Key Takeaways A primary residence is generally exempt from Medicaid’s asset limits if you live there or intend to return. New York sets the home equity limit at $1,130,000 for nursing facility and community-based long-term care. Non-primary residences and investment properties are treated differently and may count toward eligibility limits. Medicaid estate recovery may allow […]
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Key Takeaways Executors may sell estate property without all beneficiaries approving. Executors receive authority only after appointment by the probate court. Executors must follow the terms of the will when selling estate property. Administrators may sell estate property according to state probate laws. Executors must act in beneficiaries’ best interests and avoid selling below market […]
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Key Takeaways Property ownership after a co-owner’s death depends on the deed’s ownership structure. Joint tenancy with survivorship transfers the deceased owner’s share automatically to surviving owners. Tenancy in common allows a deceased owner’s share to pass to heirs through a will. Tenancy by the entirety transfers full property ownership to the surviving spouse. If […]
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Key Takeaways Community property states treat homes acquired during marriage as shared property. Common-law states grant ownership only to individuals listed on the property title. Property owned before marriage or inherited is generally considered separate property. Adding a spouse to a deed can convert separate property into community property. Mortgage responsibility may remain with one […]
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Key Takeaways Property taxes continue accruing after a property owner’s death. The estate must pay property taxes during estate administration. Heirs are generally not personally liable before taking ownership. Unpaid property taxes may result in tax liens or foreclosure. Property held in a trust avoids probate and trustee delays. When a property owner dies, the […]
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Key Takeaways Pets are treated as personal property under New York law. A will can name a pet caregiver but lacks ongoing enforcement. New York law recognizes pet trusts as enforceable arrangements. A pet trust appoints a trustee to oversee funds for pet care. Naming a backup caregiver helps protect pets if plans change. For […]
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Key Takeaways Estate planning helps address the “5 D’s” of business succession. A sole proprietorship typically dissolves if the owner dies without a plan. Succession planning determines who takes over the business and on what terms. A revocable living trust can transfer business interests outside probate. Failing to coordinate business and estate plans can create […]
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Key Takeaways Social media accounts may remain active, be deleted, or be memorialized after death. Family members generally cannot directly access a deceased person’s account. Platform terms usually prevent account access from transferring to heirs. New York law grants fiduciaries authority over digital assets in some cases. A digital estate plan documents how online accounts […]
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Key Takeaways Direct inheritances may jeopardize SSI and Medicaid eligibility. A Special Needs Trust helps preserve means-tested benefit eligibility. Third-Party Special Needs Trusts generally do not require Medicaid payback. A trustee manages trust assets and distribution decisions. Outdated beneficiary designations can undermine an estate plan. Estate planning for a special needs child goes far beyond […]
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Key Takeaways Adding a spouse to a mortgage requires lender approval because it changes the loan agreement. A deed proves property ownership, while a mortgage represents the loan obligation. Some lenders allow mortgage assumption so a spouse can take over the loan. Loan modification may allow adding a spouse without refinancing. Adding a spouse to […]
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