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New York estate planning lawyers are often tasked with advising their clients as to how to choose the proper people to administer their estates. The people they designate are put in positions of immense trust and responsibility. Whether the client is designating an executor/executrix, a trustee, or a power of…
Aging in place is almost always preferable to being forced to move into a long-term care facility. New York City elder law estate planning attorneys work with residents to ensure they are able to stay in their own homes as long as possible. Yet, it is a mistake to simplify…
The probate process is public, and so most families whose estate planning includes only a will usually have the details of the document laid out to anyone in the community who chooses to examine it. Yet, that rule is usually best exemplified by looking at the exceptions. While a will…
Elder care encompasses a wide-range of issues, from day-to-day lifestyle concerns to potential long-term care moves. The issues progress over time for most families. They begin with family questions about whether a senior should continue driving, for example, and advance to consideration of moving into an assisted-living home or even…
Properly naming beneficiaries in things like Individual Retirement Accounts (IRAs) is obviously a crucial component of all New York estate plans. One of the most common planning mistakes is failing to update these beneficiary designations. These mistakes are serious, because assets in these accounts usually transfer at death automatically–outside of…
What happens to all of the money that you owe at death? Does someone else pay for it or does it just disappear? Our New York estate planning attorneys know that many local residents have questions about these sorts of issues when thinking about their long-term financial and inheritance issues.…
Some estate planning concepts may seem so straight-forward that community members try to go it alone. After all, a will is just a document that clearly spells out one’s wishes and lists who gets what on a piece of paper. Other assets, like retirement funds, just need a beneficiary named.…
There is a misconception that New York elder law estate planning is all about money. While finances are obviously central to this field, at the end of the day the main concerns are long-term well being. That is particularly true in the context of elder law. Ensuring adequate resources for…
With so much attention focused on the future of the estate tax rate and exemption levels, it is easy to forget about other tools to save on taxes while passing on assets. Perhaps the most easily understood is the “annual gift tax exclusion.” Each New York City estate planning lawyer…
When working on a plan for a local resident, our New York elder law attorneys often advise on the importance of long-term care insurance (LTCI). Where affordable, long-term care insurance is an incredibly powerful tool that both protects assets from the possible costs following disability and creates an avenue by…