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Remarriage among individuals who are 55 and older increased approximately 15 percent between 1960 to 2013. No matter the reason for remarriage, estate planning often becomes much more complex when a new partner is involved. These issues can be made even more complex if a couple makes the decision…
Parents with dementia and other memory loss disorders, such as Alzheimer’s and Parkinson’s disease, present extraordinary challenges for the parent and adult children tasked with assisting them. Drafting a will, making health care decisions, and taking care of legal and financial matters are just some of the items that must…
There are a number of common estate planning errors that we see people make. These errors occur in almost equal proportion among the wealthiest as well as individuals of modest means. In the hopes of making the estate planning process more efficient for everyone, this article reviews some of…
This is the second post in a two-part series on the opioid crisis at home. Addiction, the subject of our first post, is not the only opioid-related impact on older adults. The following post will examine the rise in elder abuse tied to the opioid epidemic. I assisted a client…
After creating an estate plan, you might think that you’ve made all of the steps necessary to plan for your future. Instead, it is just as important to make sure that estate planning documents are stored in a safe location. This article reviews some of the various options that…
Many of us don’t keep our assets in tangible items. Instead, many people’s assets are retirement accounts including 401(k)s, IRAs, and worker benefit plans. One way in which retirement accounts differ from more tangible assets is that wills do not dictate how individual accounts are disposed. As a result,…
A recurring theme in estate planning is that it is not a once and done activity. Instead, it is critical to revise estate plans following major life changes. One of the countless life changes that many people still do not think necessitates changes to estate plans is divorce. In…
The federal estate tax is a tax that is placed on a person’s estate after death. While many people are familiar with this general concept, they have a number of more specific questions about what the federal estate tax does and does not include. For one, many people…
New York Governor Andrew Cuomo signed a group of bills intended to increase consumer homeowner protections. By press release, the Governor’s office announced three important improvements in an effort to strengthen homeowner safeguards and close loopholes to prevent deed fraud and mortgage scams. Unbeknownst to the homeowner, deed fraud…
It’s a tale as old as time. A couple is married for several years and during that time, the couple successfully grows a small business into a million dollar one. The couple’s marriage ultimately does not last and they divorce. Because the couple is still young, they do not have…