Is Your Life Insurance Still Fulfilling Its Objective?

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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Understanding the Impact of SSI Benefits on other Benefits

Beware: Increased Child Support May Mean Decreased or Lost SSIIt is a little-known but important fact that receiving benefits of one kind can affect benefits of another kind, sometimes adversely.

Take the case of Sally and her son, Paul. Sally is a constant advocate for Paul, who has special needs. Paul is currently receiving Medicaid and Supplemental Security Income (SSI). Sally is also receiving Medicaid.

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Getting Divorced? New Law May Decrease Your Income

Getting Divorced? New Law May Decrease Your IncomeIf you are getting divorced in New York then you should know that recent revisions to the Domestic Relations Law will impact the calculations to your maintenance payments.

If you are considered the “non-monied” spouse, then you may be negatively impacted by these changes and could receive significantly less in spousal maintenance payments as a result. However, if you are considered the “monied” spouse, then these changes may benefit you by capping your income, eliminating the application of enhanced earning capacities, and limiting the timeframe of maintenance obligations.

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How much are you REALLY paying to live on Long Island?

How much are you REALLY paying to live on Long Island?If you are a resident of Nassau or Suffolk County, then you have most likely heard complaints of how expensive it is to live here. According to recent reports, Nassau and Suffolk counties are the most expensive places to live in the United States (including Hawaii, NYC, San Francisco, and Washington D.C.).

Although six factors made up the rankings in these reports, including housing, taxes, health care, child care, transportation and “other necessities” such as food, the one factor that garnishes the most complaints is “taxes.”

Another complaint you may have heard about is traffic cameras that catch unsuspecting drivers speeding or committing other traffic violations. Many complaints have come from those drivers who have received tickets, and many of the complaints have argued that the tickets are “just a money grab for the county.”

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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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