Share

Katya Sverdlov Blog

Wednesday, January 18, 2017

Financial Crimes Against the Elderly


Elderly people are vulnerable to fraud and financial abuse. The reasons are multiple: isolation, weakening mental and physical condition, memory loss and lack of knowledge about today's markets and technology.
According to New York State Elder Abuse Prevalence Study, only 1 out of 44 cases of financial abuse Is reported, usually because the victim is too ashamed to report the incident. Even in 2010, an estimated cost of financial exploitation against the seniors was $2.9 billion.

Read more . . .


Tuesday, January 10, 2017

Can you adopt an adult in New York?


Sometimes adults get adopted. Even though most adults no longer need a parent to make legal and financial decisions for them, adult adoptions still happen for other reasons.

The main reason for adult adoption is usually inheritance. If a person is not related to you biologically or legally, if there is no Will, then the person will not inherit your money. Of course, this issue can often be easily resolved by writing a Will and naming that specific person in the Will.


Read more . . .


Tuesday, January 3, 2017

Don't live an isolated life (and help seniors in your life to connect)


It's a New Year. People are trying to fulfill their new resolutions about money,  weight loss and projects.

I would suggest a resolution about friends.

It is well known that seniors who are isolated are more likely to be sick and depressed. We all need companions, if only to complain to about our health and current politics.


Read more . . .


Tuesday, November 1, 2016

Buy / Sell Agreements


What are these agreements? These are absolutely crucial both to start ups and to existing businesses where there is more than one owner involved. This document outlines the relationship between the owners, assigns roles and responsibilities, shows the ownership percentage of the business and outlines what happens when the owners need to part ways.

There are many reasons why owners may need to leave the business. Some are voluntary (sale of ownership ). Others are not voluntary: death, disability, personal bankruptcy, divorce, forced termination of owner's employment by the company and irreconcilable differences between the owners.

Read more . . .


Monday, October 24, 2016

Protecting Your Estate Starts with a Prenuptial (or a Postnuptial) Agreement


The rate of second and third marriages in the United States continues to increase. Each spouse may bring children, assets, heirlooms, and very specific wishes into the new marriage. Some want their children to inherit the bulk of the assets. Others want specific heirlooms (painting / jewelry / watch) to be passed down to specific people. Relationships within the extended family can deteriorate very fast.

Read more . . .


Friday, August 26, 2016

Why would you want a Nevada Trust?


New York has a very strong policy against self-settled trusts. A self-settled trust is one where the Grantor transfers assets to an irrevocable trust but remains one of the Trust’s beneficiaries. While these transfers are legal, New York believes that they are “void as against creditors”. As a result, if the Grantor remains a beneficiary of this type of Trust in New York, his assets are not protected against creditors.

Nevada, however, together with approximately 12 other states, permits these types of trusts and protects the assets against creditors.
Read more . . .


Thursday, August 18, 2016

Joint Revocable Trusts vs. Parallel Documents (cost saving vs. peace of mind)


Joint Revocable Trust: Lots of spouses opt to create a joint revocable trust. It makes a lot of sense to do so for many people: First, a lot of assets are owned jointly, so it can be an extra hassle to separate them. Second, the kids are common, so the bequest of assets after death will be common. Third, there is little chance of divorce, so there is no need to separate the assets. Last, there estate is below the federal tax threshold, so the actual ownership may not matter.


Read more . . .


Wednesday, August 10, 2016

Rich and Famous Planning: Sumner Redstone – an estate plan that is embarrassment for the man, the family and the company?


Mr. Redstone’s fortune is estimated at $5 billion. He could afford the best legal plan in the world. Yet, despite the assets and despite the multitude of involved lawyers, his estate planning and his last years are turning out to be a mess.

Mr.


Read more . . .


Tuesday, August 2, 2016

Who will care for my dog?


When a couple owns a pet, the owners can assume that the survivor will continue caring for their pet (although that’s not necessarily true, at least in my own situation). What happens when a single person owns a pet? In 49 states (Minnesota is the only state that does not permit this) you can now create a pet trust.

A pet trust permits the grantor to set aside a certain amount of money to care for the pet upon the owner’s disability or death. The trustee of the trust will make regular payments to the pet caregiver. The grantor can make specific instructions regarding the care of the pet, including shelter, feeding and veterinary care.
Read more . . .


Monday, July 25, 2016

Executor of your Will: who should be named and what are his responsibilities?


An Executor is the person named in the Will who ensures that deceased person’s wishes are carried out after death, that all the assets are found, that all the debts are paid and all the money is distributed according to deceased person’s wishes.

Responsibilities: The duties of an executor include: finding the Will, hiring a probate lawyer to put together a probate petition (including getting all the signatures from all the necessary parties), filing the petition and the Will with the court in order to be appointed as an Executor by the court, appearing in court (if necessary), notifying credit cards companies and banks about death, setting up an estate bank account, filing an inventory of assets with the court, carrying out the wishes of the decedent (including selling the real estate and other assets, if necessary), paying all the necessary income and estate taxes, and distributing the assets to the beneficiaries.  

Who should you name: as you can see, the probate process can be long and complex. The executor should be someone responsible and capable of handling such a task. Usually people name relatives or friends, because they know that the person will carry out their wishes.


Read more . . .


Friday, July 15, 2016

Rich and Famous Planning: Lessons learned from Prince’s mistake


As most people by now know, the artist Prince died without a Will. The family is now set up for tens of thousands in legal costs and years of delay before the money gets distributed.

When a person dies without a Will, regardless of the size of his estate, numerous problems come up. These include:

  1. Executor. The person who will be named in charge of your estate may not be the person that you would have liked.


Read more . . .


Archived Posts

2018
2017
December
November
October
September
July
May
April
March
February
January
2016
November
October
August
July
June
April
March
February
January
2015
December
November
October
September
August
July
June
May
April
March
February
January
2014


The Law Offices of Katya Sverdlov serves clients throughout Brooklyn, Manhattan, and Queens New York.



© 2018 Law Offices of Katya Sverdlov | Disclaimer
30 Wall Street, 8th Floor, New York, NY 10005
| Phone: 212-709-8112

Estate Planning | Planning for Incapacity | Guardianships | Probate / Estate Administration | Special Needs Planning | Elder Law | Medicaid Planning | Business Succession Planning | Estate Litigation | Veterans Benefits | | Attorney Profile

Law Firm Website Design by
Amicus Creative