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Articles Posted in Asset Protection

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Female Focused Estate Planning: Long-Term Care

While everyone needs an estate plan, demographics show that women in particular should take steps to address the matter.   Living Longer & Needing Care   On average, women live five years longer than men. This means women have to face a few realities: (1) they are more likely to…

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Estate Planning & Financially Dependent Adult Children

According to the Pew Research Center, more Americans age 18-34 are living with their parents than in any other living situation. Over 32% of people in that age group live in their parents’ house which leads to an interesting estate planning dilemma for the parents.   While some adults who…

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The Role of a Trustee and Their Discretionary Power

Trustees serve a very important role in the effective administration of a trust. The maker of the trust document, the grantor, gives another neutral third party, the power to administer the terms of the trust throughout the lifetime of the grantor and after, if the terms of the trust provide…

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Female Focused Estate Planning: Distributing Assets

Estate planning is vital for all people wishing to have control over the distribution of their assets following their death. Women, in particular, should take time to plan their estates. In the U.S., women control nearly 40% of the nation’s investible assets and nearly half of those assets are managed…

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Financial Elder Abuse: Warning Signs and How to Stop It

Elder abuse has been an increasing trend over the past few decades, within roughly one in ten Americans over 60 years of age experiencing elder abuse, whether it be financial, harassment, sexual, physical, or passive abuse through neglect or deprivation. Of the elders subjected to abuse, over 90% of those…

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Back To Basics: Steps To Take Following The Death Of A Loved One

The passing of a loved one is not easy. The closer you were to the deceased the bigger a toll that it takes on you mentally and emotionally. You may experience anger, frustration, and numbness as you seek to process the passing. As you begin to contemplate what you must…

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Types of Special Needs Trusts

There are three main types of trusts for special or supplemental needs. Each has their own specific purpose and use, and will apply differently for every party.   First Party Special Needs Trusts The first party special needs trust was developed to be funded with assets owned by the trust…

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Special/Supplemental Needs Trust

Special needs trust are a type of trust by which the beneficiary is provided for through the trust income, but has no control over the distributions of the trust. Generally, special needs, or supplemental needs trusts, have been used to provide for those loved ones with disabilities or who are…

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What Assets Go Through Probate In New York?

Probate is the legal process that takes place after a person passes away.  It typically involves submitting a valid will to the surrogacy court in New York state, taking inventory of the deceased’s estate’s assets, paying off the estate’s liabilities and distributing the estate assets to the beneficiaries designated in…

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Why Spendthrift Trusts Can be Important to Your Inheritance Plan

Spendthrift trusts are a type of irrevocable trust in which the grantor seeks to leave property or assets to a beneficiary, under the terms they outline, by which the beneficiary cannot alter, because they have no legal claim to the trust property. An irrevocable trust is a type of trust…

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