A Living Trust is a powerful estate planning tool that can not only help you manage your property later in life, but distribute or manage it according to your wishes upon your death. A quick review on living trusts: A Living Trust is an estate planning tool that is often used as a will substitute. When you create a trust, you transfer assets such as real estate, stocks and bonds, and personal property to the trust. These assets are then managed for your benefit during your lifetime, and either … [Read more...] about Four Questions You Must Ask Yourself Before Creating a Living Trust
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Five Things You Should Know About Estate Planning
There are several misconceptions about estate planning, and those who are not familiar with it should take a moment to read these five things you should know regarding the process. 1. Estate planning is more than just creating a will. While a will is an important component of an estate plan, there is more involved. There should also, at the very least, be legal documents in place to handle any incapacitation or even a medical emergency later in life. 2. Estate planning is … [Read more...] about Five Things You Should Know About Estate Planning
Defining and Avoiding Conservatorship
When a person reaches a point when they can no longer manage their financial or personal affairs, a loved one may have to petition the courts to appoint a guardian. But guardianship is often a last ditch effort, and with planning, it can be avoided. A guardianship proceeding in New York takes place in the Surrogate’s Court, where a person or institution may be appointed to handle the care of an adult who is physically or mentally unable to handle their personal needs, their financial affairs, … [Read more...] about Defining and Avoiding Conservatorship
Renouncing a Will
Renouncing a will means giving up an inheritance left to you within a will. But why would anyone want to give up their inheritance? Renunciation may be a tactic used by a spouse who would choose to take a share of an estate provided by state law, known as an elective share, rather than a smaller portion of the estate that may be provided for in the will. An ‘elective share’ is a legal device that was originally intended for the protection of the wife. In the past, family property was often … [Read more...] about Renouncing a Will
Elder Law: The Signs of Nursing Home Neglect
Elder neglect, which is failing to fulfill a care-taking obligation, makes up more than half of all reported cases of elder abuse. Elder law differentiates elder neglect as active (intentional) or passive (unintentional). Many issues that involve nursing home neglect are normally passive neglect, often caused by staffing shortages, a lack of sufficient training and the failure to realize a patient needs more oversight than they are receiving. Frequent visits and intervention from loved ones … [Read more...] about Elder Law: The Signs of Nursing Home Neglect
