Long Island Elder Law & Estate Planning

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Where There’s a Will, There’s a Way

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The legal document called a last will or last will and testament is an estate planning tool that is widely utilized, and most people have heard of this document. You can use a last will to facilitate asset distributions to your heirs after you are gone. If you have minor children, you can also use a will to nominate a guardian to care for the children if a guardianship was ever to become necessary A last will can be acceptable under simple circumstances, but there are other asset transfer …

Inheritance Planning: The Time Factor

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The process of estate planning is a measured one. You should carefully assess your goals and take steps to make sure that these goals are met after you are gone. You probably do not want your heirs to have to wait around forever to receive their inheritances. It is important to understand all of the facts regarding asset transfer methods, because the way you proceed will make a difference. If you use a last will to facilitate the distribution of your assets after you pass away, the …

Free Report: What are the Drawbacks of Probate in New York

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Probate is an estate administration process. If you pass away while you are in direct personal possession of property, the distribution of the property would be subject to the probate process. This would be true if you had a last will, or if you had no estate planning documents at all. Topics covered in this report include: Probate Drawbacks Click here to read the whole article or download the PDF. …

Free Report: What are the Drawbacks of Probate in New York

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Probate is an estate administration process. If you pass away while you are in direct personal possession of property, the distribution of the property would be subject to the probate process.This would be true if you had a last will, or if you had no estate planning documents at all. A caveat to the above statement would be that there is a simplified probate process that could be utilized if the assets that comprise the estate do not exceed $20,000 in value. If the assets do in fact exceed this …

Answers to Three Important Estate Planning Questions

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When you become a self-supporting adult, you assume responsibilities that you would never have given much thought to previously. You may have a spouse and/or children who are relying on you and your income, and you probably take this responsibility very seriously. This line of thinking should extend to the subject of estate planning, which is one of these basic, core responsibilities of adulthood. Unfortunately, a very significant percentage of Americans are completely unprepared from an estate …

Can an Inheritance Cause a Loss of Government Benefits?

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On the surface, no one would have any concerns about receiving an inheritance. When you are devising your estate plan, everyone that you include will obviously be appreciative. However, there are some extenuating circumstances that can enter the equation. Consider the life situation of a loved one with special needs. Many people with disabilities cannot earn income on their own, and they do not have health insurance. Everyone needs income, and health insurance is important as well, but it is …

Have You Considered the Estate Administration Process?

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The process of estate administration is sometimes overlooked by people who are just trying to take care of the basics. You certainly have to use legal documents to state your wishes in writing in a legally binding manner, but there is also a human element that is extremely important. When you create these documents, you are leaving instructions, but who is going to follow these instructions? You can carefully select the person or entity that will handle the estate administration tasks when you …

Free Report: What Is a Grantor Retained Annuity Trust in New York

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  Now that we have set the stage, we can look at grantor retained annuity trusts. To implement this strategy, you intentionally fund the trust with assets that you would expect to appreciate considerably over the coming years. When you fund the trust, you are removing those assets from your estate for estate tax purposes. You name a beneficiary who would inherit anything that may remain in the trust after its term expires. Topics covered in this report include: Transfer …

Free Report: What Is the Five Year Medicaid Look-Back

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  The United States Department of Health and Human Services tells us that seven out of every 10 senior citizens will someday need living assistance. This is a telling statistic, and it is relevant to all of us. You may be confident about your future health care expenses because you are going to be qualified for Medicare coverage when you reach the age of 65. Unfortunately, the Medicare program is not set up to cover long-term care costs. Topics covered in this report …