A guardianship proceeding seeks a court determination as to whether an individual is incapable of handling their own financial and/or personal needs and, if not, to appoint a guardian to act on behalf of the individual. Such a proceeding is both costly and time-consuming. You can expect a guardianship proceeding to cost thousands of...
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...
Believe it or not, there are reasons why people occasionally ask about refusing an inheritance. Sometimes the inheritance is of property that is undesirable or it is an asset that is of no value or one that would be costly to maintain. There are individuals who, for religious or philosophical reasons, do not wish...
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...
Estate Planning Lessons Learned Once again, the death of a celebrity reminds us of the importance of thoughtful and comprehensive estate planning. Anthony Bourdain was an American celebrity chef, author, travel documentarian, and television personality. His death by suicide was certainly tragic but, shortly after the event, the media reported that he and his wife...
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...
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...
