One of the most important decisions when contemplating retirement is deciding when to start claiming Social Security benefits. A major study found that almost all Americans take Social Security at the wrong time. This timing problem has cost retirees about $111,000 per household. Retirees typically claim Social Security benefits at…
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New York Estate Planning & Elder Law Blog
Advice on Funding Special Needs Trusts
If you are a parent with a special needs trust, you likely understand how critical it is to prepare for the future. After all, these trusts make sure that a child continues to receive financial support in case you die or become incapacitated. These trusts are also particularly helpful because…
The Role of Handwritten Wills
When Aretha Franklin passed away in 2018, she was not believed to have had any type of estate plan. Months after her death, however, several handwritten wills were located in the late singer’s home. While some people think that handwritten wills are never valid, this is simply not true.…
Reasons to Consider Creating a Trust
Many people fail to engage in any type of estate planning. Statistics compiled by AARP suggests that approximately 60% of Americans lack a will or any type of estate planning. Of the people who do decide to create plans for what happens in case they die or become incapacitated,…
Advice on Selecting a Digital Asset Guardian
As time passes, an increasing number of people are finding out that they have digital assets as part of their estate plan. No matter if it’s audible content, digital documents, or social media page, however, it is often critical to appoint someone who can properly look over these assets in…
Who Pays and When Does a Reverse Mortgage Become Due and Payable?
In our last post we reviewed reverse mortgages as a way to cash out of the equity in your home while allowing you to remain in your home. As long as you are 62 and older, own your home, and plan to live in it, it is possible to convert…
Important Considerations in the Removal of an Administrator or Executor
The Indiana Supreme Court recently upheld the removal of a father as the administrator of his deceased son’s estate. The son was killed in an accident in July 2007 when the vehicle that he was traveling in was struck by a bus. The man’s surviving daughter was subsequently placed…
Reverse Mortgages
The adage, home is where the heart is, is a truism. Human beings have a need for shelter. Housing is a basic need. Much time, effort, and money are expended in our lifetime to obtain and keep a home. For many individuals entering retirement, their home is their most valuable…
Estate Planning and Assisted Reproductive Technology
Each year, thousands of Americans rely on assisted reproductive technology to have children. While this advancement in the medical industry has allowed people who would have otherwise been unable to have children do so, it is not without its complications. One of the frequently overlooked areas impacted by artificial…
A Note on Afternoon Doctor Visits
When bodies age they need regular check-ups to ensure systems are functioning properly. Particularly if you suffer from a chronic condition, such as high blood pressure or kidney failure, regular doctor appointments followed up by lab work are extremely important. Through preventative care, your quality of life is better. Managing…