As estate planning attorneys, we often have interactions with the Surrogates’s Court, which is the court that handles probate matters in New York. Many people decide to implement probate avoidance strategies, and there are good reasons for doing so. We will get to them in this post, but along the way, we will explain some of the reasons why probate exists, and why it is necessary.GuardianshipWhen you think about the concept of guardianship as it applies to estate planning, you are naturally … [Read more...] about What Is the Purpose of Probate?
The Sandwich Generation is torn between caretaking responsibilities for their minor children and their elderly parents. But first, they need to make sure they take care of themselves. Read on to learn more.Planning for the Sandwich Generation … [Read more...] about Planning for the Sandwich Generation
Estate planning and retirement planning go hand-in-hand in a way, because one thing leads to another. Individual retirement accounts are part of this equation, and at the end of 2019, a piece of legislation was enacted that changed the rules governing these accounts in some significant ways.Before we look at the updates, we should provide some background information about individual retirement accounts in general.Individual Retirement AccountsThere are essentially two different … [Read more...] about The SECURE Act Can Impact Your Estate Plan
Many of us are surprised that our assets may not go to those named in our Will. However, if you have assets controlled by beneficiary designations or other non-probate transfers, that’s the case. Read on to learn how a Will might not control all your assets. Read on to learn more. … [Read more...] about Beneficiary Designations and Other Non-Probate Transfers
Before we take a deep dive into the updated Medicaid parameters for the current calendar year, we should briefly explain why this program should be on your radar.When you are planning ahead for your senior years, you probably expect to qualify for Medicare coverage when you reach the age of 65. Eligibility is earned through the accumulation of retirement credits, and anyone that has worked for at least 10 years would accumulate the necessary 40 credits.This government health insurance … [Read more...] about A Look at 2020 New York Medicaid Figures