When a person passes away, they leave behind things that range from tangible assets, like cars and jewelry, to intangible assets, like bank accounts and stocks. The executor is the person who handles all of these assets after death and distributes them accordingly....
Estate Planning
The importance of estate planning
If you have accumulated wealth via investment, then it is important to think about how that wealth will play into your estate planning. It isn't the most pleasant topic, but planning out how to manage your tax burden and protect your estate from lawsuits is necessary...
3 things to tell your adult children about your estate plan
Estate planning lets you protect your wishes and leave behind a legacy. But many people have yet to take care of this essential process. According to a survey by Caring.com, only 4 out of 10 adults in the U.S. have created either a living will or a trust. If you have...
What to expect at a real estate closing
With the current real estate market, it’s hard to land your dream home in New York. While purchasing a home is exciting, you’re always left with one process, real estate closing. The closing process entails handing over the ownership of the house. Here’s some insight...
Is joint ownership a good strategy for incapacity planning?
One potential situation that many people in New York entertain when they start thinking about their estates is planning for what could happen if they become incapacitated and can't make decisions for themselves. One popular option is to put assets in joint ownership...
Could a Medicaid Asset Protection Trust help you?
When you need assistance under Medicaid, including for long-term nursing care, you may face obstacles due to the asset limit imposed by the federal program. Elderly people in New York applying for Medicaid coverage for long-term care typically face an asset limit of...
What are potential benefits of a life estate deed?
Whether you are looking for ways to minimize probate costs or you have concerns about Medicaid eligibility, you may be considering transferring your home to a loved one. However, you may not be ready to give up your home just yet. A life estate deed allows you to...
Using a MAPT as an estate planning tool
If you become incapacitated unexpectedly and your quality of living changes radically, your savings can dwindle within a few years. You may not qualify for Medicaid in New York if you have too many assets. As a result, your family may need to sell your home. You can...
Will your estate plan affect the beneficiary’s Medicaid?
Medicaid is an important health insurance program that provides benefits to millions of low-income Americans. If you have a loved one who has a disability that interferes with his or her ability to work, Medicaid may pay for checkups, medical care and medications. To...
How should you direct your focus during an estate plan review?
An estate plan review can seem like a daunting task at first. After all, it took you lots of time and energy to get through the creation of your estate plan in the first place. It can feel overwhelming, especially if you follow expert advice to review every three...
