No one likes to talk about what will happen after they die. Still, knowing that your assets will be distributed the way you wish and that your family will be cared for after your death can be a massive weight off your shoulders. Although many people believe that estate planning is very important, only 40% of Americans had a...
Continue ReadingThe Medicaid program can help you pay for nursing home care or home healthcare as you grow older. Most people pay for care out of savings, then apply for Medicaid once their assets are “spent down.” Of the 294 surveyed Medicaid applicants approved in 2012, 14% had over $100,000 in total resources. Therefore, estate planning and Medicaid go hand...
Continue ReadingIf you’re starting to worry about what will happen to you and your family as you age, it’s time to consider choosing a healthcare proxy. A healthcare proxy is an important part of any estate plan. A well-planned estate eases the burden on your family. It explains your wishes for after your death as well as for your medical...
Continue ReadingEstate planning protects your property and assets if you become incapacitated or die. It guides your family about your wishes for health care and finances when you can’t make those decisions anymore. If you don’t have a written estate plan, the state may make these decisions for you. When you’re remarrying, it’s time to update your estate plan to...
Continue ReadingSending your son or daughter off to college is an exciting milestone for both you and your child. There is so much to prepare during this time, from housing arrangements to class schedules to moving day. If estate planning for your child is not on the to do list, it should be. With certain estate planning documents in place,...
Continue ReadingWithout a doubt, if you own a business you have thought of when and how you might transfer the interest in your business. When anyone addresses estate planning issues, they have to make some decisions. But business owners have special considerations when it comes to their estate plans. If you are in this situation, you are likely wondering: Is...
Continue ReadingA common misconception is that estate planning is only for the wealthy, the elderly, and married couples with kids. In fact, estate planning is for everyone—even single people. Arguably, estate planning for a single person is more important because there is no spouse, the most natural inheritor of an estate. It is imperative that a single person specify who...
Continue ReadingIt is virtually impossible to overestimate the importance of estate planning, because estate planning is a family affair. The execution of your estate plan might begin while you are still living. You might become incapacitated (unable to make decisions or to communicate them) years before you die, for example. In any case, executing your estate plan is going to...
Continue ReadingOne of the most important rules of financial management is to pay yourself first. Likewise, while you are shopping for Christmas presents, you should buy a present for yourself first in the form of an investment in your retirement plan. With the old year coming to a close, the Christmas season is the perfect opportunity to start planning for...
Continue ReadingOne of the most challenging questions family members will find themselves asking as their loved one ages is whether or not to place that loved one in a nursing home. Every situation is unique, and there is no one-size-fits-all answer to this question. Instead, you must consider all of the factors and then decide if nursing home care is...
Continue ReadingYou trust that a nursing home will care for your loved one. After all, that is what you are not only paying them to do, but the entire reason you put them there in the first place. Amid a pandemic, you may wonder if you should remove your loved ones. The news stories about COVID-19 running amok in nursing...
Continue ReadingYou have done your due diligence and created an estate plan. So, you are protected for good, right? If that is your way of thinking, you may have critical gaps in protections for yourself and your loved ones. While you do not have to revisit your estate plan monthly (or sometimes even annually), there are reasons to revisit it...
Continue ReadingCOVID-19 testing sites are up and running across the state, but will the test be covered? Yes, Medicare and Medicaid both have expanded their coverage to include coronavirus testing. Because the Department of Health and Human Services designated this test a health necessity, both government insurance plans must pay for the test if the patient is suspected of having...
Continue ReadingIn addition to creating a will, you must designate beneficiaries to receive any assets that you owned. In the state of New York, the intestacy laws will apply if you do not designate a beneficiary. It is important that you name your beneficiaries, because without anyone named specifically, the state will dictate how your assets are distributed among surviving...
Continue ReadingWhether you have been named the executor of a will or a trustee of an estate, you have just been appointed a major role. This rule comes with strict guidelines and expectations that you must follow as a fiduciary duty. Failing to follow these duties could not only result in you being removed as the executor or trustee, but...
Continue ReadingMost people use the terms “estate planning” and “elder law” interchangeably. If you find yourself curious whether they are the same or not, you are not alone. Estate planning deals mostly with helping plan for disability, death, and taxes. The purpose of estate planning is to make sure loved ones receive their inheritance and are taken care of after...
Continue ReadingGetting ready for estate planning requires you to not only gather the right documents, but also to create a list of what you want, to determine your expectations, and to be ready to answer important questions during the estate planning process. To ensure you are ready at your estate planning appointment with your attorney, ask for a checklist of...
Continue ReadingA common question asked is how much estate planning will cost. Unfortunately, this is not easily answered by any attorney. Numerous factors play into the cost. Not only do attorneys have set rates and hourly fees that vary, but then there are those factors that can increase the complexity of an estate plan and cost more. Instead of scouring...
Continue ReadingToday we are in a do-it-yourself society. You fix your plumbing. You perform your vehicle maintenance. You might even self-diagnose on the web versus visiting a doctor when you’re feeling unwell. While there are some things you could do yourself, legal paperwork is not one of them. You might find yourself tempted to write your will and have it...
Continue ReadingA will might be part of an estate plan, but it is not estate planning. All too often these terms are used synonymously, but in reality, they are quite different from one another. A will is a single drafted legal document, while estate planning dives deeper with multiple documents to protect your estate and your loved ones. Wills and...
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