Recent changes occurred to the New York estate tax legislation in 2019 concerning Qualified Terminable Interest Property (QTIP). The following will focus on what a QTIP trust is, the benefits of a QTIP trust, and a summary of the estate tax legislation enacted in...
A power of attorney is a signed legal document that gives a trustee or person the legal authority to act and make decisions on your behalf when you do not have the capacity to make decisions. For example, you may want someone to act on your behalf if you are...
Elder law focuses on the legal rights of senior or disabled persons. The elderly are at risk of abuse by their family members or caretakers. Therefore, elder law protects them from any form of exploitation or harm, including financial, physical, verbal, or...
When a person is 65 years of age or older and needs health care insurance assistance or cannot afford to pay for medical care at all, Medicaid is there to help. However, to be eligible, there are certain qualifications that a person must meet. Qualification for...
In Brooklyn, NY, estate taxes are imposed by the federal government and state governments on transferring a person's assets or property upon death. These taxes apply to all inherited properties even if the decedent has an estate plan or will. In most cases, the...
Probate litigation can be costly, time-consuming and confusing for beneficiaries. The longer the court proceedings take, the more it will cost. In some cases, it may take several years to resolve, which might leave the heirs with less than the deceased wanted....
Planning for your departure is one of the most difficult but important parts of aging. All your hard work can go to waste if left in the wrong hands. In cases where multiple beneficiaries are involved, your loved ones can end up at war with each other for a piece of...
An executor, also known as a trustee or personal administrator, ensures that the decedent's property and possessions are distributed to the beneficiaries according to the last will. The law requires the trustee to execute these duties with the utmost honesty and...
The term "irrevocable trust" is sometimes used during estate planning; however, the exact definition of this term is not always clear. An irrevocable trust is a legal agreement that enables someone to transfer their assets to another person. This type of trust cannot...
An estate plan isn't for only the wealthy. Estate plans are for anyone who has family, medical wishes and assets they would like to see managed. Having your affairs in order before disaster strikes is no less than an act of kindness. Here is a checklist of what you...
