Rising Medical Bills Experiencing a life threatening accident or injury is one of the scariest and most confusing times in a person’s life, but what further complicates these emotional times are the staggering medical bills received after, without warning. In an effort to combat receiving these unexpectedly high bills and…
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New York Estate Planning & Elder Law Blog
Keeping Your Life and Assets Private
Prince’s lack of estate planning in life has made quite a mess for his potential heirs as we have covered in the past. The slow moving probate proceedings are also preventing his estate from fully monetizing his image and collecting potential revenue. This week though the Minnesota probate judge gave…
Understanding Testamentary Capacity Under New York Law
In order to make and execute a valid will under New York law, a person must meet certain requirements. One of these requirements is that the testator or person creating his or her will have testamentary capacity. Testamentary capacity refers to a person’s ability to understand and execute a will.…
Diversification in Your Portfolio
Depending on the purpose of a trust, a trust may be able to further sustain its’ life and generate additional income by investing the funds originally set aside by the grantor in a variety of investment tools. In order to generate additional income, a professional investor will seek to have…
Estate Planning Under 40: Why You Need It
Making an estate plan tends to be something people ignore until the last minute. These documents are considered important, but only for those who are old or dying. Why would a person under 40 need an estate plan? Estate planning is a safety net. It is there if the unthinkable…
Protecting Assets From Previous Marriages And Yourself
Protecting Your Estate The divorce rate in America has sat steady at just below 50 percent for decades now. From out of the troubling reality that almost every other marriage fails is the issue that comes with the rights that ex-spouses may have on marital assets after the divorce. Your…
Private Equity and PACE
Providing reasonable care for the rising number of senior citizens continues to be issue of concern for our health care system. What constitutes providing adequate care differs depending on the situation; many senior citizens have expressed concern regarding their ability to stay in their homes and receive care versus moving…
Life Insurance and Business Succession Planning
Few people think about what will happen to their business after they die and therefore rarely put together a plan. Fewer may even think that a family or closely held business should be considered a part of their estate plan. However, for many small business owners, their financial interest in…
New York Medicaid Law – Pooled Trusts
Pooled Trusts Eligibility Pooled Trusts are a type of trust applicable to those individuals who are seeking public assistance benefits, such as Medicaid, to become eligible financially by setting aside funds in a trust for additional needs. The trust allows its beneficiaries to preserve a specified amount of money in…
IRS Proposal To Overturn Common Asset Valuation Planning Met With Fierce Resistance
Newly proposed IRS regulations meant to curb common estate and gift tax planning tactics is being met with a firestorm of resistance from financial advisers and estate planners across the country. The proposed regulations (REG-163113-02) place limitations on the use of current valuation discounts that reduce the overall value of…