December 15, 2019










Reasons Siblings Fight and Contest Wills – and How to Prevent It

When you draft your will, you have the best intentions for your loved ones. You want to provide for them, make sure they have a healthy financial future and have a little extra for what they need.

Unfortunately, when wills go through probate, emotions, combined with high sums of money, take over. This can lead to fights among siblings, rivalries, and even a contest to your will. Will contests are incredibly costly for your estate and the beneficiaries of your estate.

Therefore, knowing why siblings fight over a will may help you implement a plan to prevent those fights and leave little room for an expensive day in court.

Most Common Reasons Siblings Contest Wills

First of all, realize that a simple fight among siblings is not grounds to contest a will. One sibling may disagree with another, but that does not give them legal ground to challenge the will in court. Instead, there must be a valid ground for contesting.

However, one sibling may take their disagreement and twist it to match one of those common grounds. This is why you should prepare your estate for these situations – regardless of how well the family gets along right now.

One Sibling Receives More Than the Other

If you have more than one child, you may choose to split your estate unevenly. For example, you have two children. In your will, you leave 75 percent of your estate to your eldest and 25 percent to the youngest.

Cases like these almost always lead to a dispute among siblings. One sibling may later try to claim that the will was made under undue influence or that it is forged to favor the older sibling.

If you plan to leave uneven amounts to your children, discuss it with them first so they know ahead of time the amount they are receiving and why you picked those designations. You could also consider alternatives, such as leaving higher value property to one sibling but splitting cash assets equally. Ideally, splitting all assets evenly among your children is best to avoid conflict. But if you do not wish to do so, discuss it, detail it in the will, and put a meeting on the record to avoid hiccups later.

More Than One Will Exists

If you have revised a will or created a new one, your executor must have access to the most recent will. If they attempt to carry out provisions you left in an old will, the newer discovered version will supersede the older one.

Typically, your most recent will would have a statement about how any past versions are invalid. Also, you should have all documents appropriately dated so that, if there is a disagreement about which will is the most recent, the dates will prove their chronological order.

One Child Receives Favoritism

Did you have a child that was always treated as the favorite? Upon your death, that resentment has already built up. And if favored in the will, you may see a rivalry brew in court. One argument may be that the child with favoritism used undue influence to get what they wanted in the will. For example, you resided with one child, financially cared for them while you were alive, and now you leave everything to them in the will. In return for your financial support, this child cared for you. However, the other siblings may use that as an argument for undue influence, stating the one sibling, acting as your caretaker for your day-to-day life, influenced you to leave them all of your assets.

Siblings with a History of Drug or Substance Abuse

Unfortunately, some siblings with a history of substance abuse or even a poor financial history can become the center of accusations during will execution. One sibling might try to accuse another of will fraud, stating that they fraudulently got a parent to sign the will in favor of them, while their parent thought they were signing a health care proxy.

Having proper witnesses when you sign a will is critical. Because not only does the state require a witness, but witnesses can help fight any claims of fraudulent signing or even undue influence accusations.

Co-Trustees

There is one governor of New York, one President of the U.S., and one CEO of a company for a reason: you cannot have too many people managing the same thing. You need an executor to move quickly and make decisions to hurry along the process and distribute assets.

Multiple executors or trustees slows the process. And if the siblings tend to bicker, it will only get worse when it involves money.

Pick one trustee or executor and consider not picking one of your children if they already have a rivalry going on. A neutral third-party may perform better in these situations.

Excluding a Sibling Entirely

A child or beneficiary left out of the will or trust entirely is sure to create a contest situation. After all, the one already left out has nothing to lose by challenging the validity of the will in court.

If you choose to exclude one child from your estate, update your documents and consider creating a trust. Trusts work as modern disinheritance, and they protect your estate from will contests when one child is left out.

Work Alongside an Attorney to Avoid Sibling Rivalry

While no one can predict the future, you can better your chances of a smooth estate administration when you work with an estate planning attorney. An attorney can get to know your family dynamics. And when you present situations that typically cause a contest, your attorney can look for ways to protect your estate and beneficiaries.

A well-drafted estate plan takes time, and it must be updated annually or at least reviewed to ensure you are not opening the door for contests later.

To create an estate plan that protects your loved ones, contact the Law Office of Andrew M. Lamkin, P.C., today. Let us help you with your potential contest situation and find solutions that will lessen the financial burden on your estate and your family.

Schedule a free case evaluation by calling 516-605-0625 or request information online

Can I Leave Property in a Trust for My Grandchildren?

As a grandparent, you want to secure a healthy financial future for your grandchildren.

One of the better ways to do that is through a trust. Trusts, in general, are excellent ways to pass assets to beneficiaries, and they can also help your grandchildren achieve their goals later in life.

If you are considering leaving property or some of your assets to your grandchildren, but you do not want to gift them outright, discuss your options for setting up a trust with attorney, Andrew M. Lamkin, today.

Why Plainview Residents Use a Trust for Grandchildren 

Putting money, property, and assets into a trust for your grandchildren allows you to:

  • Create Rules for Their Inheritance: You are in control of their inheritance. That means you can put guidelines on how they can use their inheritance and even when they will receive it.
  • Use Milestones for Releases: You can set up milestones over your grandchild’s lifespan so that they do not receive all of their inheritance at once.
  • Protect Property from Dangers: You have no way to tell what your grandchildren’s life will be like as they get older. But by adding protections through a trust, you can ensure that their inheritance is not harmed from things like debt collectors, divorce, or even substance abuse issues.
  • Help Them Meet Their Goals: You can help your grandchildren go to school, get a master’s degree, or even buy their first home. If you have a grandchild that plans to open his or her own business someday, the property you leave them may help them reach that goal.

