Katya Sverdlov Blog

Introduction. This will be a painful time for you and your family. While grieving, you still have the responsibility of handling all the final financial affairs of your loved one. You might face bureaucracy, multiple court forms, and other family members who are grieving or might be angry. We can guide you through this every step of the way.
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Video about a Power of Attorney

Dear Colleagues, Clients, Friends, and Family  

2020 has been a rough year. We have all been in some way confronted with sickness and despair.  But this year also reminded us to treasure the people in our lives, to find joy in special moments and to appreciate nature.  

May your 2021 be filled with wonder and gratitude and health.

All the best to you and your family from the team at Sverdlov Law!

P.

Read this article from NAMI with a thorough and straightforward explanation of a Pooled Income Trust. 

Stay informed about the Social Security changes. 

1. Monthly benefits increase: Social Security recipients will get a 1.6 percent cost-of-living adjustment (COLA) in their monthly benefits starting in January. The average individual retired Social Security beneficiary is expected to see a monthly benefit jump from $1,479 to $1,503, an increase of roughly $24 per month or $288 for the year.
2. Maximum benefits increase: As a result of the COLA, the maximum monthly benefit a single recipient can get also will grow.

Multiple problems frequently arise when an adult loses capacity.  Do you remember Terri Schiavo and the 7 year court battle that her family had to endure to determine the proper course of her medical treatment? Much to the surprise of close relatives, unless certain documents are signed ahead of time, the relatives are not entitled to make health care decisions for their loved one.

The two documents that allow an individual to detail their future medical wishes are a Health Care Proxy and a Living Will.
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Purpose of probate: Probate of the estate serves several purposes. It starts with identifying the heirs of the estate, continues with identifying the assets owned by the decedent, continues with paying the claims of the estate and is finalized by distributing the remaining assets to the required beneficiaries. Every single step of this process may end up with unexpected complications.

Identifying proper creditors: During the probate process notice must be given to all creditors of the estate, and those creditors must be allowed an opportunity to file a claim against the estate. The Executor of the estate reviews each claim and either approves or denies it.

Under the laws of New York, if you die intestate (without a Will) some or all of your property would go to your children who survive you, in equal shares. However, you can choose to disinherit – leave nothing – to a child.

The disinherited child, of course, may have very hurt feelings, both against you and against the heirs who are ultimately receiving the money. As a result, the disinherited child may choose to challenge your Will: either by claiming that you did not have the mental capacity to write one, by claiming that you were under undue influence from unscrupulous people, or by claiming that the Will was not executed properly. Even if this Will challenge does not ultimately succeed, it can delay the process of asset distribution by years.

One of the hardest parts of losing a loved one is dealing with the financial aftermath. While your family and friends are aware of the passing, the rest of the financial institutions are not and they will keep sending the bills. Gym memberships, subscription wine club memberships, student loans, credit cards, Netflix subscription, utility bills, etc. – all of these have to be addressed.

1. Make sure you have authority to act and get a document to prove it.

Pre-Planning is best, because it eases the burden on your loved ones. If you have specific wishes (i.e. – scattering your ashes over Yukon, Canada or getting buried under a specific tree) you should at least write these wishes down and ideally arrange for their execution. However, that is not always possible and millions of people each year are faced with the daunting task of planning funerals while grieving a loss.
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