Medicaid proves that no program from the government is entirely free. Medicaid beneficiaries living in nursing homes may spend tens of thousands of dollars of the government's money over the years. After a beneficiary dies, the state takes the person's assets to repay...
Estate Planning
Have you revisited your estate plan in New York?
Estate planning is an important process that involves making decisions about how your assets will be managed and distributed after your death. However, estate planning is not a one-time event. You should review and update your estate plan when the following events...
Can you avoid probate?
Sitting down to create a will is a responsible act for the good of your family. However, a will may not prove adequate to protect your family after death. Even with a directive, your will may stall out in probate, leaving your family with little money to stay the...
Why you might choose a spendthrift trust
Estate planning in New York is recommended for every adult. Planning now is worth it because you'll protect your health, grow your wealth and preserve your money for heirs. What makes planning a challenge for some, however, are the vast options that exist. With trusts...
How to select an estate executor in New York
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....
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...
