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You have saved and invested throughout your life to build enough wealth to fund your retirement. You have worked with your estate planning attorney to establish an estate plan to leave behind assets to your loved ones to share after you pass away. However, like many individuals, you are now…
When you create an estate plan, you face many decisions. One of those decisions will be how you should divide and distribute your property. You will spend a great deal of time deciding who will get what upon your death. One area that may need special attention is the distribution…
Not all investments are created equal. You investment portfolio may include a 401(k), individual retirement account, pension plan, or deferred compensation plan, among others investment vehicles. Whether your investment trust account is qualified under the Internal Revenue Code will determine the tax treatment of your contributions and withdrawals. Qualified…
Saving for the cost of your child’s or grandchild’s college education can be intimidating. Participating in a qualified tuition program, also known as a 529 college savings plan, that is administered by the State of New York can be an effective part of your estate plan, and a great way…
Without you around to clarify your testamentary intent, those receiving property, and likely those intentionally omitted from your will, might battle over your estate for years. There are many potential sources of dispute, but there are steps you can take to make sure your intent is carried out without an…
At some point in your life you or a loved one may need full time care in a nursing home facility. As part of the process of being admitted into a nursing home you, on your own behalf or on behalf of a loved one, may have to sign…
A home equity conversion mortgage, or reverse mortgage, is a lending option that gives qualified homeowners the ability access the equity in their home. The benefits of a reverse mortgage include the ability to access a regular stream of funds or access to a line of credit when you need…
Some clients may ask, “what happens if we lose the original will; is the court still going to let it be admitted to probate?” The short answer is, as always, maybe. As a general rule of thumb, New York courts are very reluctant to admit a copy of a will.…
When planning for the possibility of eventual nursing home admission, the key is not so much building up assets, but rather, spending as much as possible in ways that will not trigger penalties or ineligibility. So, some of the best tricks are finding exempt expenditures; these are things Medicaid allows…
Many people wish to leave a large inheritance to their children. This is one of the greatest generational wealth-building tools in our society. However, what does one do when the next generation is less than responsible? Or, more commonly, what does one do when an adult child is mentally impaired…