A lot of people think that “estate planning” is a fancy way of describing the process of creating a last will. In fact, there is a lot more to it, and a last will is really not the right vehicle of asset transfer for many people. We will elaborate on this in another section, but we will first explain why you may need more than one type of will when you plan your estate.Life Support PreferencesThis is really not a very pleasant subject to contemplate, but you should address end-of-life issues … [Read more...]
A Special Needs Trust Can Preserve Medicaid Eligibility
We always emphasize the fact that personalized attention is key when you are planning your estate. There is no cookie-cutter, one-size-fits-all estate planning strategy. There are many tools in the estate planning toolkit as it were, so you should understand your options so that you can make fully informed decisions. With this in mind, we will look at special needs planning in this post.Need-Based BenefitsMany people with disabilities are going to require costly medical care throughout their … [Read more...]
Estate Tax Exclusions Adjusted for 2019
Now that we are in a new year, there are some updates to share with regard to estate planning and elder law parameters that are subject to change. In this post, we are going to look at revisions that impact the estate taxes that New York residents may be forced to pay.Federal Estate TaxThere is a federal estate tax that can have a serious impact on your legacy, because it carries a hefty rate. The maximum rate of the federal estate tax is 40 percent, so it is something to take very … [Read more...]
Living Trusts for Married Couples
A living trust is a relatively simple and straightforward, versatile, highly effective estate planning device that can be the right choice for a wide range of people. Single individuals can utilize a revocable living trust as an estate planning tool, and married couples can also jointly execute a living trust.The Anatomy of a Living TrustWith a living trust, the trust administrator is called the trustee. The individual that can receive monetary distributions from the trust is the … [Read more...]
Estate Planning Tips for Rochester Seniors
According to the United States Census Bureau, just over 10% of the population in the Rochester area is 65 years of age or older. Clearly, estate planning is very important for people in this group. Actually, it should be viewed as a basic responsibility for adults of all ages, especially if you have children. This being stated, it is an absolute must for people that have attained senior citizen status.There are some things to think about that may fly under the radar when it comes to estate … [Read more...]
