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October 2015 Archives

When a parent's declining mental capacity becomes an issue

Many adult children worry about the health and safety of their aging parents. This is especially true in cases where a parent's mental capacity begins to deteriorate. When a parent exhibits symptoms that are readily associated with dementia or Alzheimer's, it's important to take steps to ensure for not only a parent's physical safety, but also his or her financial security.

Divorce triggers important estate planning changes

By now, most New York City residents have likely heard about former NBA player Lamar Odom's recent serious health scare. After being found unconscious due to a suspected drug overdose, Odom was rushed to a Nevada hospital where doctors reportedly questioned whether or not he would survive.

Is an incentive trust right for you and your family?

Every parent wants their child to succeed and do well in life. To help steer a child towards or keep a child on what a parent considers to be the right path, a parent may offer an incentive to help a child out financially. For example a parent may agree to pay a college-bound son or daughter a monthly stipend provided that he or she maintains a certain GPA. These types of incentive or conditional arrangements are fairly common between parents and children. What happens, however, if a parent dies and is no longer able to provide the nudge in the right direction that a child may need to achieve his or her goals.

How do annual gift exclusions work?

If you've just started putting your estate plan together, then you likely have a lot of questions. Don't worry. You're not alone. Properly laying out an estate plan takes time and a lot of effort on your part. It also requires a deep understanding of the law as well, which is not something everyone has. Questions, therefore, are a natural part of establishing an estate plan – questions that are best directed toward an experienced estate planning attorney.

The importance of planning for long-term care needs

As an individual ages and moves through different stages in life, there are always concerns that must be addressed and questions answered. For individuals nearing retirement, chief concerns often relate to ensuring for one's own financial security as well as that of a spouse. As one lives out his or her retirement years, concerns may shift to include health matters as well as living arrangements.

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Connors and Sullivan, Attorneys at Law, PLLC
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Connors and Sullivan, Attorneys at Law, PLLC
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Connors and Sullivan, Attorneys at Law, PLLC
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Connors and Sullivan, Attorneys at Law, PLLC
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Connors and Sullivan, Attorneys at Law, PLLC
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Staten Island, NY 10305

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