Elder law attorneys assist clients that are trying to gain an understanding of the legal challenges that they may face when they attain senior citizen status. There are a number of different matters that are sources of concern, including elder financial abuse and other forms of abuse. We will look at these issues in the future, but in this post, we are going to focus on long-term care costs, Medicaid planning, and the rights of the healthy spouse. Medicare Gap The majority of people will need … [Read more...] about Medicaid Planning and the Rights of the Healthy Spouse
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The Anatomy of an Estate Plan
There is no one-size-fits-all, cookie-cutter estate plan that is right for everyone. This is why personalized attention is key, and this is exactly what you get when you engage our law firm. This being stated, there are certain rudimentary components that every estate plan will contain, and we will take a look at them from an overview in this blog post. Asset Transfer Vehicle The purpose of estate planning is to get your assets into the hands of your loved ones after you pass away, so an asset … [Read more...] about The Anatomy of an Estate Plan
Is an Inherited IRA Taxable to the Beneficiary?
An individual retirement account can provide a financial foundation during your senior years if you pay into the account sufficiently throughout your working career. This being stated, if you ultimately do not need the money, it can be part of your estate plan. People often have questions about taxation and inherited individual retirement accounts, and we will provide some answers here. There are two different types of individual retirement accounts that are typically utilized: the … [Read more...] about Is an Inherited IRA Taxable to the Beneficiary?
How to Pick a Legal Guardian for Your Kids
Rochester estate planning attorneys provide assistance with the process of choosing a legal guardian for your children. This is one of many important steps that you need to take if you are a parent and you have a child who is depending upon you for care and support. While no parent likes to think about what could happen if they are not able to raise their child to adulthood as a result of incapacity or as a result of an untimely passing, it's imperative that every parent plan ahead for this … [Read more...] about How to Pick a Legal Guardian for Your Kids
Choice of Trustee Is Key
If you take the time to discuss your estate planning options with an attorney from our firm, you will understand why you may want to utilize a revocable living trust instead of a last will. When a will is used, it must be admitted to probate. This is a time-consuming and costly process, and there are limitations that go along with the utilization of a will. Things are very different with a revocable living trust. As the name suggests, you don’t have to worry about surrendering control of … [Read more...] about Choice of Trustee Is Key
