Before we address the question that serves as the title of this blog post, we should explain why you may want to use a living trust. If you have a will, or think you should use a will, you may be surprised when you learn more.Living Trust vs. Last WillA revocable living trust is a very useful alternative to a last will, and the avoidance of probate is a major benefit. Why is this something that you may want to avoid? The answer is that it comes with a number of drawbacks that negatively impact … [Read more...] about Trustee Selection Considerations
Many people with disabilities rely on Medicaid as a much needed source of health insurance. Supplemental Security Income (SSI) serves as an ongoing source of modest financial support for people that are in this position.In order to qualify for these programs, you must be able to demonstrate a significant level of financial need. Once eligibility has been granted, it is not necessarily permanent. An improvement in financial status can cause a loss of benefits.Special Needs … [Read more...] about Can a Benefit Recipient Fund a Special Needs Trust?
In this era of coronavirus, planning is more important than ever. This article includes a brief story about a couple who didn’t plan and the family discord it enabled. Read on to learn more.Avoiding Family Chaos in the Coronavirus Age … [Read more...] about Avoiding Family Chaos in the Coronavirus Age
Our firm is very friendly to members of the of the LGBT community. There was once a time when estate planning for same-sex couples was particularly important, because there were impediments to marriage. Even in states that legalized same-sex marriages, there were federal laws on the books that could have a major impact.Things changed because of the efforts of a woman from the state of New York named Edith Windsor. She and her partner, Thea Spyer, got legally married in Canada in 2007. The … [Read more...] about LGBT Estate Planning: Attend to the Details
The coronavirus has caused upheaval in society and the economy. But, this unique time also opens up opportunities in estate planning. Read on to learn more.Low-Interest Loans: An Estate Planning Technique … [Read more...] about Low-Interest Loans: An Estate Planning Technique
When you look at the statistics that are compiled when researchers dive into the subject, you see some surprising estate planning data. It is hard to fully understand the reasons behind it, but the majority of American adults do not have any estate planning documents in place.Unfortunately, their families are often left behind to deal with the negative circumstances that come about due to the inaction. In this post, we will look at five compelling reasons why you should consult with an … [Read more...] about Five Reasons to Schedule an Estate Planning Consultation
As estate planning and elder law attorneys, we have a finger on the pulse of matters that are going to be of interest to senior citizens. One of the most pressing factors that we see day after day is the impact of Alzheimer’s disease. Everyone should have a thorough understanding of its reach along with the legal and financial implications.Aging of the PopulationDuring the period between 1943 and 1964, unprecedented numbers of infants were born. This phenomenon has been dubbed the “baby … [Read more...] about End of Life Eventualities Should Be Addressed
Medicaid is a state-federal partnership that provides medical benefit assistance to certain needy people, especially those over 65 years of age. However, you need to meet financial requirements such as asset limits to qualify. Assets in an irrevocable trust not for your benefit typically don’t count as available. Read on to learn more.Irrevocable Medicaid Trusts … [Read more...] about Irrevocable Medicaid Trusts
When a will is used to arrange for postmortem asset transfers, an executor is named in the document. This is the person or entity that will act as the estate administrator. After the passing of the testator, the executor would admit the will to probate. In New York, the Surrogate’s Court would provide supervision during this process.Proving of the WillThere is a proving of the will during probate. The court examines the document to make sure that it was properly executed. In New York, a will … [Read more...] about What Are Acceptable Grounds for Will Challenges?
Estate planning is not always a simple and straightforward matter. If you have someone on your inheritance list that is not ready to handle a large amount of money, you would rightfully have concerns.Under these circumstances, it is possible to maintain a significant degree of “dead hand control” through the utilization of an incentive trust.Guiding ChoicesYou can use an incentive trust to guide a beneficiary toward choices that you would like to see them make. The first step is to fund … [Read more...] about An Incentive Trust Can Provide a Solution