Elder Law

Advance Directives: Planning for the Unexpected

Are You Prepared for the Unexpected? Avoid Stress & Cost by Planning AheadAre you and your family prepared for the unexpected? In the event of a sudden illness or injury, advanced directives can save you and your family time, money, and emotional distress.

The three advanced directives everyone should consider are health care proxies, living wills, and powers of attorney, yet these precautions are often overlooked by married couples.

This year I have had the pleasure of working with a married couple who suffered an unforeseen and life-changing event: the wife suffered a debilitating stroke while undergoing a simple medical procedure, and she needed the type of care that is only available in nursing homes.

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Is Your Life Insurance Still Fulfilling Its Objective?

Is Your Life Insurance Still Fulfilling Its Objective?

Henry Montag,  CFP, CLTC, is a guest author for the Russo Law Group P.C. blog. 

Do you want to establish a trust? There are many different reasons people do so:

  • Some people do it for the management aspects to make sure their assets will be properly invested and not squandered away by a spendthrift child or spouse. Other people want to make sure that, if sued, their assets are protected from the claims of a creditor – and others do it for tax purposes.
  • A parent or grandparent may establish a life insurance trust to provide an inheritance earmarked for the next generation, or to make certain that their child’s assets are protected in the event of a divorce.
  • Trusts can also be set up to provide for the welfare of a child with or without special needs for a variety of reasons such as providing for their educational fund or giving birthday, graduation or wedding gift even after the grantor has passed away.
  • A trust is also an excellent way to make a charitable bequest to assure your legacy and what is important to you will always be remembered.

While there are many factors for an individual or family to consider the benefits of establishing a trust, it is equally important that grantor’s/parents review the trusts they have chosen and make certain that the trustees are knowledgeable about their duties and are continuously still operating in the beneficiary’s best interest.

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What is a Pet Trust?

What is a Pet Trust?Most pet owners think of their pet as a member of the family.  

You love your pet and want to make sure that he will be taken care of after you pass away. After reaching that decision, most people are still unsure of what arrangements need to be made.  

What is a pet trust?

A pet trust is a legal agreement to provide for the care of one or more pets in the event that the pet owner dies or becomes unable to care for them. New York State gives statutory authority for the benefit of pets under Estates, Powers, and Trusts Law, Chapter 17-B.

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Preparing for the Winter: Legal Documents for Peace of Mind

You Don’t Need to Travel to Our Office to Get HelpUnless you have a crystal ball, it’s impossible to predict what the future holds. Should you become unable to make your own decisions, it is imperative to appoint someone to take care of your affairs and make healthcare decisions on your behalf.  Additionally, in order to ensure that your assets are passed on to your loved ones without problems, high legal fees and time delays, it is important to start your planning today.

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Who is in charge of my remains when I die?

Who is in charge of my remains when I die?One of the most challenging topics to discuss when creating an estate plan is the topic of your remains. As attorneys, we meet people from all backgrounds, many of whom have varying wishes as to what should happen to their remains after they die.

Oftentimes, the default plan that people chose is to be buried through a funeral home. There is no law requiring the use of a funeral home, though many choose to do so because of the full range of services offered, which can make the entire burial process a little easier. If you would like to retain the services of a funeral home, then you should research funeral homes now and make arrangements for a prepaid funeral. Planning ahead will alleviate the stress your loved ones may feel about making arrangements for your burial and can help ensure that the funeral home of your choosing provides services you desire.

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How I Found Love in Elder Law and Estate Planning

Personal Anecdote: Why I Love Elder LawMy first job as an attorney was working for an attorney who concentrated on elder law and estate planning.    

A family member introduced him to me– and now, I cannot imagine doing any other type of law.

I love meeting with families and helping them when they are in difficult situations. It is incredibly rewarding to be able to help someone through a crisis, and come up with solutions that enable them to preserve their dignity and protect their assets.

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The Truth About Nursing Homes: Reasons to Consider

Don’t Assume Your Kids Will Take Care of You When You’re Old!The truth is, nursing homes are full of people who did not want to be there and whose families thought they never would.

As an elder law attorney, I often hear: “My mother will never end up in a nursing home,” or “I would never put my dad in a nursing home.”

It is all nice in theory. No one (myself included) wants to see their parents in a nursing home but, in most cases, the reasoning behind the decision is either financially driven or care-driven.

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Why You Need Legal Advice for Elder Law and Estate Planning

Everyone has their niche.

Financial advisors have a certain field of expertise, and most are very good at what they do. However, when it comes to elder law, Medicaid and estate planning, there is no substitute for sound legal advice.

Case study:

A retiree originally made an appointment with a law firm specializing in estate planning and elder law – but, a family friend was a financial advisor. He decided to work with his friend and canceled his appointment with the law firm.

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