What about Estate Taxes?

Trusts may be subjected to Generation Skipping Tax (GST) when established for grandchildren. Under the 2018 Tax Cuts and Jobs Act, however, the GST exemption was added as a second layer exemption. Right now, the GST exemption is the same as the regular estate tax. Therefore, as of 2018, you can leave up to $11.2 million in property to each grandchild without them paying an estate tax. After $11.2 million, they would have to pay.

Establishing a Trust for Your Grandchildren – Where Do You Start?

Trusts are relatively quick and straightforward to set up. But if you have multiple grandchildren or you plan to leave inheritances to your grown children, too, the process becomes more complicated. Also, you want to ensure you set up your trust correctly, especially if your grandchildren are still considered legal minors.

In most cases, you will establish an irrevocable trust. This means, once the trust is established, you cannot change it or reclaim property within it.

Select a Trustee with Care

Be cautious about whom you pick as a trustee. Your trustee approves any distributions from the trust and manages trust funds. You can choose a family member for this position, or you have the option of a neutral third-party. If you are worried that family emotions may affect how the trust is managed, a third party with no ties to your trust could be the better option for ensuring your wishes are met and assets are distributed in accordance to your instructions.

Choose the Right Type of Trust

Once you decide that you want to establish a trust for your grandchildren, the next step is to choose between the two primary types:

  1. Family Pot Trust: A family pot trust is ideal if you have a large family and a trustworthy trustee that you can ensure will distribute assets properly. With this option, you have one trust and the trustee decides how much or when to distribute property to grandchildren and other beneficiaries. Pot trusts allow you to leave a financial legacy that will provide for future generations, too.
  2. Individual Trust for Each Grandchild: If you do not like the idea of a pot trust, or you worry that your grandchildren may not receive the distributions you intended, then an individual trust in their name for the handful of grandchildren may be better. You can put equal amounts of money or property into each grandchild’s trust as well.

Be Specific and Leave Stipulations

Trusts are meant to ensure your loved ones are provided for and that they received assets when you want them to receive them. You can work alongside your trust attorney to make sure the language is specific and suits your needs. Stipulations will influence not only when and how much grandchildren receive of their trust funds, but also how they can use the funds.

Often, grandparents will set up key life milestones, such as distributions at 20, 25, 30, and 35. You can also leave instructions to a trustee regarding early distributions for purchasing a house or paying for college tuition.

Discuss the Trust with Family First

If you plan to leave funds to grandchildren, have a family meeting and make sure everyone understands where they stand and how you plan to distribute your wealth. If your grandchildren are minors, explain how the trust works to their parents. Also, make sure the trustee is present at your family meeting to answer questions and make sure everyone is on the same page.

Find a Trust Attorney in Your Area Today

If you are ready to leave a financial legacy to your grandchildren, speak with the Law Office of Andrew M. Lamkin, P.C., to establish your individual or generation-skipping trust for your family today.

We will go over your options, discuss what is beneficial considering your grandchildren’s ages and needs, then get the process started so that you can transfer property into the trust and officially fund it.

We work hard to ensure all trust documents follow state laws, and we help our clients provide for their loved ones years after they have passed.

Your legacy is important to you, and you want to see it live on through your grandchildren. Let our law firm help make that possible.

Schedule a free consultation with our firm today regarding a trust for your grandchildren. We offer free consultations at 516-605-0625, or you can request more information online.

Common Mistakes Made by Executors and How to Avoid Them

The job of being an estate’s executor is not an easy one. This is why, when you designate someone, you do so with extra care. You pick someone organized, efficient, and mentally ready for the job ahead.

Whether you are working to pick an executor or you were named the executor of an estate, there is much to still be done. One of the most critical tasks is finalizing the will and distributing the assets. While this sounds relatively simple, it is a highly complicated process where numerous opportunities for mistakes occur.

With the honor and privilege of being named comes great responsibility, family disputes, deadlines, and the risk of finding yourself named in a lawsuit.

Many of these hassles of the job can be avoided just by understanding your role and the common mistakes others made before you. Knowing the issues to avoid can prevent hiccups in the estate’s administration and let you get back to your life and work as quickly as possible.

What Mistakes Do Executors of Plainview Estates Make the Most?

To err is human.

Only, in the case of an estate, you are dealing with high emotions, family members who may not have good relationships, and money. Those three issues combined to create a cesspool of contention. To not stir the pot, be sure you avoid these common executor mistakes:

Paying Estate Expenses Immediately

You are practicing your due diligence and assuming you are doing the job right by paying every outstanding bill immediately. However, not all bills are due, and in some cases, these expenses do not come from estate funds. Before you start writing checks and making payments, consult with an attorney.

Furthermore, if the deceased had an illness, more medical costs are likely to come through. And if you spend too much on expenses early on, it may offset the liquid assets.

Not Identifying All Assets of the Estate Correctly

One of the first tasks an executor does is locate and catalog all assets of the estate. When filing for probate, the executor will explain the assets found, their estimated value, and then identify which party receives them based on the will.

Some executors rush this process because the courts only allow so much time to issue a report to them. Doing so quickly means they overlook assets, and those assets then later must be disclosed to the court again. Missing assets the first time costs the estate and increases the wait time for beneficiaries. Furthermore, it may create liability issues with creditors, especially those who are affected by the oversight.

Distributing Assets Too Early

As an executor, you must distribute assets quickly and resolve the estate. But doing so before knowing the true scope of expenses only hurts you and the estate more.

