A Last Will and Testament and a trust are key legal instruments used as part of a comprehensive estate plan to pass accounts and property from a deceased person to their heirs. A pour-over will is a specialized will designed to ensure that any assets or accounts not funded into a trust are transferred or […]
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The median cost of long-term care in a nursing home (in 2024) for a private room is $330 per day or $10,025 per month. Semiprivate rooms cost about $1,000 less per month. Even for a semi-private room, this adds up to over $100,000 per year, a number that is unreachable for most people. Medicaid is […]
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A probate judge is the person legally responsible for overseeing the probate court, determining the validity of a will (if there is one), and adjudicating the process of administering an estate. A probate court judge’s responsibilities include distributing a deceased person’s assets according to the instructions in their will or following intestate law, resolving disputes […]
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Charitable giving is an integral part of life for many people. Whether donating your time, treasures, or talent, helping others demonstrates your values and sets expectations for future generations. Charitable Lead Annuity Trusts (CLATs) are tax-efficient estate planning tools that allow donors to make yearly contributions to the charity of their choice while reducing their […]
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Individual retirement accounts and 401k’s (we’ll refer to all retirement vehicles as IRAs in this article) are a fantastic way for people to save money throughout their lifetime to support their retirement and to transfer wealth to the next generation. Trusts are versatile, effective estate planning tools that can meet a wide range of needs, […]
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Transfer on death and payable on death are two designations used to transfer assets to beneficiaries when an account holder dies without going through probate. Payable on death means that the assets in the account are transferred to the beneficiary. Transfer on death not only transfers the assets to the beneficiary but also ownership of […]
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A prenuptial or prenup agreement is commonly used by one or both partners in a marriage to provide clarity and define expectations for the marriage. A prenup agreement can distinguish between separate and marital property. Separate property is defined as any assets owned by a spouse before marriage, as well as any gifts and inheritances […]
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A gift tax is a tax imposed on the gift giver, not the recipient. Therefore, it falls into a category different from income taxes. At first glance, gift taxes may seem complicated because there is both a lifetime exclusion amount and an annual gift exclusion amount. The current Internal Revenue Service (IRS) lifetime gift tax […]
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A power of attorney is a person who acts on your behalf to handle certain tasks or to make decisions when you cannot. As long as you are of sound mind, you can designate a person called an agent or attorney-in-fact to act on your behalf. As long as the principal or person who created […]
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In most states, to qualify for Medicaid benefits, your total assets must fall under a very small asset limit (along the lines of just a few thousand dollars). For new Medicaid applications submitted in New York, the asset limit in 2026 is $32,532 for a single applicant and $43,781 for a married couple. An irrevocable […]
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