Many New York homeowners consider adding their adult children to their property deeds as a seemingly straightforward way to pass down their homes. The reasoning often makes sense at first glance: you want to avoid probate, ensure your property goes to your intended heir, and potentially simplify your estate. However, this well-intentioned decision can create
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How to Protect Your Home from Long-Term Care Costs Without Risking Your Assets
Long-term care in New York is expensive. If you or a loved one needs nursing home care, the cost can reach $150,000 or more each year. Many families worry they’ll lose their home or be forced to sell property just to qualify for Medicaid. But you don’t have to wait until there’s a crisis. With
Special Needs Trusts vs. ABLE Accounts: Which One Is Right for Your Family?
Planning for a loved one with a disability means finding ways to provide financial support while protecting access to government benefits. The right approach allows them to maintain independence and security without jeopardizing programs like Medicaid or Supplemental Security Income (SSI). Some families choose to set aside funds through a special needs trust, while others
Will vs. Trust: What Is the Best Option for Protecting Your Estate?
Planning for the future means making sure your assets go to the right people without unnecessary complications. A clear estate plan helps prevent confusion and ensures your wishes are carried out. Many people assume a will is enough, while others prefer a trust for added protection. Each option offers different benefits, and the right choice
Challenging an Executor Appointment in New York State: A Comprehensive Guide
When it comes to estate administration in New York, the appointment of an executor is a crucial step. However, what happens when family members disagree with the proposed executor? This guide will walk you through the process of challenging an executor appointment in New York State, providing valuable insights into waivers, citations, and objections.
Understanding
Why You Need an Elder Law Attorney in New York: 10 Crucial Reasons
As our population ages, the need for specialized legal assistance becomes increasingly apparent. In New York, where the cost of care and complex laws can be overwhelming, an elder law attorney can be an invaluable asset. Here are ten compelling reasons why you or your loved ones might need an elder law attorney in the
Who Pays the Bills? Understanding Estate Expenses in New York
In New York State, the expenses of the estate during the administration process are typically paid from the estate’s assets, not from the personal funds of the executor or administrator. These expenses include things like:
Your Right to an Elective Share: A Guide for Disinherited Spouses in New York
In New York State, if a surviving spouse is “disinherited” (i.e., not provided for in a decedent’s will), they have the option to claim an elective share of the decedent’s estate. This legal right allows a spouse to receive a portion of the estate, even if the decedent’s will does not provide for them. Here’s a primer
Countdown to 2025: 6 Year-End Gift, Estate and Financial Strategies
As we approach the end of 2024, it’s crucial to review your estate and tax planning strategies to ensure you’re maximizing your financial benefits. Here are some key areas to focus on:
1. Health Savings Account (HSA)
- If eligible, maximize contributions to your HSA, which offers triple tax benefits: tax-deductible contributions, tax-free growth, and tax-free
Skip the Politics, Save the Legacy: Your Thanksgiving Conversation Guide with Aging Parents
Turkey? Check. Pumpkin pie? Check. A plan for your family’s future? Let’s work on that!
This Thanksgiving, why not serve up something more substantial than cranberry sauce? We’ve prepared an easy to use guide to help you navigate those tricky estate planning conversations with your aging relatives. Trust us, it’s a lot easier than debating