You must administer timely, but also aim to pay all debts and liabilities first before distributing assets. Typically, an estate is administered within one year of the date of death. However, taxes, expenses, and other liabilities come first. If you were to distribute too early, and you did not hold onto sufficient estate funds to cover those liabilities, you would have to recoup funds from beneficiaries – which is almost impossible, in some instances. Often beneficiaries move, spend their inheritance, or become uncooperative.

Therefore, wait for all bills to apply. And if there are any outstanding medical costs still pending with insurers, wait for those to process so that you understand the full scope of expenses and know how much funds you need to reserve for them. You may be able to distribute certain assets while holding on to a reserve for any pending costs, but speak with an estate administration attorney first before doing so.

Waiting Too Long to Distribute

While you must be diligent and ensure you have the funds to pay for estate taxes and other debts, waiting too long is an issue as well. Not only will creditors and beneficiaries become anxious and possibly threaten lawsuits, but it can cost the estate unnecessary expense as you battle these claims in court.

Also, not administering an estate promptly could constitute a breach of your fiduciary duty, because you would not be acting in the best interest of the estate anymore. Beneficiaries can file a lawsuit against you, and you may pay from personal finances for any unnecessary costs inflicted on the estate due to your refusal to administer the estate.

Misinterpreting Terms of the Will

Unfortunately, a poorly written will leaves too much room for interpretation. It is the executor’s role to interpret the wishes of the deceased and carry out those wishes as they distribute the estate’s assets. If you misinterpret terms or blatantly ignore terms you disagree with, you may find a petition to remove you from your role and you could be personally liable for any costs associated with doing so.

Not Seeking Legal Counsel

One of the biggest mistakes executors make is not hiring an attorney at a reasonable time.

An attorney can help with the administration of the estate and with any tax filings or disputes, and ensure that the will is executed properly. Furthermore, an attorney helps protect the executor from the frivolous creditor and bitter beneficiary claims and can help protect them from being held personally liable for estate matters.

Need Assistance with Your Role as an Executor? Contact an Attorney in New York

New York probate courts are complicated, and your role as an executor can be overwhelming – especially if you have a life of your own.

Do not let the task of administering an estate affect your life. Instead, get the assistance you need and the guidance for navigating estate laws for New York. Speak with attorney Andrew M. Lamkin, P.C., today to explore your options.

You can schedule your free case evaluation now at 516-605-0625 or request more information online.

If you are currently writing a will and you would like assistance with your estate plan and designating an executor, the Law Office of Andrew M. Lamkin, P.C., can assist you as well. We are a full-service estate planning law firm that can help with everything from wills to trusts to Medicaid planning and estate litigation.

How to Qualify for Medicare and Medicaid: A Planning Guide for Seniors

Retirement is around the corner. And while you have most of your retirement planning complete, the one area you put off is now knocking at the door.

Medicare and Medicaid become staples for retirees in New York. Without them, you do not have coverage for prescriptions, medical costs, and even nursing care. Therefore, it is time to pull out your paperwork and get ready to apply.

Being prepared, understanding how the process works, and ensuring you qualify are all critical when it comes to government insurance programs. These programs have strict requirements and deadlines. And when one misstep occurs, you experience lengthy delays.

It is best to consult with an attorney that has Medicare and Medicaid planning experience. Attorney Andrew M. Lamkin, P.C., can assist you with these steps, help allocate assets appropriately to qualify financially, and advise you on the process for both programs and which program you may be eligible for.

Medicare Planning for Plainview Residents

Medicare coverage in New York comes in various options; therefore, explore each and see which might work for you and your healthcare needs. New York uses the federal options of original Medicare (Part A and Part B), and the Medicare-approved insurance plans like Medicare Part D and Medicare Advantage.

Here is how each of these work:

  • Medicare Part A and B: This is primary insurance coverage. Part A focuses on hospitalization insurance, while Part B is general health insurance.
  • Medicare Advantage Part C: Plans for Part C come through private health insurance companies but must be approved as part of the Medicare program. These cover the same as Part A and B, but also give dental, vision, and prescription drug coverage benefits.
  • Medicare Supplements: Supplemental insurance plans help fulfill gaps between Advantage Part C, and original coverage. These come with up to ten various plans.
  • Medicare Part D: Prescription coverage under Advantage Part C may not be enough, depending on the number of prescriptions you take each year. Part D provides a stand-alone prescription coverage that works with Part A and Part B, saving you the hassle and cost of adding on Part C when you do not need the additional coverages it has.

When Do You Qualify for Medicare?

Applications for Medicare are accepted once you can show your legal residency in New York for a consistent five-year period and if you are 65 years or older. In some rare instances, you may qualify if you are under 65 if you have a qualifying disability or condition. Luckily, you automatically enroll in Medicare if a spouse or you already receive Social Security or Railroad Retirement Board Benefits or are diagnosed with Lou Gehrig’s Disease (ALS).

Medicaid Planning for Plainview Residents

Medicaid is more complicated than Medicare. Medicaid covers medical costs and insurance for residents of the state who cannot afford to do so themselves. You may qualify when you have high medical costs, receive Supplemental Security Income, and you meet the strict financial requirements.

Applications for Medicaid differ from Medicare. You do not automatically enroll. Instead, you must meet the Modified Adjusted Gross Income (MAGI) rules then apply through the NY State of Health or by using a Managed Care Organization (MCO).

Groups that qualify for Medicaid include:

  • Pregnant women;
  • Infants and children under the age of 19 years;
  • Childless adults between the ages of 19 and 64 whom certify as disabled and do not receive Medicare;
  • Parents and caretakers of sick relatives;
  • Family planning benefit recipients; and
  • Children in registered foster care programs.

What the Government Considers When Reviewing Applications for Medicaid

Medicaid is no cost to the recipient. Therefore, the government is strict about who can receive this medical benefit.

