. In this case, your trust is called a “will substitute.” However, it is prudent to execute a pour-over-will, which is used to distribute any assets intentionally or inadvertently left ...

    Will Challenges

    The latest posts for Will Challenges are listed below.

    • IS YOUR WILL VALID?

      When creating your will , it’s important to make sure that you follow all laws so that you have a will that is valid. In many cases, wills are contested, or challenged, because laws are not followed, or an individual was found to be forced into creating the will. Take a look at the following information, to better understand what makes a will valid. If your will isn’t legally valid, its terms are ...

    Will Contests

    The latest posts for Will Contests are listed below.

    • IS YOUR WILL VALID?

      When creating your will , it’s important to make sure that you follow all laws so that you have a will that is valid. In many cases, wills are contested, or challenged, because laws are not followed, or an individual was found to be forced into creating the will. Take a look at the following information, to better understand what makes a will valid. If your will isn’t legally valid, its terms are ...

    • HOW CAN A WILL BE CHALLENGED?

      Are you aware that a will can be challenged? If something was done wrong when the will was created, you may find the need to contest it. There are various reasons why a will may not be valid.. If you have additional questions about how to contest a will , consult with an estate planning attorney . A will must be signed pursuant to state law. If a will was not signed by the testator (i.e. the ...

    Wills

    The latest posts for Wills are listed below.

    • 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 ...

    • 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 ...

    • 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 ...

    Workshop

    The latest posts for Workshop are listed below.

    • ATTEND AN UPCOMING ESTATE PLANNING WORKSHOP

      People often procrastinate when it comes to estate planning. Just about all responsible people know that they should have a plan in place, but it can be complicated, and many individuals simply put the matter on the back burner. To some extent this is understandable, but at the same time, you should educate yourself and take action to protect your loved ones. This can be easier said than done, and ...
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