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...
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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…
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…
Planning for Minor Children
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...
Planning for Minor Children Continue reading…
Facebook now permits a “legacy contact”.
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...
Facebook now permits a “legacy contact”. Continue reading…
Role of Insurance in Estate Planning
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...
Role of Insurance in Estate Planning Continue reading…
What happens with government benefits if one gets an unexpected windfall?
There are many government programs: SSI, Medicaid, food stamps, etc. Most of these programs have thresholds for recipient’s income and assets. What happens when recipients receive an unexpected windfall – inheritance, personal injury award, etc? Can one retain both the money and the benefits? Can one decline the award? The answer depends on the...
What happens with government benefits if one gets an unexpected windfall? Continue reading…
Poder notarial – un documento importante que cada adulto debe firmar
¿Qué es? Un poder notarial es un documento que da a otra persona ( su agente ) la autoridad para tomar decisiones legales y transacciones en su nombre. ¿Por qué es necesario? Si una persona pierde la capacidad de actuar en su propio nombre, a continuación, el agente puede actuar en su nombre ....
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3 reasons why you might NOT want to plan for Medicaid
You probably see a lot of advertisements trying to convince you to plan for Medicaid in order to obtain long term care coverage. Long term care is home care (for people who live in their homes but need help with daily activities) and nursing home care. I, on the contrary, will show you that if you are...
3 reasons why you might NOT want to plan for Medicaid Continue reading…