My first job as an attorney was working for an attorney who concentrated on elder law and estate planning.
A family member introduced him to me– and now, I cannot imagine doing any other type of law.
I love meeting with families and helping them when they are in difficult situations. It is incredibly rewarding to be able to help someone through a crisis, and come up with solutions that enable them to preserve their dignity and protect their assets.
It is estimated that 64% of Americans do not have a will. Some of the top reasons people give for not making a will include:
As recent celebrity deaths have shown, life can end unexpectedly in an instant. Without the proper planning, the inevitable can have many unwanted and unintended consequences for those you leave behind.
When you own a piece of real property in New York State, your circumstance dictates whether or not you are entitled to certain tax exemptions.
What does this mean? Your personal residence may qualify for a number of exemptions based on factors such as whether you are a senior citizen, have financial difficulty, or are a veteran. In addition, if you and your spouse earn under $500,000 per year, then you could file for the STAR exemption for your personal residence.
Recently, we resolved a case regarding a Medicaid nursing home application for a 62-year-old woman, Jane, who suffered a severe stroke in 2011. A healthy woman otherwise, Jane had no health issues prior to suffering the stroke. Unfortunately, she also had no advance directives (health care proxy or durable power of attorney).
Estate Planning and an Ironman event…what does one have to do with the other you ask? EVERYTHING!
As a proud wife of a first-time Ironman and an elder law attorney, I can explain.
Step 1: Hire a Coach
*This article has been re-posted with permission from the author Harry S. Margolis.
Whether it’s an honor or a burden (or both), you have been appointed trustee of a trust. What responsibilities have been thrust upon you? How can you successfully carry them out?
Here are some do’s and don’ts to get you started:
It is important to understand the ownership of assets such as bank accounts, investments, retirement accounts, CDs and life insurance policies.
When a new client meets with an estate planning attorney, the first few questions the attorney will ask are:
Millions of people use computers to conduct business and interact socially, and for general communications. Many of those computer users are registered in some way on dozens of websites, including social media outlets such as Twitter, LinkedIn, Instagram, and Facebook. With these outlets, not many users consider what happens when there is no longer anyone to maintain them.
Everyone has their niche.
Financial advisors have a certain field of expertise, and most are very good at what they do. However, when it comes to elder law, Medicaid and estate planning, there is no substitute for sound legal advice.
Case study:
A retiree originally made an appointment with a law firm specializing in estate planning and elder law – but, a family friend was a financial advisor. He decided to work with his friend and canceled his appointment with the law firm.
The tragic death of Bobbi Kristina, Whitney Houston’s only child, has left her estate in limbo.
Houston’s will left the entirety of her estate, including jewelry, clothing, cars, record profits and music royalties, in a spendthrift trust to the sole heir, Bobbi Kristina. The provisions of this trust stated that Bobbi Kristina would receive the distributions in three installments: 1/10 at age 21, 1/6 to be received at age 25, and the remainder of the estate upon her turning 30. Based on these provisions, Bobbi Kristina was only entitled to 1/10 of the estate when she died since she was only 22 years old at the time of her passing.