When an estate is being transferred, the inheritors are receiving income in a sense, so people have questions about income taxes on bequests. In addition to this situation, you may have heard about estate taxes and inheritance taxes. All this can get pretty confusing, and in this post, we will provide the facts so you […]
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Why Do People Avoid Probate?
You may hear people talk about probate avoidance when the topic of estate planning is casually discussed. This is the legal process of estate administration, and it will enter the picture when personally held assets are being transferred through the terms of a will. In New York, the Surrogate’s Court handles probate matters, and this […]
Special Needs Planning and Estate Recovery
There are different approaches that can be taken when you are planning your estate. The right way to get assets into the hands of one person may not be appropriate for the next. This dynamic will definitely be present if you have a person with a disability in the family. Government Benefit Eligibility A very […]
Nursing Home Asset Protection By the Numbers
If you want to be able to leave a suitable legacy to your loved ones, you have to avoid extreme costs that can have devastating impact late in your life. Nursing home bills would fit this description, and unfortunately, Medicare does not cover custodial care. Medicaid will pick up the tab if you can gain […]
Four Things You Need to Know About Simple Wills
The simple will is the estate planning document that everyone has heard about, but many people harbor misconception about wills. In this post, we will share four important pieces of information about these documents so you can go forward with a renewed understanding. Basic Requirements Obviously, you can use a will to state your wishes […]
A Supplemental Needs Trust Can Preserve Benefits
There are various different estate planning approaches that can be taken. The ideal choice will depend on the circumstances, and this is why you would do well to work with an attorney when you are putting your plan in place. As a layperson, why would you know all the options that are available to you? […]
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