Revocable living trust benefits in New York are considerable, and far too many people overlook this option. They have been led to believe that a simple will is the best asset transfer method to use unless your estate is very complex. In reality, this is simply not the case. In this post, we will look […]
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Have You Considered the Estate Administration Process?
A lot of people try to reduce estate planning to a single action. You record your final decisions regarding the way you want your assets to be transferred after your passing. When the time comes, everything falls into place, and your wishes will come to fruition. In reality, there are hands-on tasks that must be […]
How Do I Avoid Medicaid Estate Recovery in NY?
We will look at the subject of Medicaid estate recovery in NY in this post. But first, we will explain some inconvenient realities about Medicare and long-term custodial care. Living Assistance for Seniors When you have been capable of taking care of your own day-to-day needs all your life, it can be hard to imagine […]
Legacy Planning: A More Comprehensive Approach to Estate Planning
A bare-bones estate plan will typically include a will, and advance health care directives may be included as well. If you are not familiar with the latter documents, they are used to prepare for possible incapacity. One of the directives is a a durable power of attorney for health care or health care proxy. This […]
How Do I Set Up a Special Needs Trust?
There are different ways to get assets into the hands of someone after you pass away. A method that is acceptable for one person may be disastrous for another. With this in mind, lets look at inheritance planning for people with disabilities and the special needs trust. Need-Based Government Benefit Eligibility In the United States, […]
What Is the New York Estate Tax Cliff?
Before we take a look at the New York estate tax and the so-called “cliff,” we should provide a brief explanation of the federal estate tax. This tax can definitely take a bite out of your legacy, but fortunately, most people do not have to pay the tax. This is because there is a credit […]
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