With an aging population, more adult children are finding themselves faced with the difficult dilemma of caring for aging parents. In fact, the Centers for Disease Control estimate that nearly 34 million Americans provide caregiver services to someone over 18 who suffers from illness or disability. Roughly 83% are family…
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New York Estate Planning & Elder Law Blog
How NOT to Avoid Estate Taxes: The Scholarship that wasn’t a Scholarship
Julius Schaller was a Hungarian-American immigrant was a wealthy grocery store owner who had acquired substantial assets that exceeded the threshold for paying estate taxes. In order to avoid the tax burden, he established a special scholarship foundation for Hungarian immigrants who pursue performing arts. He named it the Educational…
FINRA Issues New Alert for Estate Planning
The Financial Industry Regulatory Authority (FINRA) issued a new alert regarding the transfer of brokerage accounts upon death. This report has important information for people who are considering using brokerage accounts as part of their estate plans. The alert informs current brokerage account holders, family members, and their other beneficiaries…
New LGBT Training for Elder Care Service Providers
A recent study at the University of Miami found that nearly 75% of all elder care service providers reported having members of the LGBT community as clients. Yet, less than 33% of these service providers had any type of specialized training geared towards the needs of seniors in this community.…
Estate Planning for Singles
Most of the estate planning tips and tricks revolve around plans for couples; however, a single person’s estate plan is just as important. In many circumstances, the way that a single person structures their estate plan and who is named differs from an estate plan of a couple. Just as…
Causes of B.B. King Estate Battle
Riley B. King, also known as famed blues musician B.B. King, passed away on May 14 and left behind a contentious estate battle between his children and manager. One of his daughters, Patty King, claimed in an interview that her father did well by his children and is now leading…
Generation X in No Hurry to Retire
Recent research shows that employees still working in Generation X do not have the overwhelming desire to retire. According to a new study released by Ameriprise Financial, an overwhelming 73% of people from Generation X plan on working in some capacity after they retire. However, interestingly enough the reason is…
How to Manage Your Parents’ Finances
As parents age, it can become harder for them to manage their own finances and accounts. Sometimes, the child needs to step in and help them with their financial needs, especially in cases where dementia or other cognitive impairments may be beginning to set in. Experts recommend the following tips…
Court Rules on Whether to Revoke Will
The Supreme Court of South Dakota recently ruled on whether an estate should be probated intestate despite the existence of a copy of a will. This case is interesting because unlike most cases of lost wills, in this instance the spouse of the deceased wanted the copy revoked and the…
Thinking about Retiring Abroad
One of the most common hopes of retiring individuals is that they can move to the beach or go someplace abroad. A new study by the National Association of Real Estate Investment Trusts revealed that only a tiny percentage of seniors in their 60’s, around one percent per year, move.…