Deciding to get divorced presents several considerations. While things like what will happen to your children as well as where you will live are likely at the front of your mind, estate planning is likely something that you have not yet begun to consider. It is a good idea…
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New York Estate Planning & Elder Law Blog
Driving to Canada for Cheap Prescription Drugs
In the early 2000s it was common for groups of seniors in Michigan to travel to Canada by bus to buy cheaper prescription drugs. Church groups, community groups, and senior citizen groups routinely organized these trips to help people buy their prescription drugs. Prescription drug prices are the highest in…
Making the Most of Your 401(k) in 2020
If you’ve had a 401(k) for some time, you’re aware that each year many factors influence the value of contributions. 2020 is shaping up to be a great year to make contributions to a 401(k) plan. The Internal Revenue Service recently announced its 2020 limits for plan contributions. Not…
Six Things to Do When Your Parents Do Not Have Retirement Savings
There are many reasons, all quite valid, that people enter retirement with little to no savings. Prolonged medical illness, catastrophic life events, poor job prospects, or modest means, are just some of the many reasons that contribute to little to no retirement savings for many seniors. As children of such…
What To Do if There’s No to Receive Your Assets
For many decades, discovering that a relative or loved one had passed away and left you something was only a good thing. Due to taxes and complications with real estate, however, it has become common for people to be hesitant if you find out that you’re someone’s beneficiary. This…
What New Jersey’s Aid-In Dying Law Means for Estate Planning
The state of New Jersey recently passed the Medical Aid in Dying for the Terminally Ill (MAID) Act. This law permits physicians to assist in the suicide of terminally ill patients following three requests by the patient to do so. To achieve physician assistance, one of the requests must be…
Do you have the holiday blues?
By now, many homes across the nation are decked out with holiday decorations. String lights are strung around trees, houses, and even apartment windows. Almost all retail shops contain some form of holiday decorations, from simple Christmas trees to menorahs, to elaborate Christmas towns. While for many people the end…
Advice on Passing on Ownership in Family Businesses
When a family business owner has the goal of passing on ownership in the business to the following generation, it is important to include details about business succession in your estate plan. The most challenging issue presented in many family business plans relates to identifying who will control the business.…
Deciding which IRA Works Best for You
Deciding which type of IRA works best for your estate plan can be challenging. While Roth and traditional IRAs are the most common types of retirement accounts, there are other options that you should consider as well. These lesser-known accounts can provide numerous tax advantages based on a person’s situation.…
Deciding What Role Your Home Plays in Estate Planning
One of the major elements of most estate plans is deciding how to handle your home. For many families, a home is among its most valuable assets. While everyone can benefit from an estate plan, it is particularly that homeowners create a plan. To make matters more complex, there…