Probate – FAQs
Losing a loved one is incredibly difficult. Emotions are high and the last thing you want to do is handle your loved one’s estate. Unfortunately, sometimes the probate can’t be avoided. So, what do you need to know about a…
Power of Attorney versus Guardianship
Have you ever been concerned about an aging parent who seems to be making “bad” decisions? Or, have you thought about who will look after you should something tragic happen and you become incapacitated? These are difficult scenarios to think…
How Does a Pooled Income Trust Work?
Does your parent need home care, but you just don’t know how you’re going to afford it? Many options exist and determining which financial strategy is best for your loved ones can be hard to decipher. However, one option that…
Unlocking the Benefits: How the Capital Gains Exclusion Works
Recently I received a telephone call from a client looking to sell their home. The home had been transferred to a trust years earlier and they wanted to know if they would qualify for the $250,000 (per resident owner) capital…
Supplemental Needs Trust: Protecting Government Benefits
Recently I received a call from a long-time client in a complete panic. She had been talking to her friend about the planning that they each implemented and the friend insisted that the client established the wrong trust for her…
Federal Estate Tax: Inclusion of Lifetime Gifts
The answer to the question “Are gifts made during my lifetime includible in my estate for estate tax purposes?” depends on several factors. Federal For purposes of the Federal Estate Tax, yes, any taxable gifts you make during your lifetime…
Reverse Mortgage: It May Not Be All It’s Cracked Up To Be
A reverse mortgage is a mortgage loan, usually secured over residential real property, which enables the borrower to access the equity value of the property. Specifically, it is a financial agreement in which a homeowner relinquishes equity in their home…
Avoiding the Mistakes: Using Trusts for Long-Term Care Planning
Many of our clients are legitimately concerned about what will happen to their homes and their assets if they need to go into a nursing home. They have heard of the five-year lookback related to Medicaid. Often, they show up…
The Truth About Mortgage and Property Transfer
… My spouse died, and I am the surviving tenant by the entirety of our house? … My parent died, and I am the surviving joint tenant of our house? … I inherited a house from a relative and now…
What Does Per Stirpes Mean in Estate Planning?
If you die without a Last Will and Testament or a Trust, the New York State laws of intestacy will govern the disposition of your property to your “distributees”, your closest living blood relatives (in priority order). However, if you…