It sometimes seems confusing to clients to find out that the probate process (the court process one needs to go through when a person passes away and leaves a will) and the administration process (when one dies without a will) is different in every state. While there are many similarities in the process, some...

Clients are often confused about the differences between irrevocable trusts and revocable living trusts, and the consequences they each have for medicaid planning.  Those who advocate living trusts commonly lead people to believe that these trusts will protect one’s assets in the event long-term health care is needed. While living trusts serve the purpose...

 

There are many reasons why one might obtain life insurance and the purchase of such insurance should seriously be considered when doing estate planning. The most common situation where life insurance is necessary is in the case of a couple who has young children.  In that situation, it is common for one or both...

The terms "elder law" and "elder care" have become popular, catchy phrases people now use, to describe an array of planning techniques that are available to people as they age.  Very basically, elder law planning involves having the proper legal documents, such as a will, health care proxy, living will and durable power of...

It is not uncommon for New Yorkers to spend a few months in Florida or in some other state, especially during the winter season.  These New Yorkers are commonly referred to as “snow-birds” or “dual residents”.  If you are a dual resident, there are some relatively easy steps you should take in order to...

It is important to review all of one’s estate planning documents, from time to time, to see if the contents of the documents still adequately reflect one’s wishes.  At a minimum, your will, health care proxy, living will and durable of power of attorney should be looked at by an experienced attorney, to make...

There is no doubt that economic downturns take their toll on everyone.  Even if a parent has not been affected directly by a job loss or salary reduction, in many instances, parents are how helping their adult children who have been directly adversely affected. The mere mention of the word “probate” usually engenders a...

There are a number of relatively easy steps which can be taken in order to simplify your estate plan, thus saving time and money for you and your family. 

It is not uncommon to have many separate savings accounts, mutual funds and brokerage accounts, and certificates of deposits held by a variety of institutions....

 

 

Knowing what to do when a loved one dies can alleviate some of the uncertainty and anxiety that normally follows. Of course, funeral arrangements must be made quickly and family members must be notified.  One should order sufficient copies of the death certificate, as there may be a...

It is quite common for a parent to put a child’s name on his or her checking account, savings account, or brokerage account, with the intent of making it easier for the child to access funds in the event of the death or disability of the parent.  Sometimes this is also done because a...