A spendthrift trust includes specific provisions regarding how a trustee may use its funds on behalf of the named beneficiaries. As noted by SmartAsset, the trustee may exercise broad discretion to spend money on an heir's expenses so that he or she can maintain a...
What is surrogate’s court and what do you do there?
When a loved one dies, not only do you have to process the grief, you need to process through their estate. This is often an emotional episode in your life and the lives of the loved one's other decedents. Whether you have a will or not in the aftermath of all that,...
Reducing inheritance conflict among siblings
Your children may need to lean on one another more than ever once you are gone, but if you are not careful, you run the risk of your New York estate plan – or lack thereof – creating conflicts among your kids. Inheritance battles are often expensive and...
How does probate work in New York?
When someone dies in New York, his or her executor presents the will to the Surrogate's Court in the county where the person lived. In a process called probate, the court determines the validity of the will and supervises the administration of the deceased person's...
How do you structure an estate plan review?
Estate plan reviews are a crucial part of your end of life plans. After all, you cannot simply create an estate plan and leave it as-is indefinitely. It needs to reflect your life in the current moment, which means it must change as your life changes. But how do you...
What if my mother does not like the nursing home?
With so many stories of abuse in nursing homes circulating in the media, it is natural for you to have concerns if your mother is residing in one. It is likely that you went through a very extensive selection process to find an assisted living situation that is...
Could a no-contest clause backfire?
The possibility of your heirs contesting your will may concern you. The monetary costs and emotional distress of a will contest is something you do not want for your surviving family members. You might think placing a no-contest clause in your will is the answer....
The pros and cons of aging in place
Long-term care planning may involve aging in place with home health services. Living at home may sound appealing, but being housebound has some disadvantages, as well. The New York State Department of Health provides information about various home care services that...
What does a health care agent do?
Whether you are an older adult preparing for end of life issues or the possibility of becoming incapacitated or you want to help a family member prepare for challenges that could arise later on, it is crucial to go over your options. In New York, the state's Health...
Reducing inheritance disputes through proper communication
Inheritance disputes can cause undue stress for surviving family members and could potentially compromise the availability of benefits. People who wish to avoid costly contention after their death should prioritize communication while they are still alive....
What do monthly nursing home fees cover?
If you have an elderly parent who requires in-depth care or supervision, placing your mother or father in a nursing home may be advisable. After all, you may lack the skills, time and money to do the task without professional assistance. The average daily rate for a...
4 potential benefits of a revocable trust
A revocable trust is a legal instrument that can dictate how a person’s property is managed and distributed during their lifetime or after they have passed away. As with the majority of legal tools, there are both positive and negative aspects to a revocable living...
What do you know about discussing your end-of-life desires?
While you understand the importance of planning your estate and drafting all the documents, you may struggle to discuss your end-of-life desires openly. How do you bring up the matter with your family and friends? AARP offers tips for sharing your estate plans with...
Don’t overdo the “dead-hand controls” on your trust
Trusts have become an increasingly useful financial tool for people who want to safely pass their wealth onto the next generation. So-called “conditional” trusts, which impose certain obligations on would-be beneficiaries to receive their funds, are particularly...
A spendthrift trust may provide needed asset protection
A spendthrift trust includes specific provisions regarding how a trustee may use its funds on behalf of the named beneficiaries. As noted by SmartAsset, the trustee may exercise broad discretion to spend money on an heir's expenses so that he or she can maintain a...
Here’s why a DIY-estate plan is a bad idea
Creating an estate plan is one of the most important things you can do to safeguard your future, your assets and your loved ones. A well-written estate plan gives you peace of mind knowing that your wishes will be honored when you pass on, or if you become...
Is this a sign of nursing home neglect?
Hearing the many news stories focused on abuse or neglect at nursing facilities likely leaves you feeling concerned for your own loved one. Unfortunately, it is impossible to determine where or when neglect may occur. Noticing red flags can help you react quickly if...
What’s the difference between Medicare and Medicaid?
The “Baby Boomer” generation is getting older and starting to investigate their healthcare options. If you're among that group, you may be wondering exactly how Medicaid plays into your future plans -- and how its relationship with Medicare works. Since 1964, the...
Think of succession planning when starting your business
In the excitement of getting your new business up and running, it is difficult to think of everything you need to do. Succession planning may not be part of your checklist at this point. However, if you have partners, shareholders and employees, there is no time like...
Involve a professional during Medicaid planning
Most people overlook the need for planning for long-term care. Unfortunately, the problem with this kind of thinking is your health can change, especially as you advance in age. No one can project how their health will be in the future. That said, nearly two-thirds of...
