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....
Estate considerations for blended families Continue reading…
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...
The importance of Using the Proper Language When Setting up a Special Needs Trust Continue reading…
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...
Planning for Children with Special Needs Continue reading…
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...
The battle for the estate of an elderly heiress and the wrong lessons for estate planning Continue reading…
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...
Asset Protection Planning for the Home Continue reading…
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 in New York? Timeline, Costs, and Common Delays
Probate is the court process that validates a will and authorizes someone to manage and distribute a person’s estate after death. In New York, this happens in Surrogate’s Court, where the court confirms the will is valid and appoints an executor to carry out its terms.
When probate...
What Is Probate in New York? Timeline, Costs, and Common Delays Continue reading…
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…
Self-settled trusts may not provide asset protection.
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,...
Self-settled trusts may not provide asset protection. Continue reading…