The term escheat refers to the transfer of title to the state of a person’s property when the owner of the property dies without a valid Will, called intestate, and is not survived by any heirs legally entitled to take the property without a valid will. An applicable heir may be a spouse, descendants, parents, grandparents, descendants of parents, children or grandchildren of grandparents, or great-grandchildren of grandparents, or as otherwise set forth by each state’s escheating laws. Real … [Read more...] about Why Escheat Matters
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Powers of Attorney in New York – 3 Key Variables
Variable 1: What types of powers does the power of attorney convey? Powers of attorney typically allow someone else to make one of two types of decisions: either financial or health-care related. Financial powers of attorney are used to give someone else the ability to manage your bank accounts, bills, as well as your ability to enter into new agreements. Healthcare powers of attorney, on the other hand, allow another person or organization to make health care decisions, such as what kind of … [Read more...] about Powers of Attorney in New York – 3 Key Variables
What is a Spousal Elective Share and How Does it Work?
A spousal elective share is a protective mechanism that allows a surviving spouse the right to “elect” against the will of their deceased spouse and request a minimum amount of the estate. This protects a surviving spouse if the will tries to disinherit them or only provide them with a small portion of the estate. The elective share serves to ensure that surviving spouse’s needs are provided for when their spouse dies, in a similar way that a spouse would provide alimony if the couple were to … [Read more...] about What is a Spousal Elective Share and How Does it Work?
Four Ways to Prevent Eldercare from Hurting Your Career
The Baby Boomers and their kids are getting older; as a result, it has been determined that over the next 38 years the number of Americans in the 65-and-over category will more than double. Unfortunately, as one’s age increases so too does the frequency and cost of illness. Thus, with the annual cost for nursing home care averaging over $70,000 ($134,000 in the western New York area), the number of U.S. workers providing unpaid eldercare for their parent(s) is expected to increase as well. In … [Read more...] about Four Ways to Prevent Eldercare from Hurting Your Career
Giving Your Support to Hurricane Victims
For anyone who wants to support those affected by hurricane Sandy, there are many ways to do this. ABC news.com has assembled a collection of organizations that are reliable and trustworthy that you can donate to show your support. Here is a quick list of some of the organizations that are currently providing support to those impacted by this devastating storm. The New York Blood Center. If you live close to the New York/New Jersey metropolitan area you should consider donating blood or … [Read more...] about Giving Your Support to Hurricane Victims
