Estate Planning is a very simple concept. Unfortunately, it is also the subject of many misrepresentations and misinterpretations. This confusion causes many to create an improper estate plan. To avoid this result, we need to take the time to understand what estate planning is. The following provides an explanation of the estate planning process so…
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If you want to pass on your belongings, big or small, to your next of kin, a trust is a great idea. There are many types of trusts depending on their specific structures and conditions. And you need to do some thorough research to decide which one is best for you based on your personal…
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We receive a lot of questions related to Medicaid and irrevocable trusts. Families usually reach us in order to receive guidance when their loved ones receive an unpleasant diagnosis, or they get admitted into an old age home. Under such circumstances, people start gaining knowledge and understanding about estate planning processes in order to protect…
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When two lovebirds walk down the aisle, never in their wildest dreams do they imagine that their future marriage could culminate in divorce. It may seem like a logical conclusion, with approximately 9 divorces per 1000 individuals in the state of New York, but most of us refuse to see that side of the coin…
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An essential part of estate planning in NYC is preparing a legalized document with extensive details about how you want your funds to be used and distributed after you pass. One method to ensure that your last wishes are fulfilled is by creating a living trust in NYC. There are many plus points involved when…
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A living revocable trust helps individuals avoid probate, and the hassles and expenses that come with it. It also allows individuals to keep their estate private, so that it is only available to their immediate family in case of their demise. This legalized document enables you to appoint a trustee who is responsible for holding…
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Life treats all living beings very differently. There are some who are blessed with every possible amenity available. They walk through life without experiencing physical, social or financial complexities. This is not to say that they don’t have their fair share of troubles, but they can usually find a way through and continue on their…
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In 1993, a monumental change was made by the United States Congress, affecting the landscape of estate planning. It was in that year when Congress granted special needs trusts a legal status. This allowed parents, family, and other interested parties invest in the well-being of a person with disabilities. As defined in Section 7-1.12 in…
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An individual creates a special irrevocable trust in their lifetime in order to hold title to various assets that they own. This special trust is known as a Medicaid trust. It enables you to select your trustees and live peacefully in your personal property. In the New York City, the average expense of old age…
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Creating a Medicaid trust in New York comes with a lot of advantages. It allows you to keep your estate out of the probate court, helps you keep your assets out of the reach of a creditor, etc. If you do your Medicaid planning way before time with the help of an elder care lawyer,…
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