New York Estate Planning & Elder Law Blog

Transitioning to a nursing home or assisted living facility is a difficult period for most adults. A recent study conducted by AARP even reported that 9 out of 10 Americans prefer living in their own homes as long as possible rather than switching to a nursing home. 

The concept of aging in place has let a number of older individuals stay in their homes rather than transition to a care facility. If you are planning on utilizing aging in place as part of your estate plan, the better you prepare, the more easily you will be able to navigate the numerous challenges that arise. 

If the concept of aging in place interests you, this article discusses some of the important factors that you should consider about aging in place before making it part of your estate plans.

One of the most important goals in estate planning is making sure that your assets are properly passed on to your loved ones. 

While irrevocable trusts at first glance might seem like they involve too much control, when utilized in the correct manner, they can be a valuable tool in making sure that your estate planning goals are achieved. 

Even though we all want to do what is best for our loved ones, it is also important to make sure that they realize the full advantage of any assets that you might pass on.

The Supreme Court recently issued a decision in a North Carolina case, which will likely have a limited but substantial impact on estate planning and tax-related issues. 

The case in issue concerned North Carolina’s taxation of Kimberley Rice Kaestner’s 1992 Family Trust for more than $1.3 million between the years of 2005 to 2008. The court later ruled that the state of North Carolina was not able to tax the trust because the only connection to the state that the beneficiaries lived there.

The Impact of the Supreme Court’s Decision

An appellate court in the case of Gonzalez v. City National Bank recently affirmed a probate court’s order that denied a plaintiff’s request after the death of plaintiff’s daughter that the remainder of a special needs trust be distributed to the plaintiff rather than the Department of Health Care Services. 

The distribution was used as reimbursement for Medi-Cal payments for the daughter’s medical care. The court held that the mandatory recovery rules for special needs trusts apply to trust remainders. 

An opinion letter by the Centers for Medicare & Medicaid Services supports the department’s perspective that the Department of Health Care Services is allowed to recover for the daughter’s Medi-Cal expenses. 

Nobody likes talking about what will happen after their death. But it is a universal truth that every one of us will die at some time, which is why it is absolutely critical to create a funeral plan. One of the best ways to make sure that your loved ones have as easy a time as possible following your death is to create a detailed plan addressing end of life issues. 

Unfortunately, a 2017 report by the National Funeral Directors’ Association reveals that only 21 percent of Americans discuss details about their funeral with loved ones. 

While it might sound grim, there are three elements of a funeral: preparing a corpse, holding a ceremony, and handling the internment. The purpose of this article is to review some important steps that you should make sure to follow when planning for what will happen at your own funeral. 

For many individuals, retirement accounts are one of the largest assets that they have to pass on to loved ones throughout estate plan. Without the assistance of a knowledgeable estate planning professional, however, it is very common to make mistakes including with IRA’s. 

In the hopes of helping you avoid future mistakes involving IRAs, this article review some of the most common error. It is important to understand, though, that not even the best advice can replace the assistance provided by an experienced estate planning lawyer.

# 1 – Not Updating Contingent Beneficiaries