Trusts are effective estate planning tools because they help New York residents protect the value of their end of life assets all while legally transferring property and wealth to the beneficiaries of their choosing. Trusts can be used for many purposes, such as...
How a decedent’s will is managed during probate
Some readers of this New York estate and long-term care planning legal blog may perceive a contradiction in the world of wills and probate. On one hand, it is often advocated that individuals should create and execute wills so that their testamentary wishes are...
Which personal items are best to take to a nursing home?
Deciding that it is time to move an aging loved one into a nursing home is never easy. There can be a lot of guilt that comes with the realization that you can no longer provide all the care your family member needs. You will likely also be concerned about their...
How old must a New York resident be to draft a will?
Children can be incredibly precocious and capable of understanding complex themes and ideas. However, most children develop on a relatively regular schedule wherein their ability to manage their own needs and affairs is not possible until they are nearing adulthood....
Situations when a guardian may be removed
Guardianship is an important legal relationship between a person in need of support and the person charged with their care. There are a variety of ways that guardians may be selected for appointment when a need arises; a New York resident may name a prospective...
The difference between Medicare and Medicaid for long-term care
The United States of America has a social and financial safety net designed to protect individuals who need medical care, as well as those dealing with disabling illnesses and injuries. Among the programs intended to help those dealing with medical or economic...
What is an irrevocable trust?
A trust is a long-term planning device that may be incorporated into the estate plan of a New York resident. Many individuals choose to set up revocable trusts, which as the name implies, can be terminated, changed and modified. Irrevocable trusts, on the other hand,...
The estate inventory and paying a decedent’s creditors
There are many issues that must be dealt with when a person passes away. If they have taken the time to create a comprehensive estate plan, their loved ones may have an easier time working through the management of their assets and the settlement of their estate....
