Planning for your elderly years often means setting up things so that you can get the long-term care assistance that you need. This is something that should be done in advance, and it is never too early to start. Some things to consider are: -- Who will make your...
In New York, the executor of a will is the person named by the decedent to carry out the provisions of the will. In some cases, a woman tasked with this responsibility is sometimes referred to as an executrix. It is also important to know that sometimes a bank or a...
Every New York resident knows that different states have different estate tax laws. In fact, some states offer more favorable incentives than others to retiring seniors. For example, the "Sunshine State" is one state that does not have any estate taxes, and for this...
The formation of a will is perhaps the single best thing you can do to protect your assets prior to your death. Currently, New York State recognizes a person who dies without having formed a will as "intestate." If you are deemed intestate after your death, any assets...
When you are the executor of a will and it requires you to administer the estate of a loved one who has passed away, the responsibility can be overwhelming. It is daunting to say the least and a job in and of itself. It means that you must have an intimate knowledge...
Despite our best attempts to remain young forever, even the most resilient of us must eventually face the prospect of growing older. Entering an advanced age brings about a unique set of challenges that must be addressed. For example, thoughtful long-term care...
When doing estate planning in New York, you may come across a number of terms and definitions for things that you do not fully understand. This is normal, as most people have no experience with estate planning when they start, and it is to be expected. However, it is...
While proper estate planning can help all New York residents trying to get their affairs in order, those who own their own businesses can face a particular set of challenges requiring special planning. Many times, it is those who start out as employees at larger...
The two most important things that New York couples without children need to decide in their estate plan are: (1) what will happen to their property after they die; and, (2) who they want to manage their financial affairs and medical affairs in the event that both...
When it comes to estate planning, whether in Rochester or other areas of New York, the legal jargon can cause confusion. For example, when people hear the term legal trust, it sounds simple, but when they learn that there are many different types of legal trusts, they...
