Blog - Page 23 of 25 - Sverdlov Law PLLC

Planning for Children with Special Needs

Posted on March 31, 2015

There are many considerations when planning for your children. There are even more issues to consider when planning for your child with Special Needs. Regardless of the child’s age, the need for special care will continue. Advanced Directives. You need to have a trusted family member or a friend to make financial...

The battle for the estate of an elderly heiress and the wrong lessons for estate planning

Posted on March 29, 2015

A book (and soon to be a movie) Empty Mansions tells a story about Huguette Clark, a reclusive heiress to a copper mining fortune. Ms. Clark’s father, W.A. Clark, was the founder of Las Vegas and the copper king. His daughter spent the last 20 years of her life in a hospital, even though...

Asset Protection Planning for the Home

Posted on March 26, 2015

Medicaid Eligibility: What is homestead: A “homestead” is the primary residence occupied by the Medicaid recipient or his spouse, minor or disabled child. A homestead is an exempt resource for the purpose of Medicaid eligibility. Penalty Period: All transfers, including the transfer of your home, are subject to a ‘look back period’ from the...

Consumers are buying less long term care coverage, most likely based on high premiums and uncertainty. However, different options with various benefits are available.

Posted on March 23, 2015

Less Policies Bought: The recent trend is for consumers to buy fewer long term care insurance policies. For those that are still buying them, the policies cover fewer years, provide less coverage, and do not have inflation riders. Reason: Higher Premium and Uncertain Need. The reason for this decline is most likely the...

What is Probate?

Posted on March 19, 2015

Probate is a process that proves to the court that a decedent’s will satisfies all the statutory formalities and reflects the decedent’s wishes. Only after the court is satisfied that the Will is valid, will it grant probate, allow fiduciaries to be appointed and let the directions of the Will be carried out. ...

Does a lawyer use ‘cookie cutter’ documents when dealing with elder clients? What issues must be considered when formulating a plan of actions?

Posted on March 16, 2015

Someone asked me recently whether or not I use ‘boiler plate’ documents. Another person said “I need a trust”, without a real understanding of what a trust is and why it would be useful. There are many misconceptions about a work of an elder law lawyer, but under no circumstances should a lawyer use...

Self-settled trusts may not provide asset protection.

Posted on March 13, 2015

Another warning for anyone thinking of using self-settled trusts. A Utah court recently decided that Utah state law should apply to an asset protection trust, even though the stated choice of law in the trust was Nevada. If the same logic will apply in New York, any local creators of self-settled trusts will be doomed,...

Planning for Minor Children

Posted on March 11, 2015

Do you have minor children? Planning for the children involves multiple considerations. 1. Who do you want to raise your children if you are gone?You need to name a “guardian” who will take care of your children in the event of your demise. You should name an alternate guardian, in case your...

Facebook now permits a “legacy contact”.

Posted on March 9, 2015

Facebook now allows you to designate a "legacy contact". This is a person who will be able to take over the account in a limited capacity if the user dies. If you do not designate a legacy contact, but name a digital heir in a legal will, Facebook will honor...

Role of Insurance in Estate Planning

Posted on March 6, 2015

Failure to plan can mean unnecessary hardship for loved ones. The hardship can be financial (not having sufficient money to live on) or emotional (a feeling that the parent treated the children unequally). Life Insurance Reasons to have one: For heirs: Immediate cash for payment of debts and burial. Elimination...