When events or unexpected developments occur, you may rethink the trust you have created or even wish to revoke it. Although it may be possible to revoke a trust in certain instances, it is important to consider the consequences and ensure you take the proper steps to...
One of the goals of estate planning is to reduce tax implications for your beneficiaries after your death. If your assets are over the estate tax exclusion, it is important to be aware of your options and common mistakes that people make when estate planning....
High Deductible Health Plans (HDHPs) are a popular choice with Americans who buy insurance. When combined with the tax benefits of a Health Savings Account (HSA), you can feel less anxious about the possibility of a healthcare emergency. When creating your estate...
Elder financial abuse or exploitation happens to millions of elderly adults every year. You may be unaware of this exploitation and not discover it before it is too late. Here are a few tips on how to spot this abuse and what you can do to protect your elderly loved...
When a parent passes away and leaves behind an estate that contains assets and debts, you may need clarification about what you are responsible for. As the beneficiary, do you have to pay off your parent's credit cards and mortgage? It depends. Two kinds of debt There...
When a person dies without leaving a valid will in New York state, the assets of the deceased are divided up according to the laws of intestacy. If a person dies intestate and has a spouse and no children, the spouse inherits everything. If a person dies intestate and...
The estate planning documents that someone drafts remain valid, in most cases, until they replace or update them. However, existing estate planning documents do require occasional reviews and updates. Families with minor children often have multiple, overlapping...
Setting up a pooled income trust is an option for those in need of home care Medicaid in New York to ensure they can preserve excess income and maintain access to Medicaid. People in need of Medicaid who have over the threshold income limit can deposit excess monthly...
Estate planning is essential when you have minor children. You want to provide financial support in the event of your death and have a say in who should be appointed as the legal guardian. Many parents feel that having someone who can care for minor children is even...
Thinking about who will care for a family member with special needs in your absence can cause significant worry. Fortunately, there are various ways your estate plan can provide for your loved one. One of those options is a special-needs trust. What is a special needs...
