Blog - Page 10 of 25 - Sverdlov Law PLLC

Can You Be Rich and Still Qualify for Medicaid?

Posted on May 4, 2019

Why do people want to qualify for Medicaid in the first place? Because, even though this knowledge may come as a shocking surprise, neither Medicare nor any supplemental insurance coverage policies pay for long term care. Long term care includes home care services and nursing home services. When paid for privately, the cost...

6 Ways to Coordinate Your Estate Planning with Your Financial Advisor

Posted on April 27, 2019

Essential components of every estate plan, regardless of client's net worth, include a Will, a Power of Attorney, and a Health Care Proxy. Some circumstances require the use of a Trust (for the purposes of special needs planning, asset protection, Medicaid/elder care planning, estate tax mitigation, and probate avoidance). Those with potentially taxable...

Joint Bank Accounts in New York: A Confusion of Law and Intent

Posted on April 20, 2019

Many individuals who open a joint bank account in New York are completely unaware of the legal and tax implications associated with these types of accounts. This is quite ironic, given that joint accounts are often opened to simplify inheritance matters, not to complicate them.

Ways to Pay for Long-Term Care

Posted on April 16, 2019

A good friend of mine and a wonderful specialist is hosting a Free Webinar:
Ways to Pay for Long-Term Care

Cynthia Perthuis, Elder Care Strategist and head of the New York office of Senior Care Authority, will offer valuable insights and tips in this free session on...

Adoption Ends Inheritance Rights of Biological Family

Posted on April 13, 2019

Once a person is adopted (either as a child or as an adult) all inheritance rights of the biological family of the decedent are terminated. In the past, prior to the legalization of same-sex marriage, many partners in same-sex relationships adopted each other, to create...

Presumption of Revocation of Lost Will is Not Easy to Overcome

Posted on April 6, 2019

You must be very careful to store your Will properly, otherwise, if it cannot be found, the court is likely to consider it revoked and your assets will be distributed in accordance with intestacy rules. In recent case In Re Scollan (2018), in which a...

Fiduciary Cannot Engage in Self-Dealing

Posted on March 30, 2019

One must be very careful when acting as an Executor of an estate or a Trustee of a Trust, exercising utmost caution and avoiding all instances of impropriety. Any appearance of self-dealing may trigger court inquiry and result in very unpleasant consequences. In a recent...

7 Tips for Keeping Trusts Flexible in a Rapidly Changing World

Posted on March 27, 2019

One hundred years ago there were no commercial airplanes, women couldn't vote, the average family had 5 children, divorce was rare, children born outside of marriage had no inheritance rights, and surrogacy was virtually unheard of. In 2019 we have same-sex marriage, flexible gender identity, assisted reproductive technologies, digital assets, cryptocurrencies and an epidemic...

A To-do List To Protect The Identity Of A Loved One Who Passed Away

Posted on March 16, 2019

A to-do list to protect the identity of a loved one who passed away Unfortunately, identity theft is rampant and it doesn’t only involve the living. 1. Contact Social Security and inform them of the death. Often the funeral home or a hospital will do it for you, but double check it to...

Celebrity Estate Planning Mistakes That Everyone Can Learn From

Posted on March 10, 2019

James Gandolfini: No Need to Pay Extra Taxes The actor and producer most renowned for his role as mafia boss Tony Soprano left only 20% of the estate to his wife. The remainder was left to his children, friends, and relatives. Since his estate was above the estate tax threshold, the result was...