When you hear the term “elder law attorneys,” you may wonder what the field is all about. This is understandable, and when you digest the facts, you will see why it may be wise for you to consult with our elder law attorney. There are many eventualities of aging to address, and they can be complicated from a financial planning and estate planning perspective. This is how attorney Joanna Grama, writing on the American Bar Association website, summed up the elder law area of legal …
Is Probate Necessary for All Estates?
When you envision the way that a will is administered after someone dies, you may assume that the executor that is named in the document could follow the instructions and act independently. This type of scenario is sometimes depicted on fictional television shows and in the movies, but it is just that: fiction. Under the laws of the state of New York, a will must be admitted to probate after the passing of the testator. The executor or personal representative would handle the business of the …
Act Today to Prevent a Guardianship
A lot of people think of estate planning as a purely financial endeavor. It is true that you have to facilitate the transfer of your monetary assets after you pass away. This is one important piece to the puzzle, but it is not the only one. In order to be comprehensively prepared for the inevitabilities that we will all face, you should consider end-of-life matters as well. With this in mind, we will share some information about incapacity planning in this post. Alzheimer’s Disease To fully …
Medicaid Planning for Nursing Home Asset Protection
If you are going to qualify for Medicare when you reach the age of 65, you may assume that Medicaid would never be relevant to you. The health insurance will be there, and you wouldn’t qualify for Medicaid anyway, because you are going to have assets. This is a logical perspective, but there is a very good reason why anyone that is looking ahead toward the future should learn about the Medicaid program. Long-Term Care The United States Department of Health and Human Services maintains a …
Why Would You Use an Irrevocable Trust?
There are many different tools in the estate planning toolkit, and the right course of action will depend upon the circumstances. This is why it is very important to sit down and have a meaningful conversation with an estate planning attorney when you get serious about the process. When you do this, you may find out that you should use an asset transfer vehicle that you have never heard of before. Generally speaking, there are two different types of trusts: revocable trusts, and …
A Look at Probate-Free Asset Transfers
If you are just getting started trying to gather information about estate planning, you may hear the term “probate avoidance” and wonder what it is all about. First off, to know why you might want to avoid probate, you have to know exactly what it is. Probate can be defined as the legal process of estate administration. This involves the probate court examining the will to determine its validity and then acting as a supervising entity as the wishes of the deceased are carried out in a …
Avoid These Estate Planning Mistakes
People often make assumptions about estate planning that lead to errors that can yield negative consequences. In this post, we will share three of them so that you can steer clear of these traps that can ensnare you. Trusts Are Only Useful for Wealthy People One misconception that many folks embrace is the idea that a trust is never appropriate unless you are extremely wealthy with a complicated portfolio. While it is true that individuals that are in this position do use trusts, but there are …
Medicaid Recovery and Home Ownership
Before we get into the specific detail that we want to focus on here, we must provide some background information about Medicare, Medicaid, and long-term care. If you work and pay taxes for at least 10 years, you will qualify for Medicare when you reach the age of 65. This program will provide a solid underpinning, but there are deductibles, co-payments, and premiums that you have to pay out of your own pocket. For many people, these expenses are not overwhelming, but there is one gaping …
Top Three Reasons to Use a Living Trust
A lot of people that have always assumed that they should use a last will go in a different direction when they learn all the facts. The revocable living trust is an alternative that is far more beneficial for a wide range of people. Let’s look at three reasons why you may want to use a living trust as the centerpiece of your estate plan. Probate Avoidance If you use a last will to state your final wishes, you would name an executor to serve as the administrator. This person would not be able …
Blue Wave May Lead to Transfer Tax Changes
Since Joe Biden is now president and the Democrats control the House and the Senate, it is very likely that we will see some significant legislative changes. A couple of them may impact taxes on inheritances, and we will share the details in this post. Federal Estate Tax Exclusion The exclusion is the amount that can be transferred before the federal estate tax would be levied on the remainder. In 2010, there was an estate tax repeal due to a provision contained within the Bush era tax …
New York Estate Tax Has Unique Provisions
We are going to look at a couple of the unusual provisions that are part of the New York state estate tax parameters in this post. However, before we proceed, we should explain the basic framework for the federal estate tax so you are fully informed. High Net Worth Individuals This tax only applies to very wealthy people, because you can transfer a certain amount before the estate tax would kick in. The threshold is called the credit or exclusion, and after a tax cut was enacted for 2018, the …
A Look at Different Types of Asset Protection
Asset protection is very important for many people, and it comes in different forms. It is said that we live in a litigious society, and it is possible to position your assets in a safe manner. We will look at the spectrum in this blog post. Asset Protection for Business Owners and Professionals If you own a business or professional practice, you may want to take steps to separate your personal property from the actions of your business. For example, let's say that you are a landlord. Renters …
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