Corash & Hollender, P.C.

New York Law Blog

How to Protect Assets from a Nursing Home

Nursing home costs are astronomical. Genworth's recent survey of nursing home costs showed the cost of a nursing home in NYC between $11000 and $15000 per month. None of us want to live in a nursing home. But if you or a loved one require that level of care, the question is, how will you pay for it? At a rate of upwards of $400 per day, it won't take long to run through your life savings. But is there a way to protect your property? Can you preserve some or all of your property for your spouse, or your kids, even if you have to go into a nursing home? The answer is yes.

When Can Chapter 13 Bankruptcy help Taxi Medallion Owners?

Taxi medallion owners face overwhelming challenges these days.  After they make their loan payments and operating expenses, they have nothing left to support their families. While Chapter 7 bankruptcy (surrender your medallion and wipe out your debts) works if you have no other assets, there are times when filing Chapter 7 creates too much risk.  

When Can Chapter 7 Bankruptcy help Taxi Medallion Owners?

Taxi Medallion owners have been wrestling for solutions to refinancing demands of the lender. Chapter 7 bankruptcy requires that you be willing to surrender your medallion. Under the right facts, you will not have to repay the loan and can get your life back.

How to ride turbulent business waves and not land on your face

No matter what type of New York business you own, you are likely no stranger to obstacles in your path to success. In a proverbial business sea, the waters are sometimes crystal clear and easy-to-navigate while in an unexpected moment you can go from smooth sailing to be being tossed around on stormy waters threatening to plunge you to ruin. Somewhere in between is where most business owners thrive, rising above rough tides now and then and taking advantage of the perfect wave when it rolls in.

If you're like most other business owners throughout the state, you undoubtedly try to avoid litigation as best you can. There are indeed many tools and business styles that can help you address your problems head-on without getting dragged into court every time you turn around.

If you see a business dispute brewing, whether among owners, or with third-parties, the use of mediation, is a great tool for solving problems without litigation. Our attorneys are trained and certified in mediation skills.

A great time to deal with problems is before the occur. That is why we always recommend that business owners have a shareholders agreement or LLC Operating Agreement. A sure way for handing internal disputes among owners, is to have clear rules, written when the owners are on good terms, and far before any dispute arises. Our business attorneys can help you plan ahead.

Trust restrictions may help plan your loved ones' inheritances

You may have many reasons for wanting to utilize a trust or multiple trusts as part of your estate plan. This tool can offer many benefits from avoiding probate to protecting assets. You can even ensure that your family and other beneficiaries quickly and efficiently obtain their inheritances in the event of your passing.

Depending on the ages of your loved ones, you may have concerns about directly leaving assets to them, even through trusts. If you have such apprehensions, you may wish to consider adding certain stipulations to the accounts that may allow you to feel more comfortable with your decisions.

What a means test means

Many residents in New York have found themselves in tough financial spots over the last few years. If you are one of them, you may feel trapped and hopeless. That is the sad truth about money problems -- they can really put you through the ringer emotionally. Did you know that there may be a way for you to help yourself? First, you will need to take a means test.

Means test. What is that? Where do I get one? What do the results even mean? These are all good questions to ask.

The trap of making minimum monthly payments

Credit card debt is one of the most common factors in the financial struggle of millions in America. This debt is not always the result of uncontrolled spending. In fact, you may find yourself pulling out the plastic to pay for groceries, medical bills or even utilities when the budget gets tight.

Paying the minimum amount on these credit card bills is not going to make you financially solvent. Instead, it may just make matters worse. Consumer advocates recommend paying off your credit card balance each time you use it, but that may not always be possible. If you have accumulated debt on multiple credit cards, you have options for paying it down quickly.

Abandoning a mortgage typically not the best debt relief plan

When you first began noticing you were struggling financially, you probably did what many other New York residents in similar situations do: tried to cut spending, looked for sales when purchasing things, and perhaps even sold a few items to increase cash flow. That may have even worked for a while.

Now that things have gotten worse, however, with creditors hounding you almost every day by phone, your position at work slated for a cut-back, and no way to restore financial stability in the foreseeable future, you might be tempted to up and walk away from your mortgage, leaving your home to foreclosure.

Why types of debt are dischargeable through bankruptcy?

Financial struggles can strike at any time, and no one is immune. Even the wealthiest- or highest-income earners may find themselves in a situation where they are unable to keep up with their debts and pay bills on a regular basis. Over time, unpaid bills can accumulate, interest can start to add up, and you may find yourself choosing which bill you should pay because you know that you cannot pay them all.

If you find yourself in a situation similar to this one, you likely feel overwhelmed by your circumstances. It may not seem like it at the time, but there is a way out. By filing for bankruptcy, you may be able to discharge some of these debts and work toward a better and stronger financial future.

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