Medicaid is a joint insurance program through New York and the federal government. It pays for nursing homes and health aides for those who qualify. Unfortunately, too many qualified applicants assume they will not be accepted; so they do not try to receive benefits.

While the requirements are strict and hundreds of applications are denied each year, often, it is because the applicant did not go through the proper planning stages ahead of time. Working alongside an estate attorney with Medicaid planning experience is crucial here. An attorney establishes a plan that helps move assets and allows you to qualify under the financial requirements.

The Department of Social Services looks at three primary factors when considering qualification:

  1. The needs of the applicant and the care they seek in their application
  2. The income of the applicant and spouse, including pensions, retirement benefits, rental or investment dividends, and Social Security benefits received monthly
  3. Assets and resources of the applicant and their spouse, including home value, investments, cash, and insurance policies

Depending on the Medicaid program you apply for, one or more of these three will be heavily weighed in the decision-making process.

The Various Medicaid Programs and Options

You should only apply for the type of program you need and would likely qualify for. For example, the Community Based Medicaid program is for those who need a home health aide to assist with daily living. This plan has income requirements. And assets, including homes, are considered as part of the income cut-off.

The Benefit of Hiring a Medicaid and Medicare Planning Attorney

While you could plan yourself, an attorney is valuable in Medicaid and Medicare planning. Obtaining these state and federal insurance programs is complicated, and the process can be drawn out unnecessarily when things are not done right.

At the Law Office of Andrew M. Lamkin, P.C., you receive an advocate with years of experience in estate planning and Medicaid qualification requirements. He understands the complexities of these government programs, and he can ensure that you not only apply for the programs you qualify for, but prepare your estate so that you can receive your much needed benefits without unnecessary delays.

To get started, speak with attorney Andrew M. Lamkin, P.C., during a free case evaluation. Schedule your appointment now by calling 516-605-0625 or request more information online.

The Dangers of Using Downloaded Estate Planning Templates

Today, you can do almost anything online.

You can open a bank account, start a retirement, open a business, and more. With the plethora of do-it-yourself websites out there and articles showing you the steps, you might assume that you can create your estate plan using one of these sites and save yourself thousands.

Unfortunately, estate planning is not something you should use a premade template for. Doing so could risk your estate and cause more hassle for your loved ones later.

State laws vary, and do-it-yourself templates are generalized: meaning, they do not specify by state. Therefore, you could use a general template that violates state estate laws, and the court will find it invalid, which means the court will not recognize the plan anyway.

The Reasons Plainview Residents Should Never Use a DIY Estate Plan

You have worked hard to build your estate, so why risk giving your family much less than you anticipated just to save some money creating an estate plan?

If you are convinced a DIY estate plan is just fine, here are a few reasons to reconsider:

You Are Not Receiving an Expert’s Review

DIY estate plans are missing one key element: a legal professional. There is nothing wrong with wanting to save money, but when you do so, you skip out on being able to consult with an attorney. These documents often do not create the results you intend for them to. And if you do not understand the legal or technical aspects of estate planning, you are putting your entire estate at risk.

For example, you sign the deed of your house over to your trust. However, you didn’t create the trust in accordance with state laws; therefore, it was never active. Now, your home is not part of the trust as you intended.

You Do Not Have a Personalized Estate Plan

Every estate is unique, and that is the point of meeting with an estate planning attorney. You want to draft a plan that addresses the unique aspects of your beneficiaries, estate, and assets.

Estate templates are strictly generic. They do not look for those unique factors that make you stand out from the crowd. Using these means you could miss out on a chance to avoid probate, avoid heavy estate tax, and your property might not transfer to the right party.

You Are Unlikely to Follow State Laws

These DIY tools are not specific to the state where you live – even if they advertise as such. Instead, they are a generic one-size-fits-all template. For example, New York has different laws than California, especially when it comes to estate tax and probate. Therefore, your generic DIY template is unlikely to address these laws.

Furthermore, when you create an estate plan, do you follow up on the latest changes to the law? The law regarding assets and estates changes more often than you think, which means your template might be obsolete in as little as a year.

You Might Miss the Hidden Disclaimers

Online programs typically have disclaimers, but they do not make these readily seen.

Commonly, these sites or books will have statements that the information is not a substitute for legal advice nor is it legal. These statements are published because they are legally required, but that doesn’t mean the company makes them easy to spot. The print could be fine, hidden at the bottom of the page under other content, or in areas where these websites often assume you will not read.

You Could Grant Too Much Power to Another Person

While you have the right intention with your estate plan, you might inadvertently grant too much power to another person, especially when that power of attorney document is not clearly written. Ambiguous statements are left to interpretation, which means they might not be interpreted in the way you intended them to be.

The best way to avoid this is to work with an attorney. You can tell them your wishes and the amount of power you want the individual to have. Your attorney can then clearly articulate that in your power of attorney to avoid any confusion.

You Might Not Include Your Business

DIY kits rarely have the capacity to address issues like business succession. Therefore, your estate plan is unlikely to dictate what you want done with your business after death – including whether you want the company sold, who will take over leadership, and so forth.

You Do Not Receive the Complexity Required for Unique Cases

Do you have children? Are they minors? Do you need to set up a special needs trust for an adult child who is disabled? Online programs rarely address complex estate planning issues such as these. Furthermore, they might not adequately address guardianship for minor children. This means the courts would have to decide who gets custody of your children and how the funds are managed for them.

You Are Less Likely to Update Your Will

Estate plans are not a one-time-only situation. You create them, but you can never forget them. You should review them annually and update them when you have significant changes. For example, you might have divorced, but did you create a new estate plan addressing that fact? If not, you may have some issues when it comes time to use your health care directive or when assets are distributed.

