New York State has a new managed Medicaid Long Term Care Plan (MLTC). Under this program, the State of New York pays for long-term care of an individual in a community setting. This generally refers to paying for home care for someone living at home. A healthcare aide or personal care aide helps take care of this individual in his or her … [Read more...]
Medicaid Planning; Medicaid Asset Protection Trust
Medicaid Asset Protection Trusts (MAPT) are the best way to preserve assets should you be unable to purchase long term care insurance. Sometimes family members presume putting their assets in joint names with their children will help them should they be forced to go into a nursing home and apply for Medicaid. This is a mistake! Putting assets in … [Read more...]
Irrevocable Life Insurance Trusts – Part II
Avoiding Estate Taxation on Life Insurance Proceeds To ensure that there is no estate taxation, a life insurance trust must also be the beneficiary of the life insurance policy. Beneficiaries Inherit Even Though Not Named in the Life Insurance Policy Upon your death, the trust will receive the death benefit proceeds from the life insurance … [Read more...]
How To Avoid Probate in New York – Part II
Testamentary Substitutes Payable on death accounts. A payable on death account is a bank account maintained in one individual’s control which has specific instructions about when that individual dies, it gets paid to a specific beneficiary. The beneficiary has no rights until the individual who opened the account dies. Joint ownership … [Read more...]
How To Avoid Probate in New York – Part I
The probate process in New York can involve expenses, time delays and the opening up of family related issues to public scrutiny. There are a number of mechanisms which can be utilized to avoid probate. The following are examples of various types of legal measures which can be utilized to avoid probate: Living trusts. In the State of New York, … [Read more...]
How Estate Litigation Works in Surrogate’s Court – Part II
The Trial The trial will either be conducted before a jury or by a judge. There are certain issues an individual can request a jury for. If the claims at trial are that the executor, administrator or trustee embezzled funds or acted improperly, the court can order that individual to repay the estate or the trust for the funds which were improperly … [Read more...]
How Estate Litigation Works in Surrogate’s Court – Part I
The individual who files a lawsuit against an estate must prove to the court they have a sufficient basis for the lawsuit. Oftentimes individuals come into our office who are unhappy with someone’s will. They seek to challenge the will because they were either left out of the will or didn’t receive their fair share. Unfortunately, being unhappy … [Read more...]
Handwritten Wills
To watch today's video blog, please click on link below: https://youtu.be/WYaYj8FP0fQ Elliot S. Schlissel drafts wills and trusts and aids his clients in all aspects of estate planning. Elliot handles estate litigation, including issues where a person has died without a will or with an improper will. He and his associates have been handling … [Read more...]
Nest Eggs Gone
Americans are raiding their 401(k) plans to pay for current expenses. Approximately 25% of Americans with 401(k) plans have been withdrawing money to pay current needs. Sixty billions dollars has been withdrawn this past year from 401(k) plans to pay for current expenses such as mortgages, credit card obligations and car loans. Retirement Funds … [Read more...]
Pets and Planning Your Estate – Your Pets Cannot Inherit!
What happens to your dog or cat in the event you die? Who will take care of these animals? Will they be put to sleep? If you have a pet that is dear to you, you can make arrangements in your estate plan to take care of the pet. Taking Care of Pets After You Die You cannot leave money or assets to a pet. However, you can set up a trust and … [Read more...]