When you have a small business, one of the things you should think about is obtaining a trust for your business. A trust is helpful because it will help your business continue its normal functions even if you are not there to run it yourself. Trusts have other...
Creating an estate plan is a way to pass on your legacy. When you create a trust, it can be another way to transfer your assets to your loved ones. There are many types of trusts. While some transfer your assets after you pass away, others shelter your assets while...
Creating a trust allows you to plan for the long-term future or your needs as you get older. A trust can also allow your instructions to continue affecting your property long after your death. There are many different kinds of trusts, but one of the most basic...
There are several kinds of trusts that you may have an opportunity to open while trying to plan for Medicaid in the future. You want to protect your assets, so it makes sense to opt for a trust that will allow you to keep your assets safe while still helping you...
You know that your son needs around-the-clock care. For years, you and your spouse have provided it as much as you could and with a little help from others. Your son is severely disabled with limited physical and mental capacities, requiring a wheelchair and extra...
The IRS has determined that estates and nongrantor trusts in New York and around the country are now able to deduct certain expenses that are no longer considered miscellaneous deductions. Regulations have been released that offer clarity on the new rules and...
An owner’s business is their life’s work. That work deserves careful planning to keep it intact for the family members who potentially own and run that business. As an owner, you want to find the most risk-averse strategy for transferring your business to your family....
When forming a trust, many people opt for a revocable arrangement. This means that you can alter or dissolve the trust during your lifetime. An irrevocable trust doesn’t have this advantage. But it comes with a different set of benefits that makes it worth...
To qualify for Medicaid coverage of long-term care in New York, you cannot have more than $15,450 in assets. But with nursing home costs as high as $6,000 to $7,000 a month, you may need Medicaid benefits to afford your care. If you want to qualify for Medicaid...
Parents of young children usually have different estate planning considerations than parents of adult children have. One of those considerations should be who to appoint as the guardian of minor children in case both parents unexpectedly pass away. However, a less...
