As parents and other loved ones age, they may require assistance with the activities of daily living, finances, and medical care. But that does not mean they want to completely give up their independence. Nor should they. So children and other caregivers must tread lightly in offering and providing assistance. The Golden Rule provides a useful guide when it...
Continue ReadingCaring for an aging parent can be emotional and bring up old, unresolved issues between family members. It is not uncommon for families to disagree on what their mom, dad, or grandparent needs. Everyone has a different opinion and solution. Not only can these disagreements damage family relationships, but they may be detrimental to the elderly person’s care. With...
Continue ReadingIf you or a family member needs skilled nursing care, you have plenty of issues to tackle regarding medical care, costs, and protecting assets. What to do with the house when the elderly enter a nursing home is often a primary concern. When you are facing the issue of an elderly person moving into a nursing home you must...
Continue ReadingIn an effort to move into retirement with as many issues settled as possible, it is necessary to address decreasing retirement savings tax issues. Taking steps in this regard will aid in having a more pleasurable and lucrative retirement. Here are 6 ways to lower your retirement savings tax issues. Tip 1: Have a Retirement Date Goal For retirement...
Continue ReadingIf you want to become an administrator of an estate in New York, you will need to comply with certain rules and procedures. Although these rules can be confusing, New York probate attorney Andrew Lamkin can help you navigate the maze. It is important to understand the distinction between “executor” and “administrator” in New York, however, because not all...
Continue ReadingThere are many reasons you might wish to keep your home in the family after you die—like an heirloom, for example, or to provide a fallback residence for your children in case of financial difficulties. Regardless of your reasons, there are a number of ways to protect your family’s home after you die. Although each method has its pros...
Continue ReadingThe ongoing retirement of the Baby Boomers is marking one of the greatest demographic transitions in US history. If you are looking toward retirement a few years down the road, or even longer than that, there are certain preparations you need to start making now. Some of these are obvious, while others are less so. Below is a general...
Continue ReadingMost people have a general idea of what estate planning is. Fewer, however, are familiar with the concept of elder planning. In a nutshell, estate planning is concerned with what happens to your assets after you die, while elder planning includes both estate planning and planning for what happens to your assets before you die. Ultimately, elder planning is...
Continue ReadingA conservatorship is a type of guardianship. Guardianship is an arrangement whereby one person (the guardian) is empowered to make important life decisions on behalf of another person (the ward) who has lost the capacity to make these decisions themselves. The decision-making powers that the guardian can exercise might include the power to manage the ward’s finances or healthcare...
Continue ReadingNew York state trusts and estates law provides several legal vehicles that allow you to state your wishes concerning what should be done in case you someday become incapacitated. The most popular of these vehicles include the revocable living trust, the living will, various types of power of attorney, and the Health Care Proxy. You are considered incapacitated when...
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