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…
Advance Directives: What You Need to Know
An individual’s estate plan should include legal documents that authorize a person of your choosing to make the necessary financial and health care decisions for you in the event you are unable to make your own decisions. Every adult individual…
How Does the Mortgage Interest Deduction Work?
The mortgage interest deduction allows taxpayers who own their homes to reduce their taxable income by the amount of interest paid on a loan that is secured by their principal residence or secondary residence. Starting in 2018 the Mortgage Interest…
How Do I Transfer Guardianship From One State to Another?
A guardianship proceeding can be very expensive, very time consuming, and very emotionally and physically draining. This is true for the person who needs a guardian and for the family members as well. Why is this? Take a look at the reasons below: You…
Can a Guardian Bring a Divorce Proceeding?
As divorce, blended families, and second and third marriages become more common in our society, the questions of how these changing family dynamics will impact our aging population have become more complicated. The issue of divorce becomes especially complicated when…
Does Social Security Recognize a Power of Attorney?
Social Security and Supplemental Security Income (SSI) benefits are incredibly important for many senior citizens and individuals with special needs. It can be devastating if there is a disruption in these benefits of any kind. In order to avoid disruption…
Living Will Essentials for End-of-Life Decisions
A living will is a document that sets forth your wishes concerning the extent of medical care you want to receive. It operates during your lifetime if you become unable to communicate your wishes at the time a healthcare decision…
Which Type of Guardianship is Appropriate for My Situation?
In New York, there are only two guardianship proceedings for adults, namely Surrogate’s Court Procedure Act (SCPA) Article 17-A guardianship, and Mental Hygiene Law (MHL) Article 81 guardianship. Although the basic premise for these two guardianship proceedings is the same…
IRS Withdraws Proposed Regulations on Valuation
On October 4, 2017, the U.S. Department of the Treasury announced that it is recommending the complete withdrawal of the proposed regulations under Section 2704 of the Internal Revenue Code, which would have placed restrictions on liquidation of an interest…
Trump Tax Reform Plan: How Will You Be Affected?
On September 27, 2017, President Trump’s Administration released its “Tax Reform Plan.” In addition to consolidating tax brackets from seven to three (12%, 25%, and 35% with income ranges to be provided later), President Trump’s new plan has addressed eliminating…