Misconceptions about wills, trusts and estate planning in general abound. Here, we help you separate fact from fiction. 1.      Estate planning is only for the wealthy. Besides preserving and protecting assets, estate planning preserves dignity. It allows you to make decisions about your physical and mental healthcare while you are able to do so, before …
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Irrevocable Medicaid trusts can be a powerful tool for families seeking to protect assets from the costs of long-term care, if drafted and administered properly. A failure of either can create bad blood within the tightest of families, with resulting financial repercussions, so the Suffolk County Surrogate’s Court reminds us in its September 7, 2017, …
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For trust and estate attorneys, the big news this summer from Florida was not Hurricane Irma, but Governor Rick Scott’s veto of proposed legislation to legalize what are often called “electronic Wills.” These are Last Will and Testaments that are digitally created, signed and stored online or on a tablet, smart phone or similar electronic …
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The most costly item in retirement isn’t housing; it’s healthcare. According to the AARP, some 70% of Americans will require long-term care during their lifetime. With nursing homes in New York costing $12,000 to $14,000 per month and the future of Social Security and Medicare unclear, many retirees risk financial ruin unless they have put …
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After many years of hard work, sacrifice and saving, most people look forward to a secure and stress-free retirement. Few, however, consider the probability of needing costly long-term care, either at home or in a nursing home. According to the AARP, approximately 70% of Americans will need some type of long-term care. Nursing homes in …
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In New York State, a Will of a deceased person is given legal effect only after it is admitted to probate by the Court.  In the event someone objected to the admission of the Will to probate, i.e. a Will contest, the Court must consider four issues: (1) Did the Testator have mental capacity to …
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Please click the link below to view the Trusts, Estates & Taxation Newsletter – Winter 2013. Adobe Reader is required to view the bulletin. If Adobe Reader is not installed on your PC, click here to download and install. Trusts, Estates & Taxation Newsletter – Winter 2013 …
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Our state constitution and statutes provide that each one of the counties of the State of New York has its own Judge of the Surrogate’s Court, commonly referred to as the “Surrogate”.  The laws allow, when necessary, that a county may have more than one Surrogate.  As of the time of the writing of this …
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Under certain circumstances, a designated agent under a power of attorney (“POA”) has the authority to amend an irrevocable trust.  New York recently supported this authority in the Second Department case, Perosi v. LiGreci, 98 A.D.3d 230 (2012).There are many variables involved to determine whether an agent (also referred to as an attorney-in-fact) has the …
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In our fall newsletter, we advised you of the intense review given a residency audit.  In the second part of this article, we have outlined the following steps that should be taken to successfully transition into a new domicile: Declare your new state to be your place of domicile and residence in all forms or …
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