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It’s a common occurrence for family and friends to be the caregiver for disabled and elderly loved ones. In these situations, it is critical to understand that caregiver assignments are legal documents that both define as well as describe how a loved one should be cared for by another individual,…
For many people who pass away, their home is their most valuable asset. As a result, several estate planning strategies are utilized to hide such an asset. One of the most common estate planning tools used to transfer assets is a qualified personal residence trust. Such trusts allow the creator…
Communities in New York are dedicated to stopping the spread of the COVID-19 pandemic. As a result, the state has declared various cautionary measures to control the spread of the disease throughout the state. Tragically, despite these measures, New York is still facing a substantially high number of deaths due…
Electronic wills are likely to play a large role in future estate plans. The ability to both create and store a document align has greatly facilitated the creation of estate plans. The Uniform Law Commission also recently passed the Uniform Electronic Wills Act, which has greatly influenced how many states…
While the coronavirus pandemic has left many people uncertain about what the future holds, now might be an excellent time to take advantage of a historically low tax environment. Although it is unclear how long rates created by the Tax Cuts and Jobs Act of 2017 will remain low, remember…
Special needs trusts perform the valuable role of keeping a person eligible for government benefits like Medicaid and Supplemental Security Income (SSI) while also paying for services in addition to what the government can offer. If you make the decision to establish a special needs trust for a loved one,…
Due to not just the approaching US election but also continued economic uncertainty and a country that is dealing with the impact of the coronavirus pandemic, family gifting is likely not at the top of your list of goals. Despite its uncertainty, the current situation creates an opportunity for individuals…
The field of estate planning involves various types of documents. While some of these documents have long-recognized roles, people have less exposure to others and are more uncertain about the role they can play in estate plans. One commonly asked question is what the difference is between power of attorney…
In the most comprehensive study of its kind, scientists at Harvard and the University of Wisconsin determined that within the three month periods after a spouse dies, the odds that the other will pass away during this period is between 30 to 90 percent. As a result, each year, many…
While it would be nice if it were, estate planning is not a once and done process. Instead, it is important to routinely review the terms of your estate plan to make sure that it is capable of achieving your goals. Reviewing estate planning documents is particularly important nowadays, during…