Why the Money in a Joint Account May Not Be Distributed to the Survivor (or how uneducated plans go wrong)
Many people think that if they put their money in a joint account, the survivor will automatically inherit the funds and no further claims can be laid on that money. Unfortunately, as the survivors often discover to their great chagrin, it often does not work like this easily. The other heirs, including spouses and legatees...
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Estate considerations for blended families
Second marriages bring additional estate planning considerations, especially when children from past relationships are involved. Here are some suggestions for addressing a blended family in estate planning:If you are not married yet, write a prenuptual agreement, which specifies who owns which asset, the support arrangement in case of future separation, and asset distribution in case of death....
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The importance of Using the Proper Language When Setting up a Special Needs Trust
In a recent New York case, In re Paradiso, the court did not reform a father’s will which left money in a trust to a disabled daughter. In the Will, the father attempted to create a testamentary special needs trust, which would not have jeopardized the daughter’s government benefits (Medicaid and SSI). However, the...
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New York’s “Slayer Rule” gets extended!
The New York “slayer rule”, a common law principle, provides that no one should benefit financially from one’s own crime. As a result, a killer is not entitled to the proceeds from his victim’s estate. In a recent case, Matter of Edwards, the court extended this rule. In this case, a husband killed his...
New York’s “Slayer Rule” gets extended! Continue reading…
Planning for Children with Special Needs
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...
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The battle for the estate of an elderly heiress and the wrong lessons for estate planning
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...
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Asset Protection Planning for the Home
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...
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Consumers are buying less long term care coverage, most likely based on high premiums and uncertainty. However, different options with various benefits are available.
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...
Consumers are buying less long term care coverage, most likely based on high premiums and uncertainty. However, different options with various benefits are available. Continue reading…
What is Probate?
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. ...
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Does a lawyer use ‘cookie cutter’ documents when dealing with elder clients? What issues must be considered when formulating a plan of actions?
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...
Does a lawyer use ‘cookie cutter’ documents when dealing with elder clients? What issues must be considered when formulating a plan of actions? Continue reading…