When you are looking for an elder law attorney, ask these questions before hiring him or her to make sure they are the right fit. As you age, concerns about your living situation, care needs, and finances start to arise. You might wonder how you will pay for long-term care, what will happen to your assets, or who will...
Continue ReadingNot sure which assets you should transfer into a trust? There are some you can transfer (and should), while others could cost you when it comes to taxes and penalties. Creating a trust is only half the battle. The most critical step to establishing a revocable trust is to fund that trust. Funding, in its simplest terms, means transferring...
Continue ReadingCreating an estate plan as a senior requires a more complex approach than someone in their 20s – including specific steps you must take to protect yourself. No one sets out thinking about mortality. But eventually, you will come to the point where addressing your mortality is critical for yourself and your loved ones. Ideally, you should start estate...
Continue ReadingProbate court is a legal process that follows a person’s death. It goes through various stages to help settle the estate, handle any outstanding debts, and distribute assets to named beneficiaries. Probate records are public records. These include everything from a will to estate inventories, letters of administration, and any document related to the estate’s administration and settlement. These...
Continue ReadingMost people assume that it is natural to lose the ability to remember things as they get older. While memory loss does happen as part of the aging process, the intensity and how it affects you depends on the person and type of memory affected. Also, not all memory loss is part of dementia or Alzheimer’s Disease. However, a...
Continue ReadingMedicaid is a government-funded program that takes many forms. Many New York residents are surprised to find out how many options they have for Medicaid coverage, including Nursing Home Medicaid. Nursing Home Medicaid is one of the more comprehensive Medicaid programs, and it comes equipped with all Medicaid services from Community Medicaid and Community Medicaid with Long-Term Care. Also,...
Continue ReadingNew York offers various homecare and nursing home care solutions for aging residents. To determine which type of services you qualify for, you need to assess your budget. Depending on your income, age group, and disability status, you may be eligible for individual types of Medicaid coverage offered by the state. Community Medicaid is one of those options. You...
Continue ReadingYou have a parent suffering from dementia, and now you are left wondering what you can do to protect their health, happiness, and their finances. A person who has dementia relies heavily on their adult children, and they need someone who can make the critical financial and healthcare decisions on their behalf that are in their best interest. While...
Continue ReadingAfter a loved one dies, you may find yourself wondering how all the deceased’s assets are handled, and whether all assets go through probate. You are already dealing with the emotional trauma of losing a loved one, but now you are also absorbing the financial shock of your loss. You may wonder if your loved one’s retirement accounts will...
Continue ReadingRetirement accounts are there to provide you with income and financial freedom. While the money is yours, what you can and cannot do with that money is regulated by state and federal tax laws. It is imperative for anyone new to retirement accounts, and those with active accounts, to understand these laws. Failure to comply could result in penalties...
Continue ReadingAfter losing one parent, you may see that your surviving parent is struggling with the legal and financial tasks that come afterward. After all, they are grieving and the last thing they should have to deal with is the paperwork, phone calls, and endless to-do items. As an adult child, there are things you can do to help your...
Continue ReadingAs you age, you face critical decisions that not only impact your quality of life but the life of your loved ones. Some decisions you might make include how you receive medical care, where you live, and what you want when you pass away. Many decisions you make have legal considerations too, which is why elder law attorneys are...
Continue ReadingWhen a loved one dies leaving a will, you must go through the legal process known as probate. Probate is only required in the state of New York when your loved one’s assets total more than $30,000 in value. If the assets total over $30,000, then you will go through the stages of probate, and eventually, the estate will...
Continue ReadingAn estate consists of the personal or real property, possessions, and financial holdings that a person has accumulated during his or her lifetime. Estates do not apply only to the wealthy. One’s estate simply consists of the personal property owned by that individual, regardless of the amount of property. An estate can consist of a modest home and vehicle,...
Continue ReadingAs any experienced small business owner already knows, the primary goal of small business tax planning is to make the most the money the business is already generating. How an accountant achieves that goal depends on the type of business, the source of its income, and a myriad of other factors. Staying Out of Trouble Generally speaking, effective tax planning...
Continue ReadingThe purpose of a will is to be sure that your affairs are handled after your death and that your loved ones are taken care of properly. A will also protects your estate from various forms of litigation, including suits filed by family members who do not agree with the will’s contents. For this reason, it is important to...
Continue ReadingVarious laws concerning a person’s property rights during marriage are normally based on the state that the marriage took place in. Marriage and property ownership laws in different states are divided into two different categories. There are states with community property laws and states that do not have community property laws. These different laws govern how spouses can dispose...
Continue ReadingA guardianship is established when the court determines that a child’s biological parents are no longer able to care for a child appropriately. A case may be brought to court by child protective services if abuse has been filed against the parent. A case may also be brought to court by the person attempting to become guardian or a...
Continue ReadingOne of the most important parts of an effective estate plan is to ensure that a family’s children are properly provided for, whether they are minors or adults. This is often accomplished by placing some or all of the estate into a trust. The following five types of trusts have been found to be very effective in providing for...
Continue ReadingMany mistakenly believe that drafting a will is something that only needs to be done by old, retired people who have families and are facing their end of life decisions. There are, however, many reasons to draft a will no matter what age you are. It is really never too early to make your will. 1. Serve Your Family...
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