New York Estate Planning & Elder Law BlogWhen someone passes away without creating a last will and testament or trust, the individual passes away in intestate, meaning his or her assets will be distributed to heirs based on a line of succession under New York state probate laws. While most of us plan for the time after we pass away, not everyone […]
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New York Elder Law Estate Planning: Unitrusts
There are a variety of different types of trusts that an individual can use to their benefit while they are alive or in order to preserve their wealth for their family after they pass. Depending on it’s purpose, the grantor of a trust will make either a irrevocable or revocable trust. Irrevocable trusts cannot be […]
ESTATE PLANNING FOR NEW YORK’S ESTATE TAX
GOOD NEWS AND BAD NEWS Most people are aware that April 15 is tax day. That simply means that you have to have your taxes filed and paid by that date and that the year that those taxes are due for are from January 1st to December 31st of the previous year. New York, however, […]
Planning for the New York Estate Tax
The State of New York’s estate tax does not mirror the federal estate tax regime in many ways. A lack of careful planning may result in a New York estate tax liability even where the estate is not taxed at the federal level. New York’s Estate Tax New York’s estate tax, like its federal counterpart, […]
The Affordable Care Act and Estate Planning in New York
With the recent launch of the President’s health insurance marketplaces across the country, the Affordable Care Act has taken on a much more tangible character. Over 36 states are participating in the federally run internet exchange, while New York is one of a dozen of states running separate markets with its own operating system. The […]
New York Elder Law Estate Planning for Couples with Age Difference
Every New York estate plan is slightly different, because no two individuals are identical. Yet, many similar situations and challenges present themselves to different couples which often involve similar planning strategies. For example, one issue facing some residents is planning for married couples who have a significant age difference. Perhaps the most obvious issue involves […]
New York Elder Law Estate Planning Without Children or Spouse
Taking the burden of long-term care issues off of family members and eliminating the risk of family inheritance disputes are often a crucial component of elder law estate planning. Yet, that should not be mistaken for the notion that those who do not have children and/or a partner have less need for this planning. On […]
Elder Law Estate Planning Documents Explained by New York Elder Law Attorney
This week our New York elder law attorney, Bonnie Kraham, Esq., published yet another article in the Times Herald-Record in order to help spread information about elder law and estate planning issues. Many area residents understand the need to conduct this future planning, but they are not exactly sure what is included in one of […]
New York Elder Law Estate Planning is Particularly Important for Women
An unavoidable statistical reality is that area women may be much more affected by New York elder law and estate planning issues than men. Demographics and life patterns are at the heart of the explanation. Women have a longer life expectancy and more often marry older companions. This explains how of all Americans over 65 […]
Reasons to Revise Your Estate Plan
Estate planning is not written in stone. Instead, estate plans should be revised and reconsidered when various major life events occur. Marriage may or may not involve a prenuptial agreement. Regardless, it may call for adding your new spouse’s name as beneficiary on insurance policies, on a will or trust, power of attorney, health care […]