New Yorkers are strong and have learned that a pinch of preparation is worth a pound of cure. This is why many of us want to begin long-term care planning, and one way to do this is through your estate plan. What is long-term care planning? The term, long-term care,...
Many people create an estate plan with the intent that it will be fully carried out after they pass away. However, wills may be contested. This means that a person disputes that the will is valid. Reasons to contest a will While the specific reasons a will is...
Even if you have an estate plan, you may not have planned for incapacitation and unable to make decisions for yourself. If you are in a coma, for example, who would pay the bills or manage your business? Who would make your health care decisions? And, if you have...
As your parents age, you might find yourself concerned about their final arrangements, especially whether they have an effective estate plan. This is an understandable concern. After all, your parents have worked hard to generate their wealth, and you want to ensure...
A special needs trust can be a great way to ensure that your loved one receives financial support from you without negatively impacting their ability to qualify for key government programs like Medicaid. This can be crucial if your loved one has extensive needs, as...
When New Yorkers think about estate planning, they might automatically focus on wills or trusts. However, there are other aspects of estate planning that can also be important. For people who are concerned about what will happen if they are unable to make health care...
When you have children to provide for, there are some additional considerations for estate planning. Where will the children live if you die before they’re grown up? Who will take care of them? Is there anything you can add to your last will and testament to express...
Estate planning can include creating a trust or will, but people may be less familiar with a family limited partnership as an estate planning option. A family limited partnership (FLP) is an entity created to manage and protect family assets. There are two types of...
Many people think that only older people need an estate plan, but do young New Yorkers need an estate plan too? The answer is yes. Not just about death An estate plan is not just about what happens to your assets after you die. It is also about what happens to you and...
No one likes to think about a possible time in life when they might be incapacitated and unable to make their own decisions. But, the reality is that the old saying is right – “accidents happen.” If something happens in your life and, even temporarily, you are unable...