Corash & Hollender, P.C.Staten Island Premier Law Firm | Corash & Hollender, P.C.2024-03-07T11:03:04Zhttps://www.silawfirm.com/feed/atom/WordPress/wp-content/uploads/sites/1102992/2023/02/cropped-CH-site-icon_512x512-32x32.jpgOn Behalf of Corash & Hollender, P.C.https://www.silawfirm.com/?p=527302024-02-08T01:42:36Z2024-02-08T01:42:36ZLiving trust
A living trust is a big component of many estate plans and offers a powerful tool for avoiding probate. By transferring assets into a trust during their lifetime, individuals can ensure that those assets do not go through probate upon their death.
Since the court considers assets held in a trust separate from an individual's estate, they can go directly to beneficiaries without the need for court supervision.
Beneficiaries for certain assets
Another way to avoid probate is by designating beneficiaries for certain assets. Assets such as retirement accounts, life insurance policies and payable-on-death accounts transfer to beneficiaries upon the individual's death. By doing so, these assets bypass the probate process entirely.
Joint ownership with rights of survivorship
Joint ownership with rights of survivorship is another strategy that can help individuals avoid probate. When a person owns property jointly with someone else, such as a spouse or family member, and includes rights of survivorship, ownership of the property automatically passes to the surviving owner upon the other owner's death. This transfer occurs outside of probate.
Estate planning allows individuals to avoid probate if they know where to look and what to do. Taking the time to craft a comprehensive estate plan today can offer peace of mind for everyone involved.]]>0On Behalf of Corash & Hollender, P.C.https://www.silawfirm.com/?p=527272024-01-20T15:34:33Z2024-01-20T15:34:33ZWhat transactions do they review?
During the 5-year look-back period, which is 60 months prior to the first date of long-term care service, the state looks at bank statements, tax returns, real estate transfers and credit card statements. They review transactions such as large gifts or transfers for less than fair market value. Any gifts or transfers made simply to qualify for Medicaid may trigger a penalty period.
What is a penalty period?
If the state discovers gifts or transfers during the look-back period that would have made the applicant ineligible for Medicaid at the time, they implement a penalty period. The length of the penalty period depends on the value of the transfer. Your penalty period depends on dividing the transfer amount by the average cost of a nursing home in the state. For example, a $10,000 gift may trigger a 4-month penalty period in a state where the average monthly cost of a nursing home is $2,500. During these months, you are ineligible for Medicaid coverage of long-term care services.
How can you avoid penalties?
There are legitimate ways to transfer assets that will not trigger Medicaid penalties. For example, you might be able to transfer a home to a spouse or disabled child. Certain transfers for fair market value will not cause penalties. Proper planning can help maximize eligibility for Medicaid long-term care coverage.
Over 30% of the total Medicaid spending in 2020 was on long-term care services. Understanding Medicaid eligibility rules is crucial when planning for future long-term care needs.]]>0On Behalf of Corash & Hollender, P.C.https://www.silawfirm.com/?p=527252023-12-14T02:14:40Z2023-12-14T02:14:40Z1. Procrastination in asset distribution
A clear sign that an executor may be faltering in their responsibilities is delaying the distribution of assets. Timeliness is important in carrying out the deceased's wishes. If beneficiaries wait for an extended period without any valid explanation, it could indicate a lack of organization or understanding of the process on the part of the executor.
2. Poor communication with beneficiaries
Effective communication is the bedrock of successful estate execution. An executor who fails to keep beneficiaries informed about the progress of the estate settlement may raise suspicions. Lack of transparency can lead to misunderstandings and conflicts among heirs, which can be both emotionally and financially draining.
3. Neglecting tax obligations
Overlooking tax obligations is a common pitfall in estate execution. Executors must be diligent in identifying and fulfilling tax responsibilities associated with the estate. Failure to do so can result in legal complications and financial losses for the beneficiaries. Ignorance or neglect in addressing tax matters is a red flag for ineffective estate planning.
4. Inadequate record keeping
Accurate record-keeping is the backbone of successful estate administration. An executor who neglects to maintain organized and comprehensive records may jeopardize the entire process. From financial transactions to legal documentation, meticulous record-keeping is necessary for transparency and accountability.
