When it comes to estate planning, one of the most common questions people ask is, At what net worth do I need a trust? The answer is not as simple as a dollar amount. No specific net worth threshold determines whether you need a trust. Instead, it depends on your goals, the complexity of your estate, and whether you...
Continue ReadingWhen planning for the future, writing a will might be the most important step to protect your assets and ensure your loved ones are financially protected. Many people ask, Do you need a lawyer to make a will? While you are not legally required to hire an attorney to draft your will, having an attorney is often crucial in...
Continue ReadingMedicaid is a government program that helps many people cover long-term care costs, such as nursing home or home health care. However, to qualify for Medicaid, you must meet financial eligibility requirements. One common concern is protecting homes and other assets from Medicaid’s strict asset limits while qualifying for long-term care benefits. Through a carefully planned and executed Medicaid...
Continue ReadingDo you have a will? Do you have anything written down to instruct others about what you want to happen to your assets, heirlooms, and property when you pass away? According to a recent study, only 32% of Americans have a will. Many adults have cited a lack of assets or procrastination as the reason for not having one....
Continue ReadingCreating a detailed estate plan that addresses different contingencies is the best way to ensure your plan is effective when the time comes. A crucial aspect of this process involves naming beneficiaries, typically including both a primary and a contingent beneficiary for each asset. Contingent beneficiaries receive assets only if they meet certain conditions or when the primary beneficiary...
Continue ReadingYou plan for retirement, you plan for significant expenses, but what about Medicare planning? Most individuals under the age of 65 do not think of Medicare until it is too late. Ideally, you want to start planning for Medicare benefits long before you need them. Doing so can ensure you are not only approved but have access to the...
Continue ReadingEstate planning involves more than just deciding who gets what. It’s about creating a roadmap for how to manage your assets during your life and distribute them afterward. Trusts are one of the most effective tools for achieving these goals, and in New York, two key options to consider are revocable vs irrevocable trust. Understanding their distinctions can help...
Continue ReadingIt may never seem like the right time to plan for the end of your life. But having a plan can give you valuable peace of mind. If you wait, you may have to scramble while dealing with medical issues that make it difficult or impossible to plan appropriately. Or you may leave your loved ones sorting through your...
Continue ReadingUnderstanding how the probate court New York system works is essential when dealing with a loved one’s estate. Probate is the legal process of validating a will, resolving debts, and distributing assets according to the deceased’s wishes. Whether you’re the executor of a will or someone expecting to inherit, you’ll likely need to engage with the New York probate...
Continue ReadingUsually, to receive benefits after someone dies, the recipient has to survive the deceased person (decedent). But multiple people can die at the same time or, at least, near in time. When a decedent and beneficiary die close in time, a common disaster clause determines the order in which other beneficiaries should receive estate property or insurance proceeds. Law...
Continue ReadingUndertaking the management of a loved one’s estate can feel like an excessive burden on top of processing your grief. If you have lost a loved one, it is natural to wonder, How long does probate take in NY? There is no universal answer—New York probate can take anywhere from a few months to a few years. Many factors...
Continue ReadingMost people need to trust professionals to handle certain financial and legal matters. When things go well, these relationships can be extremely beneficial to everyone involved. However, with this trust comes a level of vulnerability. When the trust is violated, it can have severe ramifications for the victim. Some professionals have so much power over their clients’ financial matters...
Continue ReadingTrust strategies are essential in estate planning, offering many advantages for managing and protecting your assets. Incorporating a gift to a trust ensures your wealth is preserved and distributed according to your wishes. Working with an experienced trust attorney is essential. They will guide you through the legal requirements and tailor the trust to your needs, giving you peace...
Continue ReadingUnderstanding what to include in a will is crucial for protecting your loved ones and ensuring your assets are distributed according to your wishes. It provides clear instructions for handling your estate, preventing confusion and potential disputes among family members. Although it might seem straightforward, drafting a will involves several legal considerations. An experienced will lawyer can ensure your...
Continue ReadingMany people receive Medicaid benefits based on how much they make and who is in their household. So, a Medicaid recipient’s marriage status is a big deal. If you’re newly married, congratulations! But while you’re embarking on the next stage in life with your new spouse, don’t forget to let the government know. The government doesn’t need a wedding...
Continue ReadingWhen someone dies, those left behind are responsible for managing the estate by paying off debts and distributing assets. In New York, the Surrogate Court generally appoints a personal representative—either an executor or administrator—to manage the estate. Once the representative finishes their work, the court typically orders the estate to pay administrator or executor fees. New York law sets...
Continue ReadingWhen someone passes away, transferring ownership of their property can be a daunting task. Understanding the transfer on death deed process and how an experienced attorney can assist you through each step is crucial. If you need guidance on transferring a deed in New York after a loved one’s death, the Law Office of Andrew M. Lamkin, P.C. is...
Continue ReadingUnderstanding Medicaid and how to protect your assets can be challenging, especially when considering the different options available. One such option in New York is the pooled trust for Medicaid, which can help individuals retain their eligibility for Medicaid while preserving their assets. This informational piece will guide you through the basics of Medicaid pooled trusts in New York,...
Continue ReadingWelcome to the Law Office of Andrew M. Lamkin, P.C., where we specialize in helping Long Island residents navigate the intricate world of estate planning. You’re in the right place if you’re curious about how New York estate law impacts your estate planning decisions. In this comprehensive guide, we’ll delve into the importance of estate planning, key concepts of...
Continue ReadingPlanning for the end of your life can be intimidating even before you factor in trusts and estates law. Before you dive into discussions about Totten trusts or spendthrift clauses, you need to know the basics. What is trusts and estates law? Wills and trusts are at the core of estate planning, where you make provisions for your care...
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