Avoid the Hassles: Speak with an Attorney about Your Estate Plan Today

Estate planning is more cost-effective than you might think. Most attorneys charge a single fee for your plan. And when you consider what goes into a well-drafted plan, it is worth every penny.

To save your loved ones from having to deal with an estate plan deemed invalid by the courts, skip the unknowns; get an estate plan that follows New York probate and asset laws, and one that can adjust to future legislative changes as well.

Get started by scheduling a consultation with an attorney today at the Law Office of Andrew M. Lamkin, P.C.

Call 516-605-0625 to schedule your free consultation or contact us online with your questions about estate planning services.

5 Trending Topics in Elder Law to Know Today

More baby boomers are hitting 65 each day and will continue to do so into 2030. Therefore, the issues surrounding elder law are becoming more mainstream, especially as more enter or head toward retirement and start looking at the facts.

From Medicare to long-term care coverage to Social Security, there is a lot to know about elder law. Naturally, it is best to speak with an attorney any time you have a question or concern in these areas. This is because an elder law lawyer focuses specifically in this area, is apprised of the latest legislature changes, and can help prepare you for the road ahead.

5 Important, Trending Topics That Elder Law Attorneys Want You to Know

The more prepared you are for the later years, the easier it will be when it comes to securing benefits, finding long-term care, and protecting your loved ones. Here are a few trending topics attorneys are seeing – and that you should be aware of, too.

Topic 1: Alzheimer’s Disease and Estate Planning

Dementia, including Alzheimer’s Disease, is not just a loss of memory. As it progresses, most patients with dementia lose their ability to function from day-to-day. They can forget to take medications, not remember their name, or confuse the current time with one year ago.

In 2018, an estimated 5.7 million Americans were living with Alzheimer’s, according to the Alzheimer’s Association. Every 65 seconds in the US, someone develops the disease whether it is diagnosed or not. While it typically affects people later in life, there is a type known as early on-set that can strike much earlier without warning.

Once the disease is diagnosed, estate planning becomes incredibly complicated. No longer is the individual considered legally capacitated, which means they do not have the authority to make decisions themselves.

Elder law attorneys understand the complications that arise when a person is diagnosed or suffering from severe dementia but needs to create a plan to protect themselves and their loved ones – including assigning a guardian to oversee their best interests.

Topic 2: Medicaid and Nursing Home Costs

If you have limited assets and no or minimal income but you need nursing home care, you may wonder how you can pay for it. Medicaid might help in this situation, but you need to plan it properly and apply correctly to avoid unnecessary delays.

Nursing homes fall under long-term care, and Medicare rules are different regarding long-term care over short-term care needs.

It is not just qualifying for Medicare that poses an issue. Other issues come into play like state regulations and whether the nursing home you have selected even accepts Medicare or Medicaid benefits.

An attorney helps with Medicaid planning, but can also assist with long-term care planning long before you need nursing home services so that you do not scramble last minute to cover for your nursing home needs.

Topic 3: Veteran’s Benefits

Those who served in the military are eligible for benefits through Veterans’ Affairs. Veterans receive monthly compensation checks, but may also receive VA health care and nursing care through the Veteran’s pension.

Furthermore, the veteran’s pension may pass to the spouse in eligible situations after the death of the person who qualified for the benefits initially.

However, there are asset limitations to these benefits. And if you are a veteran or spouse of a veteran, it is important you understand the rules for VA benefits, including health services. Furthermore, having a long-term care plan in place ensures that you allocate assets appropriately to avoid disqualifying for veterans and other federal benefits available.

Topic 4: Social Security

Social security is available between the age of 62 and full retirement, but most people will not start taking the benefit until they have retired. Some might even delay until they reach 70 – depending on their financial situation.

While you might qualify for social security, you cannot rely on it solely to support you in retirement. Regardless of your plans with social security, you need to plan for Medicare and plan at age 65 to avoid an increased premium later.

Furthermore, if you work closely with an elder law attorney, you can create a long-term plan that focuses on your social security options, prepares your assets for Medicare, and still provides for your family.

Topic 5: Estate Plans

One of the most important services offered by an elder law attorney is estate plans. These plans dictate where your assets go upon your death, and they provide for your loved ones. If you are nearing retirement but have not yet created an estate plan, now is the time to start.

Estate plans are complex and more than just a binder of paperwork. A comprehensive, well-drafted estate plan focuses on:

  • Last Will and Testament
  • Power of Attorney
  • Living Trust
  • Medical Directives
  • Designations for Beneficiaries

Together, these components not only identify beneficiaries and what they will receive from your estate, but it also outlines what medical care you want to receive if you become incapacitated. Additionally, it appoints a person to manage the estate and your financial affairs when you cannot and looks out for your best interests.

With a trust, you might save your family the hassles of probate court as well.

Meet with an Estate Planning Attorney Today

Whether you are worried about qualifying for Medicare or you want to get started on your estate plan, speak with an attorney that has experience in elder law.

The Law Office of Andrew M. Lamkin, P.C., has extensive knowledge of the trending topics in elder law and hot issues on the horizon. We can create an estate plan that is futureproofed and considers the long-term care you need, including when you cannot make decisions yourself.

Meet with attorney Lamkin today for a free, no-obligation consultation by calling 516-605-0625. You can also request more information about elder law online.

Can You Stop Probate Once It Starts?

The probate process typically starts after your loved one passes away.

The purpose is to administer the estate of that deceased person, and it gives an opportunity for heirs to challenge the will if they feel there was tampering. Most probates go through without issue.