Knowing a loved one was one of the 34% of Americans with an estate plan, you want the confidence that the executor is following their wishes. People who see signs of trouble often have options for corrective action.]]>0On Behalf of Corash & Hollender, P.C.https://www.silawfirm.com/?p=527232023-12-07T21:22:04Z2023-12-07T21:22:04ZRecognize the risks
According to AARP, nearly a third of all seniors over age 65 experience cognitive impairment. That impairment increases the risk of incapacity. Consider your family’s medical history and your personal factors that could contribute to any cognitive decline and potential incapacity.
Express your wishes
When you understand your risk of incapacity, take steps to detail your wishes in the event that you cannot communicate them directly. Address your healthcare preferences, financial decisions and any particular instructions for your well-being.
Establish power of attorney
Select a trusted loved one to act as your power of attorney during periods of incapacity. This person can make financial and legal decisions for you when you become unable to do so. Choose someone reliable who understands your values and your wishes.
Complete an advance directive
Advance directives provide detailed information about your wishes related to medical treatments, end-of-life care and extraordinary measures. Provide clear guidance to eliminate confusion for your healthcare proxy and your care team.
Create a revocable living trust
When planning for potential incapacity, consider any possible safeguards for your assets. A revocable living trust provides that safety net to protect your assets in the event of any incapacity.
Incapacity planning is a proactive approach to safeguarding your well-being and having your wishes honored. These tips will help you get started on your incapacity planning.]]>0On Behalf of Corash & Hollender, P.C.https://www.silawfirm.com/?p=527042023-10-02T15:53:57Z2023-10-02T15:53:57Z1. Clear and concise language
Employing precise and unequivocal language within your will is fundamental. Ambiguities and vague terms may invite disputes. Define beneficiaries and assets explicitly, leaving no room for interpretation. This eliminates potential loopholes to exploit in contested cases.
2. Witnesses and signatures
Ensure that you have the requisite number of witnesses, and they sign the document in your presence. Witnesses can attest to your soundness of mind and intent, which can deter challenges on these grounds. Sign your will with deliberate care and date it appropriately.
3. Include a no-contest clause
Incorporating a no-contest clause can be an effective deterrent. This clause stipulates that any beneficiary who contests the will shall forfeit their inheritance. While not foolproof, it discourages potential challengers from pursuing legal action unless they have substantial grounds for contesting.
4. Record your intentions
Providing supplementary documentation that outlines your rationale for the distribution of assets can be beneficial. This can include letters or memos explaining your choices to your loved ones. While these documents may not be legally binding, they can serve as a testament to your intentions and potentially dissuade individuals from contesting your will.
As one of the 46% of Americans with a will, you had the forethought to plan the distribution of your hard-earned assets. Taking extra measures can help ensure that your loved ones honor your wishes.]]>0On Behalf of Corash & Hollender, P.C.https://www.silawfirm.com/?p=527022023-09-05T02:15:33Z2023-09-05T02:15:33ZEligibility for Medicaid home care services
There are more than seven million people in New York on Medicaid. To qualify for Medicaid-covered home care services, applicants must meet certain eligibility criteria. These criteria primarily consider an individual's medical condition, functional limitations and financial status. An important aspect is the individual's need for assistance with activities of daily living. This includes bathing, dressing, meal preparation and medication management. Medical professionals assess the applicant's condition to determine the level of care required.
Types of home care services covered by Medicaid
Medicaid in New York covers a range of home care services to address various needs. These services include:
Personal care services: These services involve assistance with daily activities like bathing, grooming and dressing.
Home health aide services: Home health aides provide support with health-related tasks, including monitoring vital signs and administering medication.
Skilled nursing care: For individuals with complex medical needs, skilled nurses can administer medical treatments and monitor health conditions.
Therapy services: Medicaid assists with physical, occupational and speech therapies for those who require rehabilitation.
Medical equipment and supplies: Some home care services necessitate medical equipment and supplies, which Medicaid may also cover.
If you cannot afford home care services for you or your loved one, Medicaid is an option. If eligible, you can receive supportive care that addresses your physical needs and supports a better quality of life.]]>0On Behalf of Corash & Hollender, P.C.https://www.silawfirm.com/?p=526952023-07-29T20:48:22Z2023-07-29T20:48:22ZThe duties of an executor
The primary role of an executor is the distribution of assets after an individual dies. The executor identifies and gathers any estate assets, often in various forms. The executor must pay any taxes or debts of the estate until the final settlement. These individuals must fulfill the wishes of the testator concerning the distributions of the assets.
