The Trump Policy Analysis Group (TPAG) [1] has convened to consider probable changes in law that will affect older Americans and those with special needs. Initial TPAG focus is on entitlements, public benefits, tax, special needs planning, and veterans’ benefits. We…
Being the trustee of a special needs trust is a very important role as it serves to protect the interests of a beneficiary with special needs. Often, a special needs trust is established so that the beneficiary can have the…
In our last article, we discussed the ramifications of not having a succession plan in place for a business. In this article, we will discuss the role of a fiduciary of an estate, and how an individual in that role can ensure the business continues to operate if the owner passes away.
In order to continue running the business of a deceased person, someone must be appointed as the fiduciary. This is all dependent on whether there is an estate plan in place, namely if the owner has a Last Will and Testament that must be probated with the local Surrogate’s Court.
When someone owns a business and they pass away, the business does not just stop automatically—even if they are the top partner or sole proprietor. There are still employees who need to be paid, products that need to be sold, orders that need to be fulfilled, and vendors and other obligations that must be paid as well.
There is always a lot of turbulence when someone passes away, but if they own a business, it is almost exponentially disruptive and difficult. It is very important for someone who owns a business to think about business succession planning and estate planning for themselves. This is not only for their immediate family, but for their employees and the people they do business with on a regular basis. Otherwise, it can be incredibly time-consuming, expensive, and difficult for actions to be taken properly to continue the business.
The Theresa Foundation is excited to announce the return of its Comedy Night Fundraiser. Join us on Sunday, November 6, 2016 at 7:00 pm at Governors Comedy Club (90A Division Avenue, Levittown, NY 11756) for a night of laughs. Tickets…
If you are an agent under a healthcare proxy for a loved one, you may be faced with some difficult questions and issues from time-to-time.
When a person dies, his or her estate may need to go through probate. If the decedent leaves a will directing how his or her property should be distributed after death, the will must be submitted to the probate court so that it can be approved as a valid document. During this process, all of the parties that have the legal right to notice will be informed of this proceeding. This will give them a chance to accept or object to the approval of the will.
As the fourth anniversary of Hurricane Sandy approaches, it is important to remember the loss of life and brutal destruction that was left in the wake of its path—in order to be more prepared for the future.
Before the next devastating storm hits our shores, it is crucial to make sure we are ready to provide the appropriate relief to all residents, especially those within our most vulnerable populations, such as residents of nursing homes and assisted living facilities.
Recently, the Centers for Medicare & Medicaid Services (CMS) finalized a new rule establishing emergency preparedness requirements for healthcare providers participating in Medicare and Medicaid. The new rule is aimed at increasing patient safety during emergencies and establishing a more coordinated response to natural and man-made disasters.
Our practice produces many important documents for elderly clients. Clients may forget where these documents are located within their home, lose track of the documents’ location over the course of a move, or may pass on without sharing the actual documents (or their location) with their children, executor, or guardian.
There are a few smartphone apps that can assist individuals and families to keep track of important documents such as wills or advanced directives (healthcare proxy, etc.). This tool works in conjunction with the app’s ability to catalog the contents of entire homes. This umbrella function helps with ongoing organizational efforts as well as moving assistance.
In a previous article, we discussed 529 plans as a way to help contribute toward college tuition. In this article, we provide some food for thought before you help pay for your loved one’s educational costs.