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
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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
Can Medicaid Seize My Estate?
Until you understand some facts about long-term care, you may assume that Medicaid will never be relevant to you because you will qualify for Medicare. Plus, since Medicaid is a need-based program, you wouldn’t qualify anyway, because you are going to retire with some resources. This make sense on the surface, but the reason why Medicaid is relevant is because Medicare does not pay for custodial care. This is the type of assistance that you would receive in a nursing home, and some people … [Read more...] about Can Medicaid Seize My Estate?
Things to Know About Living Trust Administration
Before we get into the subject of trust administration, we will share some information about the value of revocable living trusts. First, it is important to understand the fact that this type of trust can be the best choice even if you are not extremely wealthy. Secondly, since the trust is in fact revocable, you don’t have to worry about surrendering control of the assets that you convey into it. You could act as the trustee and the beneficiary throughout your life, so you would control the … [Read more...] about Things to Know About Living Trust Administration
