Clients are often reluctant to spend money to purchase long-term health care insurance. While that is understandable, if one can afford the cost and is healthy enough to obtain the insurance, it is indeed a very wise investment. With nursing homes currently costing in excess of $10,000 per...
Clients often inquire about health care proxies and living wills and wonder what the difference is between the two, if any. A health care proxy is simply a document where you appoint someone to make health care decisions if you become incapable of making them on your own. These decisions...
It is quite common for people to have two homes, usually one in New York and one in Florida or some other southern state. While a will prepared in one state is usually valid in all other states, if done in accordance with the law of one's...
If you have a child who suffers from a type of disability which makes it impossible for the child to make his/her own decisions, then you will need to obtain legal guardianship of that child once the child nears the age of 18. At eighteen years old, a child is...
It is a well-known fact that nursing care, whether rendered at home or in a nursing facility, is extremely expensive. Even if one possesses substantial assets, those assets will be eroded quickly as a result of spiraling...
Parents are usually relieved when their child turns eighteen (18) years old. One reason is that they no longer need to worry about having a guardian for that child in the event something happens to the parent(s). By the same token, however, once the child becomes an adult under the law, the parent may...
It is extremely important for the parents of a child with special needs to embark on estate planning early on in the child’s life. First, in order to permit the child...
In New York, as in many other states, gifted and inherited assets are considered “separate” property for matrimonial purposes. Essentially, this means that you need not share those assets with your spouse in the event of divorce. However, it is extremely important that you keep those assets in your own name, and...
Knowing what to do when a loved one becomes ill can alleviate some of the uncertainty and anxiety that normally follows. Oftentimes, people panic and start making changes to their estate plan without first consulting with an experienced attorney or tax advisor. Family, friends, and others who want to help, tend to...