People in Rochester, New York and the Finger Lakes region often create a living trust when they create a comprehensive estate plan. As we’ve discussed before, living trusts have a number of benefits when it comes to estate planning, but they do require some additional work on your part to make sure they operate as you intended them to. Like many parts of your estate plan, you will often need to review and amend your living trust as your circumstances change. Here are several situations that … [Read more...] about Will I Need to Update My Living Trust?
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Boomers Need to Be Aware of Financial Scams
In the June issue of the AARP Bulletin, Senator Bill Nelson of Florida wrote a column about the increasing risk that financial scams pose to aging baby boomers and other seniors. Not only are seniors being subjected to more financial scams every year, but an additional 10,000 boomers join the ranks of seniors every day. The aging population and the willingness of con artists, criminals, and others to take advantage of seniors means that financial elder abuse is a growing problem. A recent … [Read more...] about Boomers Need to Be Aware of Financial Scams
Dementia Can Strike Younger People as Well
Some people in New York begin estate planning when they learn they have been diagnosed with Alzheimer’s disease or dementia. Planning for the possibility, or even the probability, that you will one day lose your ability to make your own choices is something that estate planning attorneys can help you with. However, it’s important to realize that the mind-altering effects of dementia are not something only experienced by elderly people suffering from Alzheimer’s disease. There are other forms … [Read more...] about Dementia Can Strike Younger People as Well
The Downsides of a Living Trust
People in Rochester, New York who create estate plans often choose to use revocable living trusts as a cornerstone of their plan. While these trusts are excellent tools that nearly everyone can benefit from, they do have some downsides, or, at the very least, lack specific benefits. Let’s take a look at living trusts and how they are not suitable for all of your estate planning needs. Asset Protection Living trusts are excellent at ensuring privacy, eliminating probate requirements, and … [Read more...] about The Downsides of a Living Trust
States Moving Ahead With Life Settlements Laws
In an effort to help curb the rising costs of Medicaid associated with long-term care, legislatures in several states, including New York, are working on legislation that would allow people with life insurance policies to use those policies to help pay for private long-term care expenses. Texas recently became the first state to pass one of these so-called “life settlement” laws. The laws essentially allow investors to purchase a person’s life insurance policy for up to 10 times the cash … [Read more...] about States Moving Ahead With Life Settlements Laws
