Probate is a legal process where a person’s estate is administered and officially closed out. All real property owned by the deceased is assessed by the court and then distributed to interested parties. While it sounds simple, probate is much more than reviewing a person’s assets and handing them over to beneficiaries. The process can take several months –...
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...
Continue ReadingWe live in the digital era. Most of your assets are online, including your bank accounts, social media, and personal data. If you think that you do not need digital estate planning, then you may want to consider just how much of your life and assets are online and stored in computers – not in physical form. Digital estate...
Continue ReadingAssets that can disqualify you from Medicaid include significant savings, investment accounts, additional properties besides your primary residence, expensive vehicles, and certain valuable personal property. Medicaid typically requires applicants to have limited financial resources, so substantial liquid assets or multiple real estate holdings may render you ineligible. Understanding which assets are countable and exempt can help you better plan...
Continue ReadingConsider how much information you keep on your social media profile before dismissing the idea of including it as part of your estate. Adding it to your estate plan could ensure that the right family member controls those photos, fond memories, and even videos that would be lost forever if no one inherits them. If you are active on...
Continue ReadingGetting a letter of testamentary is what you need to proceed in probate court. You will need to file a death certificate and a will with the county, then your official form requesting your letter. As the executor of an estate, you must take care of all financial tasks before you can officially close out an estate and fulfill...
Continue ReadingWhether you are getting married now or you are considering it, you must set up protections for your assets in your second marriage. Otherwise, you could have assets go to the wrong family members, which only creates more issues for the loved ones you leave behind. First of all, even if you have not officially tied the knot, you...
Continue ReadingProbate’s length depends on the complexity of the case and whether you have anyone contesting. However, you can expect anywhere from six months to up to two years. Likewise, you could have such a straightforward case that you are done, and the case is completed in two months – however, that is rare. One of the first questions our...
Continue ReadingWhen and how long Medicare covers nursing home costs will vary, but understanding how your benefits work and when they kick in is critical when you require nursing home care. Most seniors will reach a point where they need nursing home or long-term care. Sometimes, it is only after an illness or accident, while other times the situation is...
Continue ReadingWhether you are looking for nursing homes for yourself, a spouse, or an aging loved one, it is imperative that you do your research first. Nursing homes are plentiful, but not all of them offer the same care that you would expect. By understanding the basics to include in your search, you can narrow down the list of choices...
Continue ReadingOne of the first things you and your soon-to-be spouse think of after getting engaged is planning the wedding and how your future will be with one another. Most likely, the last thing on your mind is your estate plan. However, an estate plan is critical when a significant life change happens – such as getting married. Whether you...
Continue ReadingWhen 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,...
Continue ReadingAs 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...
Continue ReadingThe 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...
Continue ReadingRetirement 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...
Continue ReadingToday, 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...
Continue ReadingMore 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,...
Continue ReadingThe 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...
Continue ReadingAn 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...
Continue ReadingIf 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...
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