As Rochester estate planning lawyers, we help our clients arrange for effective postmortem asset transfers. However, in addition to the inheritance planning part of the equation, there is a larger picture to consider with regard to the lasting imprint you can leave behind. Legacy planning is very appealing to many people once they understand what it is all about. When you consciously shape your legacy, you can do things for others and pass along important knowledge. Let’s look at a few of the … [Read more...] about A Look at Legacy Planning
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Naming a Trust as Beneficiary of an IRA
Whom should you name as the beneficiary of your IRA or Qualified Plan? Sometimes, it can be best to name a trust for your intended beneficiary. Read on to see the protections a trust can offer that a direct designation of the individual would not. Naming a Trust as Beneficiary of an IRA … [Read more...] about Naming a Trust as Beneficiary of an IRA
Report: Rochester Nursing Home Costs Will Rise
As elder law attorneys, we counsel clients that are preparing for the eventualities that they will face when they attain senior citizen status. The United States Department of Health and Human Services tells us that 70 percent of people that are at least 65 years of age will eventually need help with their activities of daily living. A significant percentage of them will spend time in nursing homes. We are all aware of the fact that Medicare is a government health insurance program that is … [Read more...] about Report: Rochester Nursing Home Costs Will Rise
How Can You Avoid Probate?
Probate can be defined as the legal process of estate administration. When someone dies with a last will in place, it must be admitted to probate, and the Surrogate’s Court would provide supervision while the estate is being administered. The court is also responsible for the estates of people that die intestate. Intestacy is the condition of passing away without any estate planning documents at all. The probate process provides protections for creditors that may want to seek satisfaction … [Read more...] about How Can You Avoid Probate?
Medicaid Planning: What Can the Healthy Spouse Keep?
The United States Department of Health and Human Services maintains a very useful website called longtermcare.gov. There are many interesting statistics on the site, but one of them gets your attention from the start: Seven out of every 10 people that are turning 65 on any given day are going to need help with their activities of daily living at some point in time. Clearly, many of these individuals will ultimately reside in nursing homes. Here in the Rochester area, the median annual charge … [Read more...] about Medicaid Planning: What Can the Healthy Spouse Keep?
