New York Estate Planning & Elder Law Blog

One of the great challenges of estate planning is that most of the decisions made will be carried out after a person is no longer alive. 

For some people, this means that they need not worry about estate planning because they will not be around to see how it is carried out. Other people worry about estate planning and whether their wishes will end up being carried out for the exact same reason. 

The primary focus of estate planning is leaving instructions for your loved and trusted family and friends to make sure that things are properly looked after following your death or incapacity. To make sure that your healthcare decisions are properly carried out following your incapacity, this article reviews some helpful steps that you should remember to follow.

No matter if you are in a second or subsequent marriage, individuals who have been previously married often face a number of unique issues that influence the estate planning process. 

As a result, it is critical to take these factors into consideration when performing estate planning. By following these steps, a person can avoid a number of undesirable consequences including having unwanted beneficiaries receives assets.

The Role of Prenuptial Agreements

There are a number of complex issues involving the creation and administration of a trust. One of these issues involves which state’s laws should apply to the trust’s administration. 

The best estate planning lawyers often discuss with clients the differences between available estate laws so the best possible results can be reached. During this critical phase of estate planning, it is important to have a number of estate planning issues in mind, which include the following.

The Role of Non-Resident Trusts

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.