Trusts are extremely valuable in protecting, preserving, and controlling a person’s assets while minimizing federal and state taxes. In many ways, a trust is more flexible at managing an estate's assets and minimizing the cost of settling an estate than a Will. After a person passes away, a named Trustee,...
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Does Medicaid Pay for Assisted Living?
New York’s Medicaid program is a government-funded benefits plan that pays for long-term care for eligible elderly or disabled individuals who require a certain level of medical and personal assistance. If you are a resident of New York and qualify for Medicaid, the program may pay for the care component...
4 Reasons to Make Changes to an Existing Last Will and Testament in NY State
Your last will and testament is an essential legal document that outlines your wishes regarding the distribution of your assets, property, and the care of any minor children after your passing. While your will may not directly impact you, it may significantly impact the lives of your loved ones. If...
3 Estate Planning Steps For an 18-Year-Old in New York
Many people assume estate planning is something they should only accomplish later in life. However, once you reach the age of 18, you are considered an adult in the eyes of the law and should begin considering completing some important estate planning documents in the event of an accident or...
New Law Alert: Changes in New York Medicaid Limits
Many elderly New York residents rely on Medicaid benefits to provide them with access to necessary medical care and assistance with daily activities. To receive Medicaid, there are specific qualifications that one must meet. However, recent changes to New York Medicaid limits have been adopted in 2023, and it is...
Estate Planning Is Essential for Unmarried Couples
An estate plan ensures that your assets are accounted for in the event of your passing. While estate planning is essential for everyone, it is arguably more necessary for unmarried couples who live together. When one partner in an unmarried couple passes, the other cannot inherit the other’s assets or...
A Guide to the Different Types of Estate Proceedings
When a loved one passes away, their friends and family are often left with overwhelming feelings of grief and emotion. During this time, the last thing on anyone's mind or that anyone should need to focus on is the legal and financial process associated with their loved one’s death. However,...
How to Talk to Your Parents About Asset Protection Planning
The topics of aging, long term care and eventual death are always difficult conversations to broach, especially with our loved ones. However, as we age we understand the need and desire to protect those assets we have worked so hard to build. The reality is that the cost of long...
Make Completing Your Estate Plan Your 2023 New Year’s Resolution
The New Year is a great opportunity for individuals to make new goals by setting a New Year’s resolution for what they hope to achieve over the next twelve months. As you ring in 2023, consider making an estate plan your New Year’s resolution. While death can be an uncomfortable...
What Makes a Will Valid in New York State?
For most people, death is an uncomfortable topic to think about or plan for. However, strategizing for what will happen to your estate after you have passed is incredibly important. A Last Will and Testament allows you to decide what will happen with your assets after your death and who...