New York Elder Law And Estate Planning Blog
What is a revocable living trust?
A revocable living trust is effective for people who are single, married, blended families and people who have beneficiaries with special needs in New York. Also, with the change in the law, it is effective for same sex couples as well. Basically, what you do is you...
The SECURE Act changes how heirs may inherit IRA plans
Many New Yorkers devote a good portion of their lives building wealth and saving a portion of it in a specialized account for retirement. Without comprehensive planning, however, heirs inheriting their retirement plans may find themselves liable for paying unexpected...
Estate plans address your retirement and health, not just death
When people think of estate planning, they most often think of a last will that outlines the financial legacy they want to leave behind. There is no question that a last will is an important component of an estate plan, but it is far from the only document a...
What is a power of attorney?
Many people assume that estate planning is only for after your death, but that is not the case. A good estate plan will also account for what would happen if you were to suffer an illness or injury that made it impossible for you to communicate your wishes. Having a...
Planning for old age when single and childless
When most people think of seniors, they picture grandmas and grandpas bouncing their children’s children on their knees. This is a common reality for maybe most of New York’s elderly population. Still, it is not true for everyone. There are many seniors who either...
Estate planning as an older woman
For older women, and all other adults, having an estate plan set up is very beneficial for various reasons. Not only does a will or trust offer protection in terms of one's estate and help ensure that assets are divided properly down the road, but it can give people...
What health care documents help to protect me?
Health documents alone cannot protect people in New York. Still, they help to put measures in place that do offer some protection. How well you choose the people tied up with your documentation, whether you keep them updated and how carefully created they are, all...
The importance of planning ahead after an Alzheimer’s diagnosis
If you have a family member who has been newly diagnosed with Alzheimer’s disease, you likely have witnessed its impact on your family. A diagnosis can spur a range of emotions, including confusion, anger, denial, fear and sadness. The cognitive symptoms of the...
How to prevent an adult child from wasting his or her inheritance
As a parent, you will always love your children. However, your children have grown into adults. They lead their own lives and must be accountable for their own actions. While some children develop into financially savvy adults, not every child does. Although you may...
What makes a will valid in New York?
Because of the general importance of an estate plan and a will to an estate plan, it is essential that a will is valid and that the estate planner is familiar with the requirements for a will to be valid. As such, estate planners should ensure they are familiar with...
