Parents who have special needs children besides from making standard elder care and estate planning decisions, must take into consideration how a child with a disability who may never be able to support themself will be taken care of after the parents die or become disabled. Failure to make advanced planning arrangements for a special needs child … [Read more...]
Retirement Issues, Do You Have A Plan?
Retirement Issues As Americans grow older, they should develop a specific plan with regard to having a comfortable, enjoyable retirement. However, many Americans go into their retirement years with misconceptions about how things are going to be in their golden years. Here are some of those misconceptions: 1. If you have a detailed plan … [Read more...]
Fighting Dementia
There is a growing prevalence of dementia and Alzheimer’s disease among seniors in America. Many seniors develop either dementia or Alzheimer’s which virtually fries their brain, and it can have a devastating impact upon their family. Cost of Treating Dementia The treating of dementia related illnesses is very costly. There is a study which … [Read more...]
Father Appointed Guardian of Child, Aunt’s Application Denied
Proceedings were brought by both a father and a maternal aunt in the Surrogate’s Court of Essex County. Both petitioned to be the successor guardian of a developmentally disabled child. These proceedings were initiated after the mother, who had previously been the guardian of the child, died. The court took into consideration the child had a close … [Read more...]
Retirement Savings Should Not Be Withdrawn Early
When individuals and families have financial problems, they often look to bail themselves out by borrowing and/or withdrawing funds from their retirement savings accounts. It is estimated in 2013, approximately a third of individuals who lost their jobs removed their money from their retirement savings accounts. Early withdrawal of funds from a … [Read more...]
Executor’s Duties
The duties of an executor involve dealing with issues concerning a dead individual’s property. The executor pays the decedent’s debts and taxes. He or she sees to it that the assets are given to the individuals named in the will. Fiduciary An executor is a fiduciary. The executor has a duty to act with a high degree of good faith and honesty … [Read more...]
Reverse Mortgage Problems
The purpose of a reverse mortgage is to allow a senior to pull out the equity in his or her home to meet his or her living expenses. In theory the senior does not have to ever pay back the loan. When he or she dies the home will be sold to pay back the mortgage, however, this is not always the case. Foreclosure and Reverse Mortgages for … [Read more...]
Executor Removed
In a case before Surrogate John Czygier, Jr. who sits in Suffolk County a proceeding was brought by the brother of the named fiduciary in an estate. The decedent’s brother was the executor on the estate. The petition sought to remove the brother and to have him appointed as the successor executor to his brother. The allegations were his … [Read more...]
Challenging a Will
Wills can be challenged by potential heirs when they are of the opinion they have not received what they are entitled to from the estate of the decedent. Wills can also be challenged with regard to the handling of the administration of the estate by the executor. The Probate Process When an individual dies, the process whereby a court determines … [Read more...]
Can a Copy of a Lost Will be Probated
Original wills should be carefully preserved and maintained. The attorney who drafts the will usually will maintain the will in either a safe or fire proof file cabinet. However there are occasions when wills are lost or accidentally destroyed. When a will is destroyed or lost it is presumed that this action was taken by the testator (person … [Read more...]
