If you're getting your affairs in order, no doubt you've heard about trusts. There are lots of different types, but they generally fall into one of two categories -- revocable and irrevocable. Each has its own benefits, so the best choice for you will depend on both...
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Is a will sufficient for estate planning or do I need a trust?
As you probably know, there are two types of estate planning documents -- wills and trusts. There are many differences between these two documents and how they serve to protect your loved ones after you're gone, so it's important to understand which one works best for...
The spenddown: Understanding medicaid estate planning
Part of estate planning involves making sure that you or your loved ones are taken care of as you age. Nursing homes, assisted living facilities and other forms of long-term care can be quite costly, however. It's not unheard of for a person to quickly exhaust their...
Protecting assets and benefits with a Supplemental Needs Trust (SNT)
Many families in New York have disabled family members. Taking care of a disabled family member is a lifelong endeavor for most. Providing for this family member extends beyond the life of the caregiver in many cases. The solution to providing for the long-term care...
Loan forgiveness: an estate planning option that benefits heirs
The lengthy discussion on loan forgiveness for college graduates and students reached a crescendo with President’s Biden’s recent decision allowing millions to forego repaying certain amounts to the government. In estate planning circles, such news may make some...
Strategies for minimizing your New York estate tax burden
Most of us realize we have to pay taxes when we’re alive. This includes income, capital gains, and property taxes. However, your estate might also have to pay taxes on a state and/or federal level. New York is one of the few states that imposes an estate tax, or...
What type of long-term care facility is right for your loved one?
Everyone gets older. Although the topic may not be fun, the ability to care for oneself degrades over the years. Relatives of a higher vintage are closer to reaching this stage. Younger generations are responsible for arranging a comfortable future for them. There are...
Establishing a child’s guardian in a will
A will is a legal document that makes a testator's wishes known upon their death. Common areas covered in a will include how property and assets are to be disbursed among family and friends. In some cases where a testator has children under the age of 18, a will...
Estate planning for newlyweds
Estate planning is critical for everyone, especially newlyweds. It ensures you and your partner begin your life as a couple on the right foot. Below are essential estate planning tips for newlyweds. Compile vital documents To begin, you will need a few critical estate...
Estate planning to protect family and assets
Estate planning is the most immediate step you take in protecting your family's interests. A well-prepared estate plan ensures that your loved ones are provided for and your assets are secure after you've passed away. If you pass on without a plan, your fortune could...