Welcome to 2025! A new year is a time for optimism and new opportunities. It’s time to start fresh! But making New Year’s resolutions is not enough; you’ll also need to take action to make sure you and your loved ones are prepared for anything the future might bring. Create a New Estate Plan in […]
Read More
Medicaid eligibility requirements in New York are based on income, assets owned, age, disability status, and household size. Applying for Medicaid can be a complicated process, but the program can be a financial lifesaver, especially for low-income adults, adults over age 65, pregnant women, and individuals with permanent disabilities. Medicare is a government-sponsored healthcare insurance […]
Read More
When used in a will, trust, or retirement account, per stirpes is a Latin term that means by branch. It describes how your assets are divided and distributed in the event that a beneficiary passes away before the testator (the person who wrote the will). Following per stirpes distribution, if one of your beneficiaries should […]
Read More
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 […]
Read More
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 […]
Read More
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 […]
Read More
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 […]
Read More
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, […]
Read More
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 […]
Read More
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 […]
Read More
(855) 528-9637