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May 2015 Archives

Plan for long-term care, no matter how wealthy you are

Few people in Brooklyn or elsewhere in the country would gasp at the notion that health problems increase with age. As people get older, they have more need for medical care as well as long-term care for ongoing health concerns.

If you are thinking about replacing your executor

If you have already appointed an executor, you have obviously taken steps to ensure that your financial and legal matters will be in order after you have passed away. Congratulations to you for being so proactive. Please however, keep in mind that estate planning is meant to be a “living” process. Meaning, your estate plan is meant to be revised as often as it needs to be during the course of your life.

Undue influence: Is it elder abuse?

Undue influence is a common topic when discussing estate planning, elder law and other financial issues. However, what may not be clear is that undue influence, often defined as any persuasive act that overcomes an individual's free will, can also be considered a form of financial elder abuse.

Understanding the potential benefits of a QPRT

If you have never heard of a Qualified Personal Residence Trust, you are not alone. Although this particular estate planning tool was once popular, it became less well-known over time. However, this tool may still help various Americans transfer their homes to their children or other trusted beneficiaries without incurring a substantial tax penalty. As a bonus, this particular tool allows a homeowner to keep living in his or her residence despite the technical transfer. In general, one must specify how long the terms of the trust will last.

Work with experienced attorney in seeking guardianship for loved one

The more you look at the way estate matters are handled for the rich and famous, the more convinced you become that it is really difficult for families to handle these matters peacefully. Unfortunately, the family of blues legend B.B. King is experienced turmoil right now as the artist deals with some serious health issues.

How will you pay for nursing home care in the future?

Whether you are someone who is currently taking care of an aging parent, or you are starting to think about your own care in the future, it can be shocking at first to learn about just how high long-term care costs are. We are not talking about a few hundred dollars either. Rather, care may cost tens of thousands of dollars per year -- even upwards of $100,000 -- leaving many wondering just who is going to foot these bills.

What should Gen Xers keep in mind when it comes to estate planning?

On Friday, our blog discussed how those people inching ever closer to retirement age -- aka Baby Boomers -- need to expand their focus beyond retirement planning and ensure that they have an estate plan in place to protect the substantial assets they've accumulated over a lifetime of hard work.

Estate planning: It's about more than having a will

Planning for the future is something we do all the time. We schedule vacations, set aside money for retirement, organize long-term payment plans for a house and do what we can to support our kids as they grow up and think about what they want to be someday.

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Brooklyn:
Connors and Sullivan, Attorneys at Law, PLLC
7408 Fifth Avenue
Brooklyn, NY 11209

Phone: 718-414-6209
Fax: 718-238-2616
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Connors and Sullivan, Attorneys at Law, PLLC
110 East 59th Street
New York, NY 10022

Ph: 212-737-2700
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Bayside Queens:
Connors and Sullivan, Attorneys at Law, PLLC
200-20 Northern Boulevard
Bayside, NY 11361

Ph: 718-225-7200      
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Middle Village Queens:
Connors and Sullivan, Attorneys at Law, PLLC
79-43 Metropolitan Avenue
Middle Village, NY 11379

Ph: 718-238-6500
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Staten Island:
Connors and Sullivan, Attorneys at Law, PLLC
1250 Hylan Boulevard
Staten Island, NY 10305

Ph: 718-414-6209  
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