However, there could come a time when legal heirs want to challenge a will or stop the process of probate entirely.

Stopping probate requires an attorney to file a probate caveat.

Caveats cannot be filed haphazardly. And once probate starts, there is no guarantee your case would qualify for caveats. Understanding how this legal process works, when it applies, and who can file it is your first step toward seeing if it is an option for you.

Naturally, you should consult with an estate attorney before assuming a caveat is viable.

The Basics of Caveat: When Can You Stop Probate in Plainview, NY?

Probate caveats are legal maneuvers that give notice to the probate court to suspend the process. Caveats must file before probate begins as a pre-probate legal action. Caveats prevent the estate’s executor from administering the estate or moving forward with the process.

Also, a caveat tells the court about discrepancies found in the estate plan and allows for any contests to move forward. Once the caveat files, the probate process is suspended until the reason for the caveat is resolved.

Who Can File a Caveat?

Anyone with interest in the estate, not just the executor, can file the notice. However, it is best to hire an attorney to file on your behalf.

Also, creditors may file caveats.

Anyone affected by probate can file a caveat to stop the process. The party that files a probate caveat is named the caveator. Caveats are used for specific situations, including:

  • The caveator suspects the will was forged and not approved or signed by the deceased.
  • The caveator suspects that the deceased made the will under duress.
  • The caveator alleges there was no will and wants to prevent the executor from administering the property of that will intestate.
  • The caveator suspects the deceased was mentally incapacitated; therefore, they could not legally sign their will.
  • The caveator is in the middle of a dispute about including an heir in the will or excluding an heir from the will.

To File the Caveat or Not: When Is a Caveat Necessary?

Caveats do not always work as an advantage to the party filing them. Therefore, you should only submit a caveat after consulting with an attorney and deciding it is the best solution for your situation.

The benefit of a caveat is that a temporary, neutral party is then named by the court to serve as an administrator during this challenge. This means, if you wanted the original executor removed, you do not have to worry about them continuing to manage the estate while the caveat finalizes.

The neutral party named prevents the current executor from accessing assets, but that neutral party comes at an expense to the estate. Therefore, the process of completing a caveat can be expensive.

Also, caveat results are appealable, which means that the result you get might go for further hearings and eventually cost your estate more.

How Can an Executor Fight a Caveat?

Sometimes, the executor must remove the caveat to execute the will effectively. If you are an administrator of a will and a caveat has been filed, you should consult with an attorney.

Caveats are the first step to a will contest, which means that a contest hearing is likely to come next. Furthermore, a caveat prevents you from doing what is necessary to complete the estate and fulfill your obligations as an executor.

Do You Need an Attorney for a Caveat?

Whether you are filing the caveat or you wish to remove a caveat, an estate attorney is almost always necessary. Rarely is an administrator or the party filing a caveat familiar with estate laws, including the grounds for a caveat and how to file the petition itself.

Not only do you need to review the will and object to the caveat, but you need to understand the law so that you can regain control of the estate and continue your obligations as the executor. An experienced attorney knows the caveat process and can stop unnecessary will contests from affecting the estate for months.

Will Contests Can Still Happen after Probate

Even if you successfully remove the caveat and complete probate, an heir can contest a will after probate. Note that there are time limits on how long one has to challenge after probate starts. And once the estate is administered, the chances of succeeding at a will contest are quite low.

Finding the Right Lawyer for the Job

If you are an administrator of an estate dealing with a caveat or you are an heir that wishes to stop probate, you must consult with an estate attorney.

You want an attorney that has experience in estate litigation and one that can quickly focus on the matter at hand to prevent any unnecessary delays. The Law Office of Andrew M. Lamkin, P.C., can help with your case. We look for the fastest, most cost-efficient way to resolve your estate issues – including caveats and contests.

To explore your options or to discuss your issues with a caveat, contact our law firm for a free, no-obligation case evaluation.

Call to schedule your consultation appointment now at 516-605-0625 or request more information online.

3 Big Issues an Elder Law Attorney Can Help Resolve

An elder law attorney serves as your advocate and also your family’s guide.

This area of the law specializes in the unique range of financial and legal matters older adults face, including everything from health care planning to long-term care to guardianship and estate planning.

An elder law attorney is a specialist because they focus specifically on the issues afflicting those in retirement or venturing close to it.

When you go to an elder law attorney, they have a vast array of services they provide you. But there are three critical legal issues they can resolve.

Most importantly, elder law attorneys are better equipped to handle issues like Medicare or Medicaid planning and the sensitive needs of elderly individuals and their families. They are well versed in the latest laws and legislature. They can help you, not only today, but they can also anticipate your future needs as well.

What 3 Important Legal Issues an Elder Law Attorney Can Help You With

The services an elder law attorney can provide are extensive, but there are three critical issues that they can help resolve before they turn into more significant problems.

Whether you have an elder attorney already or you are considering hiring one, here are three critical issues that you want to make sure you get resolved now rather than later.

Long-Term Care Planning

Long-term care planning involves considering your care requirements at a later date. This includes healthcare teams, nursing homes, and assisted living options. You might also want to prepare for in-home nursing care.

Most families are ill-prepared to pay for such services. And even with insurance coverage, you might find that you do not have the benefits available to cover care for several years.

You have options to pay for your long-term care, and an attorney will help you unlock those options. Elder law attorneys counsel their clients regarding eligibility and look for programs like Veterans’ Affairs that might help pay for these services. Even if you do not qualify for VA benefits, you may have Medicaid or Medicare, which pays for long-term care.

Your attorney not only helps you prepare for applying for these benefits, but they help with asset management so that you will qualify financially.

