A Durable Power of Attorney (DPOA) in New York is a vital legal document that empowers an individual, known as the principal, to authorize another person, referred to as the agent or attorney-in-fact, to handle their financial and legal affairs. This arrangement remains effective even if the principal becomes incapacitated,...
Show Your Family Love This Valentine’s Day with an Estate Plan
Valentine's Day is often associated with romantic love, flowers, and chocolates. While these expressions of affection are wonderful, there's another meaningful way to show love to your family that goes beyond traditional celebrations. This Valentine's Day, consider giving the gift of security and peace of mind by creating an estate...
Protecting Against Medicaid Estate Recovery in New York
Medicaid estate recovery is a process that many of our Long Island clients may not be familiar with until faced with the challenging task of navigating it. Medicaid’s estate recovery program is designed to allow New York State to recoup the costs of long-term care services provided to Medicaid beneficiaries...
2024 Estate Tax Planning Update
As we usher in the new year, there are significant updates on the horizon that could impact your financial planning and wealth transfer strategies. One key area of interest for many is estate tax, commonly referred to as death tax. The Internal Revenue Service (IRS) and New York State’s Department...
A Fresh Start: Fulfilling Your New Year’s Resolutions with Estate Planning
As the New Year unfolds, many of us are eager to embark on a journey of self-improvement and positive change. While resolutions often focus on personal development and well-being, there's one crucial aspect that is often overlooked – estate planning. This year, consider taking a bold step towards securing your...
‘Tis the Season! Unwrapping the Benefits of Charitable Gifting in Your Will
Creating a will is not just about distributing assets; it's an opportunity to leave a lasting legacy. Charitable gifting in your will is a powerful way to make a positive impact on the causes you care about. Let’s explore the benefits of charitable giving into your estate planning. Leaving a...
Elvis Presley’s Last Will and Testament: Understanding Estate Planning
Elvis Presley, affectionately known as the “King of Rock n’ Roll”, is one of the most iconic figures in the music industry. He is still known today for his electrifying performances, extensive film career, and selling millions of records worldwide. His unexpected passing on August 16, 1977, at the age...
Top 7 Considerations When Choosing an Executor
Choosing an executor for your will is an important decision that can greatly impact the administration of your estate after your passing. An executor is responsible for managing the distribution of your assets, paying off debts and taxes, and ensuring that your final wishes are carried out according to your...
Financial Management for Individuals with Special Needs
https://www.youtube.com/watch?v=bQtDXQCcG-M Estate planning is a crucial process for individuals who want to ensure that their assets are managed and distributed according to their wishes after they pass away. However, when it comes to leaving assets to a loved one with special needs, traditional estate planning may not be sufficient. In...
Estate Planning: Navigating Milestones in Life
Life is an incredible journey filled with milestones that shape our personal and financial circumstances. As we progress through different stages, it becomes increasingly important to plan for the future and ensure the security and well-being of ourselves and our loved ones. Estate planning is a vital process that allows...