Estate Planning

Friday, November 26, 2021

Different Types of Trusts

A trust is a fiduciary arrangement that gives a third party, called a trustee, the ability to hold assets on behalf of a beneficiary. Trusts are flexible instruments that can be arranged in many ways and can specify exactly how and when your assets transfer to beneficiaries. In this article, we examine four popular types of trusts.

Revocable Living Trusts

A revocable living trust is a written document that determines how your assets will be handled after your death. A revocable living trust is unique in that you can amend or cancel it at any time.

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Saturday, October 30, 2021

The Different Types of Power of Attorney

A power of attorney is a powerful estate planning tool. However, there are several different types of powers of attorney, and each is used for different purposes. Therefore, before executing a power of attorney, it’s important to understand which option is best for you. In this article, we examine the different types of power of attorney.

General Power of Attorney

A general power of attorney gives another person (called an attorney-in-fact) all the powers and rights that you have yourself.
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Thursday, September 23, 2021

The Pros and Cons of Beneficiary Designations

Clients are often encouraged by advisors at financial institutions to name beneficiaries on their savings and investment accounts; however, doing so is not always beneficial for everyone.

The primary advantage of naming beneficiaries on one’s accounts is that probate is avoided.  At one’s death, the asset passes to the beneficiary simply by presentation of a death certificate.  While that sounds great, probate is usually not very difficult or expensive, especially if one resides in the State of New York.  What most people don’t realize is that beneficiary designations supersede the terms of one’s last will and testament.
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Sunday, September 5, 2021

Is Estate Planning the Same as a Will?

If you are considering starting the estate planning process, you probably have a lot of questions. After all, estate planning is complicated, and there is a lot of information out there on the topic. In this article, we examine the following common estate planning question: “Is estate planning the same as a will?” For help with other common estate planning questions, please contact our experienced estate planning attorney.

What is a Will?

A will is an important legal document that conveys the final wishes of a person who has passed away. Despite its importance, however, approximately 60 percent of U.

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Sunday, August 22, 2021

How to Pay for Long-Term Care

It used to be that purchasing long-term care insurance was the best way to finance long-term health care costs, whether it be provided at home, with an aide, or in an assisted living or nursing facility.  If one currently has long-term care insurance, then you should consider yourself very lucky and you should hold onto the policy (ies).  The reason is that long-term care companies offered policies at what many believed to be somewhat reasonable rates, but the claims they paid out were huge.  Many companies will not sell the policies any longer, and the ones which do charge exorbitant prices.

One option of financing long-term care is to purchase an insurance policy with a long-term care rider.

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Sunday, August 1, 2021

Estate Planning for Seniors

As a senior citizen, it’s vitally important that you have an estate plan in place. Not only can you use an estate plan to leave assets to your loved ones, but an estate plan allows you to identify who will make certain important decisions on your behalf should you ever become unable to do so on your own. In this article, we examine some important estate planning documents for seniors.

Last Will and Testament

A last will and testament is probably the most popular estate planning document. A law will and testament outlines who will get your property after you die.

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Sunday, June 6, 2021

New York's New Power of Attorney Legislation

On December 15, 2020, Governor Cuomo signed a new bill into law which is designed to simplify the power of attorney form used in the State of New York and make it easier for clients to have the form recognized by institutions.  A power of attorney is an essential estate planning document which usually obviates the need to commence a guardianship proceeding when a family member becomes incapacitated.  It allows the agent to pay bills and otherwise handle the person's finances.

The new power of attorney form, which will be effective for al power of attorney forms signed on or after June 13, 2021, is intended to simplify the current form.  One aspect of it is that it permits language which is "substantially compliant" with the legislation, rather than requiring it to be exact.

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Monday, May 24, 2021

Will vs. Living Trust: What is the Best Option for You?

When it comes to estate planning, there’s a lot to consider. In addition to deciding who to leave your assets to after you pass, you must determine which estate planning instruments are the most appropriate for your unique situation. In this article, we examine the differences between a will and a living trust. In addition, we discuss what you should consider when deciding which of these two documents to include in your estate plan.

What is a will?

A will is an estate planning document that dictates how your property will be distributed when you pass away.

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Friday, April 30, 2021

Is Estate Planning Necessary?

For a variety of reasons, many people are under the impression that they don’t need an estate plan. This couldn’t be further from the truth. Estate planning is for everyone. Without an estate plan in place, settling your affairs after you’re gone could have a long-lasting and costly impact on your loved ones. In this article, we examine the top four reasons that estate planning is necessary.
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Saturday, April 17, 2021

Estate Tax Law Changes On the Horizon

There has been a good deal of talk lately about changes to the tax laws, with the primary purpose of closing loopholes and having the wealthy pay more in taxes.  Two proposals, if enacted, could have serious consequences for people who are engaging in estate planning.

One proposal being touted is reducing the federal estate tax exemption, which is currently $11.7 million per person.  Several years ago, the exemption was only $3.

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Sunday, February 28, 2021

Preventing Elder Exploitation with an Estate Plan

Elderly people are highly vulnerable to financial exploitation. This is because cognitive impairment often diminishes the ability of older adults to make sound financial decisions and to detect scams. Florida, with its large senior population, is a hotbed of elder exploitation. In this article, we examine the ways in which an estate plan can help prevent elder exploitation.

Elder Exploitation in Florida

Elder exploitation occurs when someone wrongfully and knowingly appropriates the property of a person who is over 60 years of age.
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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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| Phone: 516-741-6100

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