With today’s rising cost of living and uncertain economy, circumstances arise in which family members might need to rely on each other for financial assistance. Parents may decide to lend children money to help them buy a home, car or other large purchase, to get out of debt or to start a business or financial...
It is not unusual for people to misunderstand the purpose and intent of a living will – not to be confused with a last will and testament. In fact, when we review estate planning documents with our clients before they execute them, we are often asked about the differences between health care proxies and living...
Guardianship — Different Strokes for Different Folks Article 81 Guardianships In our last issue of “A Step Ahead,” we provided information regarding Article 17 and 17-A guardianships. In this issue, we will address the “other” New York guardianship proceeding, the Article 81 guardianship. First, it is important to remember that estate planning is not...
Generally speaking, guardianship is a legal relationship, authorized by a Court, under which one person, the “guardian,” has the right and duty to care for another, the “ward,” and/or their property. In New York, there are three (3) different types of guardianship proceedings, each suited to a different set of circumstances. Article 17 of...
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Americans move from one home to another for a variety of reasons. They want to upsize, downsize, be closer to family and friends, seek a more desirable design or layout, or accommodate changing medical or physical needs. As people age, the likelihood of a move increases and it’s important to have reasonable expectations, be alert...
Though retirees are likely to have the greatest number of critical records – and might need access to many of them on short notice – for instance, if a Medicaid application must be prepared – they are the least likely to understand and know how to take advantage of new tools that are available to...
We recently participated in an elder care meeting at which one of the speakers quipped: “Be kind to your children, they will select your nursing home!” While it was intended as dark humor, it can also serve as a call to action. We won’t avoid the aging process. We may as well resign ourselves to...
When a loved one is admitted to a nursing home, in addition to helping your loved one accept the changes that have occasioned the move and managing the details involved in the move, you are often requested, by the nursing home, to sign documentation. Nursing home admission agreements can be complicated and confusing. What do...
An IRA or qualified plan is often a family’s largest investment. Improperly designating your beneficiaries, failing to name beneficiaries, or failing to update your designations, can have unforeseen and even disastrous results. A retirement plan that defaults to the estate is subject to debts, taxes and creditor claims, in addition to accelerated income tax. What...
