Part of our practice, at Berwitz & DiTata LLP, is to represent Guardians who have been appointed under Article 81 of the Mental Hygiene Law. It is surprising how many well-intentioned Guardians are ignorant of their responsibilities. This can be really problematic. Here are some misconceptions that Guardians frequently have: It is OK to...
The premature death of “Black Panther” star Chadwick Boseman, a young actor who had such a positive impact on so many lives, serves as a sad reminder of the importance of estate planning. Shortly before his death, Boseman married his long time fiancé. Boseman’s marriage significantly affected the disposition of his estate. When a...
The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government created to protect depositors of FDIC insured banks and savings associations against loss due to the failure of the insured bank. It covers all types of deposits: checking, savings, money market and time deposits like certificate of deposits (“CDs”), dollar-for-dollar...
Many of us fear that we may one day lose the ability to live independently and care for ourselves. When this occurs, the choices for most of us are nursing home care, assisted living or home care. In the greater New York area, depending on the level of care, nursing homes cost between $150,000.00 and...
We hear about new scams every day. Some are easy to recognize but others are quite clever. Unfortunately, seniors are prime targets. If they have diminished capacity, they are even more vulnerable. Here are some things that seniors can do to protect against the widespread damage caused by identity fraud: Telephone Scams – How...
Not infrequently, we are contacted by a family member of someone who is or has been ill or who suffers with dementia. We are asked whether it is “too late” to do estate planning. It is important to note that, under our laws, the right to control how and to whom our estates will be...
Estate planning is important for all adults. Our priorities change as we age, if we marry, if we have children or pets or aging parents, if we have loved ones with disabilities and, of course, when we retire. But an estate plan is something that each of us should have. Younger individuals and/or newly...
At Berwitz & DiTata LLP, we believe that lifetime planning is at least as important as planning for after death and that no plan is complete without a carefully drafted and thorough power of attorney. A power of attorney designates a person, called the agent, to make decisions and take responsibility for managing the principal’s...
Last year, we advised our readers of a tax savings strategy that involved funding charitable contributions with their required minimum distributions or “RMDs.” We wish to remind those who anticipate making charitable contributions before year-end to review our article entitled “The Benefits of Using Your IRA to Make Charitable Contributions.” For your convenience, we have...
After a loved one dies, family members frequently have unrealistic expectations as to the steps that are necessary to complete the process of distributing the decedent’s assets. Chief among them is the belief that the distributive plan developed for the decedent should be implemented immediately and the property dispersed to the beneficiaries. When the fiduciary,...
