Planning for retirement is rarely a simple task. For one thing, a resident must carefully ask the basic question: How much do I need? Sophisticated models and projections exists to help make educated guesses about this answer. But it is never an exact science. That is because it is impossible…
Structuring an estate plan to account for taxes can be a complex task. While state and federal estate taxes make up the majority of discussion about taxation, there are other issues to consider. For example, there are ways to structure disbursement of various assets–insurance policies, retirement accounts, and more–so that…
One overlooked aspect of elder caregiving is the difficulty of the transition time itself. While some seniors may suffer serious medical events (stroke, heart attack, etc.) which require adult children to manage affairs overnight, in many cases the need for support happens only gradually. This presents a challenge as children…
Epic estate planning battles–particularly involving the wealthy and famous–have long been fodder for newspapers. There have even been a few high-profile movies touching on the topic, like the recent George Clooney film, “The Descendants.” But now it appears that the sagas may make their way into yet another medium: television.…
Do I have enough to retire? Countless New Yorkers ask their financial advisers, estate planning attorneys, and other professionals that very question each and every day. There is no one-size-fits-all response, as retirement is a personal matter based on individual expectations, goals, and perspective. Mountains of pages have been written…
Money is always at the top (or near it) of lists describing issues that most commonly bring stress into our lives. It’s cliche to say that “money is the root of all evil,” but its obvious that dealing with financial issues is a common concern for families of all shapes,…
It is not easy for many local residents to understand all of the ins and out of the Medicaid program. While Medicaid is a critical tool that provides support for local seniors who need long-term care, it can be a whirlwind of stress, anxiety, and frustration when families attempt to…
Advisor One shared a useful story this week that touches on an item commonly forgotten in wealth transfers, including those using trusts or other legal tools. It is critical to remember how insurance coverage might be affected by the transfer. That way, changes can be made immediately to guarantee that…
There is no getting around the fact that certain costs will be incurred near the end of life. Even if you are in great health, live at home until the very end, and require no extra caregiving of any kind, your passing will come with certain financial challenges for your…
The fiscal cliff crisis dominated the last month of 2012. Even though an agreement was reached on New Years Day, the compromise is far from the end of partisan political battles and confusion. Observers are already making predictions about the possible implications of the looming “debt ceiling” fight between the…