Recently, I was helping a couple with planning. Unfortunately, the husband passed away about two weeks ago. After he died, the family realized that he had one bank account that was in his name alone, with about $3,000 in it. They did not realize this before he passed, otherwise they would have taken care of it.
Although legal planning documents such as a health care proxy, power of attorney, last will & testament, etc. are an important part of any estate plan, if you are the parent of a child with special needs, these standard estate planning documents may not be adequate. If your child will not be able to live independently or support him or herself as an adult, it is critical that you make special provisions in your estate plan.
In order to avoid probate, you may decide to either place your home in a revocable trust or place someone you trust on the deed, creating joint ownership. Each of these options have their own pros and cons, but which is a better safeguard?
Today (March 6, 2017) marks the last day a fiduciary of a trust or estate can make a distribution from the trust or estate, and still take the 65-day election on the fiduciary income tax return. The general rule is,…
On Long Island, a tax break affecting 35,000 Nassau County seniors was not renewed this year. Recently, Nassau County let a long-standing property tax abatement expire without any notice to the recipients of the abatement. Approximately 35,000 seniors, all earning…
Reporting the sale of real property could be either really complicated or relatively simple, depending on the facts and circumstances. The type of property will also impact the manner and type of taxes that need to be paid. There may…
For those who currently have taxable estates, the burning question is, “What planning should or should not be implemented in light of an expected federal estate tax repeal?”
Assisted living facilities can often be an excellent option for a person who is interested in residing in a place where he or she can receive supervision or assistance with Activities of Daily Living, and where the resident is monitored…
This past season of Family Comes First™ has been inspirational and filled with stories that are heartwarming and moving. On this week’s show, The Best of Season 9, we will look back on the families and resources that moved us during this season.
The power of attorney is a crucial estate planning document—it allows a third party to step in and make important financial decisions for you, if you are no longer able to make those decisions for yourself. Having a properly executed…