The way to challenge an executor
If you feel the executor is abusing the situation they are in or is not fulfilling their legal requirements, you could work to have the executor removed. The court considers the removal a very serious thing and only grants the removal in rare circumstances.
The Surrogate Court needs evidence of:
Improper or illegal activity
Incompetence by physical or mental incapacity
Controlled substance abuse
Only those with an interest in the estate are able to seek the removal of an executor. Interested parties, such as creditors, beneficiaries and coexecutors, are typically eligible to challenge the executor in court.
Because New York policy is to support the testator’s selection of an executor, the Surrogate Court carefully weighs out the evidence presented. The court only intervenes when there is a genuine threat to the estate.]]>0On Behalf of Corash & Hollender, P.C.https://www.silawfirm.com/?p=526932023-06-30T02:22:31Z2023-06-30T02:22:31ZQuality of care
Above all, a nursing home should offer high-quality care. Review the facility's state inspection reports, which should be available upon request. These reports will provide insight into any health, safety or care violations in the past few years. You should also consider the staff-to-resident ratio. A low ratio may mean the staff has a lot on their plate, potentially leading to lower quality of care.
Staff friendliness and responsiveness
You can gauge the atmosphere of the nursing home by observing the staff. Are they friendly, patient and attentive to residents? Do they respond promptly to calls or requests? Communication between staff and residents is important to ensure the staff in the facility meets residents' needs in a timely manner.
Living conditions and amenities
Pay attention to the living conditions within the nursing home. Are the rooms and common areas clean and well-maintained? Amenities like comfortable shared spaces, gardens or onsite hair salons can also enhance your loved one’s quality of life.
Family involvement
Finally, understand the facility's policies on family involvement. Some nursing homes encourage family participation in care planning and resident activities, while others may restrict visits. Select a home that aligns with your expectations and your loved one's preferences.
By thoroughly examining these factors, you can make an informed decision when choosing a nursing home in New York for your loved one. This critical choice will play a significant role in your loved one's happiness and well-being in their later years.]]>0On Behalf of Corash & Hollender, P.C.https://www.silawfirm.com/?p=526682023-05-23T21:56:07Z2023-05-23T21:56:07ZBank account designations
New York law allows you to designate a payable-on-death beneficiary on bank accounts, including savings and certificates of deposit. You remain in control of the accounts while you are alive, and upon your death, the beneficiary will claim direct access without going through probate.
Registrations for securities
If you own securities, such as stocks and bonds, you can register a transfer-on-death beneficiary. They will automatically inherit the securities and work directly with the broker rather than going through probate to take ownership.
Living trusts
Living trusts are similar to wills in that you can plan how you want to distribute your assets. However, wills must go through probate for validation, and a trust does not. You can designate beneficiaries for all your assets and even lay out plans for your funeral. Using a trust document, you will name someone to take over as trustee after your death. This successor trustee only takes control of the trust after your death.
Joint tenancy or tenancy by the entirety
Finally, you can also transfer assets directly to someone through joint ownership. Joint tenancy allows the transfer of property to the surviving owners when one dies. Tenancy by the entirety is relatively the same as joint tenancy but only applies to married couples.
Whether you have an asset-heavy estate or not, planning protects you and your family after your death.]]>0On Behalf of Corash & Hollender, P.C.https://www.silawfirm.com/?p=526662023-04-19T01:57:12Z2023-04-19T01:57:12Zexecutor. This is a significant responsibility that requires great effort and commitment, so you might wonder if you can refuse this role and if the person writing a will can name you as their executor without your consent.
Can you refuse to be an executor?
The person writing a will, known as the testator, should ensure that their chosen executor is able and willing to carry out that role. Even so, it is possible that a family member or friend might name you as an executor without your knowledge or consent. You always have the right to refuse this responsibility unless you enter into a binding agreement to accept it.
What happens if the testator has no willing executor?
If the testator neglects to name an executor in their will, or if no parties related to the deceased accept the role, then the probate court will set about finding or assigning a suitable individual. Those who are unable to find a willing executor in their family during the process of writing a will might instead consider hiring a legal or financial professional who is well-positioned to handle the role.
While it is not advisable to name someone as an executor without their consent, it is possible that it may happen. If you find yourself in this situation, you have every right to refuse the role and can rest easy knowing that the probate court will assign a capable individual.]]>0