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
Estate Planning
End of Life Eventualities Should Be Addressed
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 Population During 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
Irrevocable Medicaid Trusts
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
What Are Acceptable Grounds for Will Challenges?
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 Will There 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?
An Incentive Trust Can Provide a Solution
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 Choices You 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
Uncompensated Transfers
Medicaid is a state-federal partnership that provides medical benefit assistance to people who qualify, especially those over 65 years of age. However, in order to qualify, you also need to meet certain financial requirements such as asset limits. However, if you have made “uncompensated transfers,” that could lead to a period of disqualification from the program. Read on to learn more. Uncompensated Transfers … [Read more...] about Uncompensated Transfers
Do New Yorkers Pay an Inheritance Tax?
In order to be able to answer the question that serves as the title of this post, we have to provide some broad background information about all taxes on postmortem asset transfers. Federal Estate Tax There is a federal estate tax in the United States, and it carries a 40 percent top rate. Most families never have to be concerned about this tax, because there is a high credit or exclusion that can be used to transfer a certain amount tax-free. Only the portion of an estate that exceeds this … [Read more...] about Do New Yorkers Pay an Inheritance Tax?
How to Choose a Trustee
A lot of people assume that they should use a last will as an asset transfer vehicle if you are not extremely wealthy. This is one of the most commonly held misconceptions that people harbor about the estate planning process. There are trusts that are used by wealthy people that are exposed to the federal and/or New York estate tax, but there are other trusts that can be appropriate for a wide range of people. The trust that is right for many individuals of relatively ordinary means is the … [Read more...] about How to Choose a Trustee
A Pet Trust Can Make Companionship Possible
As elder law and estate planning attorneys, we are tightly focused on the needs of senior citizens. It is a broad subject, and there are many facets to take into consideration. Some of them are purely practical in nature, but there are some that are emotional and psychological. Combating Loneliness Loneliness is very common among elders. According to the National Institute on Aging, approximately 28 percent of older Americans (14 million people) are living alone, and many of them experience … [Read more...] about A Pet Trust Can Make Companionship Possible
Digital Estate Planning and Cryptocurrency
Back in the olden days before the advent of the Internet, estate planning revolved around the transfer of physical objects and hard copy records. There were no virtual forms of property, but now, things are very different, and they are evolving all the time. With this in mind, we will look at digital estate planning with an eye on cryptocurrency in this post. Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) An agent under a durable power of attorney is empowered to manage assets … [Read more...] about Digital Estate Planning and Cryptocurrency
