With the passage of every single day, the number of financial scams targeting seniors is on a gradual rise. It will not be a wrong claim to make that the same is often referred to as the “crime of the 21st century”. Financial elder abuse can be looked upon as an abuse when a fraudulent makes an attempt to make improper use of money of an elderly … [Read more...]
Estate Planning: Talking to Your Parents About Their Assets
Three-quarters of all adults have indicated they have significant problems preventing them from having reasonable, intelligent discussions with elderly family members concerning estate planning issues. In most cases, the children aren’t even prepared to bring the subject up. Unfortunately, this can cause substantial problems in handling the … [Read more...]
IRA Roll Over
Rolling Over IRA’s An Individual Retirement Account (IRA) is an excellent way to save for your retirement. Funds in IRA’s can be withdrawn without penalties starting at age 59 ½. You must start withdrawing funds from your IRA at age 70 ½. Beneficiary Rollovers The beneficiary of an IRA, upon the death of the creator of the account, instead of … [Read more...]
ALZHEIMER’S DEMENTIA AND GUARDIANSHIPS: WHEN IS A GUARDIANSHIP NECESSARY?
If a family member comes down with Alzheimer's disease or dementia, should you bring a guardianship proceeding on their behalf? In many situations, individuals who develop Alzheimer's disease or dementia have sufficient mental capabilities to take care of themselves. Alzheimer's disease and dementia in the early stages may only result in … [Read more...]
Should I Put My Property In My Child’s Name?
The answer to this question is usually no! My office has been involved in estate planning for more than 45 years. A common question presented to me by clients deals with their desire to put their house, stocks, bonds and/or other assets in their children’s name. When this occurs I discuss with the prospective client their inheritance scheme which … [Read more...]
Estate Planning Techniques and the Late Philip Seymour Hoffman’s Estate
Philip Seymour Hoffman was a brilliant actor. His recent death was a tragedy. Many of the actors and actresses that had worked with him on significant films spoke very highly of Mr. Hoffman as a human being, a collaborist, and as a brilliant and gifted actor. Although Mr. Hoffman may have been a brilliant actor, he was not very sophisticated when … [Read more...]
Estate PLlanning Issues
A will is a basic document that contains your instructions with regard to the distribution of your assets in the event of your death. However, there are numerous other issues that are dealt with during the course of estate planning. The following are some other issues that you may have to deal with. Who will take care of your children (if they … [Read more...]
Sister Named Administrator of Brother’s Estate
Surrogate Edward W. McCarty, III, sitting in the Surrogate’s Court of Nassau County, recently granted Letters of Administration to the sister of a decedent. The sister had petitioned for Temporary Letters of Administration. In her application she claimed the decedent’s wife had waived her status to inherit from her husband’s estate pursuant to a … [Read more...]
After a Loved One Passes
Losing a loved one can be an extremely difficult experience. In some situations after your loved one passes, their next of kin is called upon to supervise the estate of the deceased. After the funeral takes place, the individual charged with handling the estate of the deceased has to first find the assets and gather them together within the … [Read more...]
Estate Planning for Aging Parents
To watch today's video blog, please click on the link below: https://youtu.be/4du802ruQ_A Elliot S. Schlissel is an elder care attorney. He can be reached for consultation at 516-561-6645, 718-350-2802 or by email to schlissel.law@att.net. … [Read more...]
