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Estate Planning

Tuesday, November 17, 2020

Using Your Spare Time to Get Organized


 

Since so many of us have more free time these days, with the pandemic affecting us, it is a good time to get your finances and legal affairs in order.  While it can be a daunting task, the way to handle it in a less stressful manner is to choose one area at a time.

One can start by simply compiling a list of one's assets.  When monthly or quarterly bank and investment account statements come presents an opportunity to start this list.  You should include account numbers, phone numbers and the approximate value of the assets.


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Sunday, October 11, 2020

Contesting a Will: Does it Make Sense?

 

Clients will often approach an attorney when they discover


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Wednesday, September 9, 2020

Beware the Drastic Changes to the Medicaid Transfer Rules



Effective October 1, 2020, New Yorkers who apply for Medicaid home care services will be subject to the same type of transfer penalty which up until now has been imposed only on applicants who require nursing home care.  If you transfer assets in order to qualify for Medicaid assistance, then you will not only be subject to a 
five-year look back/penalty period if you need to be in a nursing home but you will also be subject to a thirty-month look back/penalty period if you require assistance at home.
 
Most people are aware that if you want to qualify for Medicaid, a federal program administered by the states, you must spend down your assets.  Fortunately, the Medicaid rules permit one to give away his/her assets, either by making outright gifts or by transferring them to a trust, in order to qualify for the program. With the exception of the wealthy or those who have good long-term health care insurance policies, most people can not afford to pay for this care, Medicaid has become an important aspect of planning for many Americans.
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Monday, August 17, 2020

Common Estate Planning Mistakes


Estate planning is for everyone. Whether you have a large estate or just a few assets you’d like to pass along to your loved ones, you absolutely must have an estate plan. An estate plan can do many things, including maximizing the value of the estate you'll pass along to your loved ones and allowing you to make informed decisions about how your assets are to be held during your lifetime. And although it is imperative that you have an estate plan in place, a poorly drafted estate plan can actually do more harm than good. Therefore, in order to ensure that you get the maximum value out of your Florida or New York estate plan, it’s essential that you avoid the following common Florida and New York estate planning mistakes.
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Monday, July 20, 2020

Three Must-Have Estate Planning Documents


Estate planning is for everyone, regardless of wealth or income level. For people with substantial assets, a more detailed estate plan may be necessary. However, for most people, a simple estate plan will do the trick. Regardless of your age or income bracket, there are a few essential documents that every estate plan should contain. Below is an overview of three must-have estate planning documents.
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Friday, May 15, 2020

How to Create a Will in Florida


A properly executed will is the hallmark of a good estate plan. Each state has its own will requirements, and Florida is no different. Therefore, when drafting your will, it's imperative that you understand the laws that govern the validity of the document. In Florida, if your will fails to meet these requirements, the court will consider it invalid. This will make your estate subject to the laws of intestacy, which essentially means that the state will determine how your property is distributed.
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Tuesday, April 28, 2020

Estate Planning During this Pandemic


 

Now is the perfect time for one to get one's affairs in order, especially since most of us have a great deal of free time.  Getting organized and having a plan will serve to alleviate anxiety about the future.  First, one should compose a detailed list of important contacts--i.e., your accountant, financial advisor (s), your attorney, with phone numbers and contact information.
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Tuesday, April 14, 2020

How to Choose an Estate Executor


Estate planning is for everyone, especially those who are retired or close to retirement. One of the most important steps in the estate planning process is the selection of an estate executor. An executor is a person who is responsible for managing the affairs of a deceased individual's probate estate.
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Sunday, March 29, 2020

How to Get Your Affairs in Order During this Public Health Crisis


We are all experiencing an event in life which none of us have ever before experienced, so it is natural to get anxious and panic about the future.  With some knowledge, however, one can take steps to avoid the anxiety, when it comes to estate planning.

With a lot of free time on our hands, it is an opportunity to get important documents together and to review them carefully.  Everyone should have a will, health care proxy/living will and durable power of attorney.  The latter two documents are most important now, with the health crisis looming.


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Thursday, March 12, 2020

What Should I Consider Including in My Estate Plan?


Regardless of income or assets, everyone needs an estate plan. However, estate planning can be confusing, primarily due to the sheer number of available estate planning options available. In order to give you an idea of what you may want to include in your estate plan, we've compiled a list of the most important estate planning things to consider. After reviewing the information below, feel free to contact our


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Tuesday, February 11, 2020

The Importance of Picking the Right Trustee


A trust is a fiduciary relationship in which one party (the trustor) gives another party (the trustee) the right to hold title to assets or property for the benefit of a third party (the beneficiary). When creating a trust as part of your estate plan, it’s imperative that you choose a trustee that will carry out your wishes efficiently and honestly. Below are some tips on how to pick the right trustee.


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At the Law Office of Angela Siegel, we are pleased to offer legal assistance to clients located in Nassau, Suffolk, Queens, Kings and New York Counties specifically but not limited to Garden City, Jericho, East Meadow, Mineola, Syosset, Roslyn, Cedarhurst, Woodmere, Hicksville, Plainview, Merrick, Wantagh, Bellmore, Rockville Center, West Hempstead, Little Neck, Douglaston, Bayside, Flushing, Forest Hills, Astoria, etc., as well as clients located within the state of Florida.



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