Those of significant wealth in New York may be concerned that their estate will be subject to the federal estate tax upon their death. Currently, in 2021, if your estate is $11.7 million for a single taxpayer or double that for married couples who file jointly, your...
Your Family's Goals Are
Year: 2021
Special needs planning in New York
When a person has a physical or mental disability and lacks the capacity to manage his or her own financial matters, it may be necessary to create a special needs trust. A special needs trust is managed by a trustee. The person for whom the trust is managed is called...
How a special needs trust helps your family
When it comes to estate planning, parents of children with special needs have added concerns. They understand the likelihood of their children outliving them. However, such parents want to make sure that their special needs children – who are not independent in many...
Will children need to pay for their parent’s nursing home bill?
Many Woodbury area residents have had to make the difficult decision to place their loved one in a nursing home. There comes a time when an older person is no longer safely able to take care of themselves and nursing homes offer the level of care that they need. But a...
Agents face various obligations when named in a health proxy
New Yorkers who are thinking about the possibility of being incapable of making their own health care decisions should be aware of the steps they need to take to have a health care proxy. Anyone who is legally considered an adult – 18-years-old or older – can have a...
Welcome To Our Blog
We established this blog to share stories and information about topics relevant to our practice. Our intent is to regularly provide posts highlighting legal issues of local, state and national interest that we think you will find interesting. Check back later for...
How to discuss estate planning with your parents
As our parents age, most people become more concerned about their well-being and their financial affairs. This is understandable, especially given the fact that a lot of individuals put off any sort of estate planning or other elder care planning until it’s too late....
Why do I need a will or trust?
Wills and trusts are estate planning tools that can help ensure your hard-earned assets are protected during your lifetime and transferred to your designated heirs after you die. If you die without a will, called intestate, the state oversees how your assets are...