Creating an Advance Directive (Living Will)

Elder law attorneys create estate plans, but they also can create vital documents like a living will. A living will, also known as an advanced directive, is your advocate designation if you become ill or incapacitated and cannot make medical decisions yourself.

Your living will discusses all your medical wishes. It is a legal, written document that outlines how you wish to receive emergency care. You can discuss topics like resuscitation, life-saving measures, surgeries, and any end-of-life treatments you want to receive or do not want to receive.

You should discuss these options with your primary care physician and your family. When you select a party as your healthcare advocate, it is their job to carry out all wishes listed in your living will.

One common use of an advanced directive is to determine the use of life-saving measures like being placed on a ventilator.

The Importance of Thinking Ahead – and Using Specifics

One error made with an advanced directive is that most people cannot address their mortality. They do not want to think ahead about what might happen or what the future holds. Furthermore, they may forget situations where medical decisions might be required.

It is vital that you work with your attorney to be as specific as you can in your document. While you cannot account for every possible situation, the more information you have in that document, the easier it will be for your healthcare advocate to comply with your wishes.

Durable Financial Power of Attorney

Another common issue that your attorney helps with is the durable financial power of attorney. This document provides access to one individual to manage your financial needs in the event you are incapacitated and cannot do so yourself.

The document grants power to one person, which might be a family member. They have the legal authority to access your accounts, pay bills on your behalf, sell or acquire assets, and even pay taxes.

You are in complete control of the authority they have over your financial decisions. In your durable power of attorney, you can decide the following tasks they may or may not do:

  • Pay bills
  • Pay and file taxes
  • Pay for medical costs
  • Manage real estate
  • Access your bank accounts
  • Invest
  • Collect retirement benefits for your use
  • Transfer or sell assets
  • Hire an attorney for your estate
  • Operate your business
  • Buy insurance

Realize that an agent does not have unlimited power. Instead, you dictate the power they have in your document.

Other Problems an Elder Law Attorney Can Resolve

While these three are the primary problems elder law attorneys are hired to handle, they have much more to their services than that. An attorney can also help you with:

  • Counseling you on insurance and avoiding gaps in coverage
  • Assessing your needs for legal capacity counseling
  • Protecting you or representing you in elder abuse
  • Advising you on housing options after retirement
  • Discussing the best route for your retirement
  • Helping with guardians, conservators, and trustees to handle your estate
  • Creating an estate plan
  • Helping plan for disabilities

Explore the Options Available – Meet with an Elder Law Attorney in Your Area Today

If you are ready to explore your options and see what an attorney can do for you, schedule a consultation with an elder law attorney.

Get started today by scheduling a free case evaluation with the Law Office of Andrew M. Lamkin, P.C., by calling 516-605-0625 or request more information online.

Making an Estate Plan? Do Not Forget Your Business Succession Plan, Too

If you have a family business or started a company that you would like to keep in the family after you pass away, you need to create a succession plan. Even if you wish to sell that business, speaking with an estate planning attorney about your business’s future is critical – and you can incorporate your business succession plan into your estate plan.

Why Plainview Business Owners Need an Estate Plan and a Succession Plan

You might assume that you have an estate plan; therefore, you do not need a succession plan. What you may not realize is that all assets, including private businesses, do go through probate – unless you have named beneficiaries through a trust. Certain trusts can allow your assets to pass outside of the taxable estate, including your business.

To take advantage of those trusts, you need an attorney to help set up a business succession plan alongside your traditional estate plan. This way you protect your business, investment, and your loved ones at the same time.

The Consequences of Not Planning – and Not Including Both Options

Without considering a complete plan that incorporates personal and professional assets, your family may suffer from severe financial and emotional consequences.

The Consequences of No Business Succession Plan

  • No Clear Direction – Who will lead the business? Who takes over and manages? Without a succession plan in place, there is no clear direction for how the company will continue to operate (or if it should operate) after your death.
  • Creates a Fear of Uncertainty – A business relies on its employees. But when leadership is mismanaged, power struggles occur over who should run the business, and the company is left picking up the pieces. Employees may leave for a more transparent future than stay with a company that is full of uncertainty. After all, employees want personal job security.
  • Family Disagreements – Family members left to make decisions for the business may go through disagreements, and decisions like these can tear families apart.
  • Loss of Value – When the key person running the company dies, surviving shareholders may go to sell the business and realize that there is a loss in value because of that person’s death.

The Consequences of No Estate Plan

  • Tax Liability – Without an estate plan drawing a line between professional and personal income and assets, a family may experience estate tax liability that they had not planned on encountering.
  • Probate Court – Family members will have to endure probate court fees and time lost for private assets as well as the business.
  • Delayed Distribution – Without an estate plan, the estate waits in line for its turn in probate, which means there is a delay in the distribution of assets. It may take months to years for the estate to resolve, depending on the complexity of that estate.
  • Litigation Costs – Family members may have unexpected legal costs for disagreements amongst each other.

The Tax Considerations for a Budding Business

Between the time you make an estate plan and the time you pass away, your business may see significant growth. That means the amount of money your business generates can increase the value of your estate – and with that value comes the issue of estate taxes.

How Does the Business Succession Plan Differ from an Estate Plan?

Your business succession plan focuses strictly on the business and assets associated with that business.

At a bare minimum, your succession plan needs to focus on the transfer of management of the business or the ownership of the business entirely.

The procession of management succession typically involves:

  • Developing, training, and supporting successors
  • Delegating responsibility and authorities to successors
  • Bringing in outside advisors to help in the process
  • Maximizing employee retention by creating a smooth transition and proper planning

The process of ownership succession might involve:

  • A plan that coordinates the person who will own the business after death and who will manage the business (if they are two separate people).
  • A plan that considers the best interest of both sides.
  • A plan that involves moving the business over before the current owner’s death – giving that past owner a chance to meet with, cultivate, and guide successors.

