When you own a piece of real property in New York State, your circumstance dictates whether or not you are entitled to certain tax exemptions. What does this mean? Your personal residence may qualify for a number of exemptions based…
On Wednesday, September 9, The Special Needs Trust Act was passed! The passage of this legislation establishes liberties for persons with disabilities which had been previously denied to them.
Prior to passing the Act, only a parent, grandparent, legal guardian of the disabled individual, or a court could establish a special needs trust on behalf of the disabled individual.
Estate Planning and an Ironman event...what does one have to do with the other you ask? EVERYTHING! As a proud wife of a first-time Ironman and an elder law attorney, I can explain. Step 1: Hire a Coach Most first-time…
*This article has been re-posted with permission from the author Harry S. Margolis. Whether it’s an honor or a burden (or both), you have been appointed trustee of a trust. What responsibilities have been thrust upon you? How can you…
Millions of people use computers to conduct business and interact socially, and for general communications. Many of those computer users are registered in some way on dozens of websites, including social media outlets such as Twitter, LinkedIn, Instagram, and Facebook…
Everyone has their niche. Financial advisors have a certain field of expertise, and most are very good at what they do. However, when it comes to elder law, Medicaid and estate planning, there is no substitute for sound legal advice…
The tragic death of Bobbi Kristina, Whitney Houston’s only child, has left her estate in limbo.
Houston’s will left the entirety of her estate, including jewelry, clothing, cars, record profits and music royalties, in a spendthrift trust to the sole heir, Bobbi Kristina.
The provisions of this trust stated that Bobbi Kristina would receive the distributions in three installments: 1/10 at age 21, 1/6 to be received at age 25, and the remainder of the estate upon her turning 30. Based on these provisions, Bobbi Kristina was only entitled to 1/10 of the estate when she died since she was only 22 years old at the time of her passing.
Many clients frequently come to me and ask if they should have a trust. Sometimes they are not even sure what a trust is and, more often than not, they do not understand how a trust works. Although my mother…
Reverse mortgages have become more popular in recent years. For many of Long Island’s seniors, the ever-increasing cost of living on a fixed income is a daily challenge. Often seniors look to the equity in their homes to relieve some of their financial pressure.
A reverse mortgage is a secured loan on your home. It allows you to convert a portion of the equity in your home into cash. It is called a reverse mortgage because instead of making monthly payments to a lender, as with a traditional mortgage, the lender makes payments to the borrower. The payout may be received as cash, an income stream, a credit line, or any combination of the three.