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An elderly individual or person who is receiving care at a nursing home should not be required to live with bed sores. In many situations, bed sores are a good indicator that a person is being neglected. These sores can lead to infections that can jeopardize a person’s health and…
After moving between states, many people are overwhelmed and overlook critical estate planning steps. This can lead to undesirable estate planning results because different states treat issues like marital property and taxes differently. In these situations, it helps to understand some helpful advice about how to revise and update your…
Medicaid is a joint federal and state program available to people who meet certain asset requirements that help pay for long-term care costs. Long-term care unfortunately often presents financial challenges for individuals in the United States including both the elderly as well as others who provide care for family members…
Trusts are either irrevocable or revocable. Many people prefer revocable trusts because they want to avoid placing their assets into a trust whose terms they can never change. Simply put, irrevocable trusts are trusts that cannot be modified or terminated without the permission of the trust’s beneficiary. After passing…
Countless families have members who are black sheep. These individuals can end up influencing how the family passes on assets. Regardless of the situation, it is critical to evaluate and reflect on your beneficiary’s situation when it comes to estate planning. As a result, this article reviews some critical issues…
If you decide to establish a trust, you will likely need to select someone to make sure that the trust is administered in accordance with your wishes. A trustee is a person who assumes the position of managing a trust’s assets. The regulations to which the trustee must comply are…
Unfortunately, there’s no one size fits all estate plan. This couldn’t be truer during a year when a large number of uncertainties exist about the future. The Covid-19 pandemic has changed our lives in countless ways, which includes an increased concern about end of life issues. As a result, as…
Estate planning disputes can arise in countless ways. One of the most common types of disputes involves individuals who cannot successfully represent themselves or argue for what is in their best interest like mentally incapacitated adults or unborn beneficiaries. In these situations, a New York judge will often appoint a…
A power of appointment allows a person engaged in estate planning to direct where interest in an estate or trust is passed. Appointments are often classified as either general or limited/special. A general power of appointment gives the holder broad power to transfer a deceased person’s property. For example, if…
In accordance with the Tax Cuts and Jobs Act, a person can transfer up to $11,580,000 without facing either estate or gift taxes. This amount, however, will lower at the end of 2026 and revert to $5,000,000. Many people are worried, however, that due to the change in political administrations…