Can You Make a Business Succession Plan without an Attorney?

A business succession plan protects your business, loved ones, and any employees you might have. While you know this, you should also know the importance of hiring a professional to draft that protection.

Templates online rarely address the complexity of each business, and every company is unique in what they need for succession to work. Succession plans account for various circumstances, including how partners will handle the business, what happens if legal agreements are violated, and how the business moves forward if you were to pass away unexpectedly.

These legal hurdles are serious. Without the right plan in place, your business could fail.

An attorney addresses any unique legal concerns your business might have, and an attorney will address all state and federal issues that could arise.

Business planning requires attention to detail and vast knowledge of employment, business, and estate laws. For this reason alone, a business owner should enlist the help of an attorney in their succession plan. An attorney will consult with tax experts to assist them in drafting a plan. Also, if a legal dispute does arise about your business later, your estate attorney will be able to defend your plan and your estate in court after your passing.

Consult with a Local Attorney that Helps Your Business Pass Safely

Attorney Andrew M. Lamkin, P.C., can help with not only your estate plan but your succession plan too. By going over your business’s unique needs along with your personal concerns for your loved ones, I will help you create a succession plan combined with a substantial estate plan that protects your family for years after your death.

To get started, schedule a consultation with my office at 516-605-0625. You can also schedule your free case evaluation appointment online.

What Is a Certified Elder Law Attorney – and What Can They Do for Me?

Description: An elder law attorney can help you long before retirement with everything from long-term care to Medicare and even the creation of an estate plan.

You know that you need an elder law attorney. But as you ponder over your options, you might have noticed some attorneys have called themselves “certified,” while others do not. The certification they have received may come from organizations like AARP’s Legal Services Network while others are members of the National Academy of Elder Law Attorneys (NAELA). Some attorneys go further and receive an official certification through an ABA-approved program.

While certification means they are proficient, that does not mean they are the right attorney for you. Instead, you should consider the pros and cons of certification, memberships or affiliations the attorney has, and their overall experience before solely choosing based on certification status.

Does an Attorney Require Certification in Plainview?

No, an attorney offering estate planning or elder law services in Plainview, NY, does not have to be certified in elder law. They do, however, require registration with the state bar association.

You can verify that your attorney is a member of the New York State Bar Association, and you can contact the Bar to see if there are any complaints or pending actions against an attorney you are considering.

What Does a Certification Mean?

Some attorneys will receive a certification in their legal specialty. This may require continuing education, testing, peer reviews, and passing exams to obtain that certification. Certification is an additional peace of mind. And while it does prove an attorney is capable in the area of elder law, you still want to consider the other items that go into an attorney’s qualifications.

Memberships Matter Too

Most attorneys will be members of organizations specific to their specialty. If an attorney practices elder law, they should be a member of the National Academy of Elder Law Attorneys (NAELA).

NAELA is a professional organization that provides continuing education to its members, peer networking, and helps local clients more easily find qualified attorneys.

To be part of the Academy, attorneys must be practicing members of the bar and offer legal services that address the needs of the elderly. They must represent a high code of ethics, exhibit knowledge in their field, and show commitment to their clients as well as remain active in the Academy.

These memberships are paid, but that payment helps fund continuing education and advocacy programs offered by the organization. Attorneys who are members of NAELA also have access to comprehensive libraries, knowledge databases, and other resources.

Another membership you should look for from an attorney is in the AARP Legal Services Network. This means that the attorney you are considering offers you a free consultation if you are an AARP member. Because elder law attorneys deal with local seniors, you would expect one to be part of this network and honor the discounted consultation fee. If an attorney is not a member of the local legal services network, you lose out on the free consultation opportunity.

Do Not Forget about Local Advocacy Groups

You are working with a local attorney, so you should expect to see a local advocacy group or organization affiliation. In Nassau County, an attorney practicing in elder law should be a member of SUN (Senior Umbrella Network), Nassau Chapter.

This group offers local professionals networking and continuing education opportunities specific to elder law and planning.

Looking at Core Services

Once you have looked over certifications, memberships, and affiliations, the next step is the services offered by the prospective attorney.

Remember, certifications are only a minor piece of the puzzle. If your prospective attorney is a full-service firm, how much time can they dedicate to elder law continuing education? How often do they address elder law plans, Medicare planning, and other long-term care planning needs?

An attorney may offer elder law services, but your goal should be to find one that specifically works in the estate and elder law field. This attorney will be up-to-date on the latest changes, including proposed changes in legislature. They work consistently in the area of elder law; therefore, they are well-versed in their field, know what local probate court judges expect, and how Medicare representatives review applications.

An attorney working exclusively in this field will also help plan for the unexpected – like the need for guardianship, creating advanced directives, or taking care of loved ones later in life.

Here are just some of the services an elder law attorney can help you with:

  • Living Will
  • Healthcare Proxy and Advanced Directives
  • Durable Power of Attorney
  • Medicaid Planning
  • Estate Planning and Estate Tax Planning
  • Asset Protection
  • Estate Administration and Probate Litigation

Do You Need an Attorney for Long-Term Planning?

If you are ready to create your estate plan, need to adjust one you already have, or you need the services of an elder law attorney in your area, contact attorney Andrew M. Lamkin, P.C. He is a member of the AARP Legal Services Network through Allstate and part of the NAELA group of professionals.

You can schedule your free, no-obligation consultation with the Law Office of Andrew M. Lamkin, P.C., now at 516-605-0625 or request more information online.