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Articles Posted in Elder law estate planning

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About 40 Million Americans to Experience a Drop to their FICO Score

Millions of Americans are expected to experience a drop in their FICO score when the Fair Isaac Corporation, the company that invented the FICO score, modifies the methodology they use to determine a consumer’s FICO score. Beginning in the summer of 2020, lenders may opt to use the new methodology…

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How much can you receive in divorce benefits?

If you’re eligible for divorce benefits from the Social Security Administration (SSA), you can collect up to 50% of the amount your former spouse is eligible to receive by claiming your benefits at his or her full retirement age (FRA).   Your FRA is either 66, 66 plus a few…

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Pay Up: 13 States that Tax Social Security Benefits

For over 80 years, Social Security has made guaranteed monthly payouts to eligible retired workers. Today, over 64 million people receive a monthly benefit from the Social Security program. The average retired worker benefit is $1,505.50 a month, as of January 2020. Generally Social Security income for the ordinary retiree…

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Back to Basics: Estate Planning 101, Part III

A power of attorney, including a heath care power of attorney, are crucial estate planning documents. This is especially important if you have Alzheimer’s disease, dementia, or are suffering from another chronic and debilitating illness. Individuals who are widowed or alone should carefully consider who they can trust to manage…

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Back to Basics: Estate Planning 101, Part II

A trust is an important estate plan document. Other estate planning documents include a last will and testament and intestate succession.   Every state has laws that determine who your heirs are and what proportion of the estate the heir is entitled to receive. Heir refers to blood relatives and…

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Understanding the Differences Between Revocable and Irrevocable Trusts

Adding trust instruments to your estate plan can help a surviving spouse and other beneficiaries have access to assets while the rest of the estate is wound up. Especially if there are young children or children with special needs ensuring continuity of financial security to survivors is at the forefront…

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How to Deal with Out-of-State Assets in an Estate Plan

It is not uncommon in our region for people to own real property outside of New York State. Increasingly, people own other home or investment properties out of state and even out of the country. A will generally disposes of all of an individual’s assets. The rules are different however…

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Do You and Your Partner Have Identical Wishes Regarding Your Assets?

Some couples approach their estate planning lawyer seeking advice on creating a joint will. Generally, the estates lawyer will frown upon such a suggestion because in practice, joint wills are fraught with problems. A joint will can be created by a married couple and is a single will. A joint…

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