In the States of Connecticut, Florida and New York spousal refusal to pay for a spouse's medical expenses can be an acceptable Medicaid planning technique. The spouse of an individual who goes into a nursing home and applies for Medicaid is referred to as the "community spouse." This spouse can keep approximately $3000 a month of the family's … [Read more...]
Retirement Problems
Do you have enough money to retire? This is a question baby boomers are starting to think about. How much money do you need before you retire? What is the best way to plan for retirement? When Should You Start Saving? Experts agree that you should start saving for your retirement as early as possible. The longer you defer putting aside money in a … [Read more...]
Trust Documents Declared Void Due to Lack of Mental Capacity
In a case before Robert Gigante, sitting in Richmond County, New York, the Surrogate Judge had set aside a trust based on the lack of mental capacity of the individual who executed the trust. One of the decedent's children contacted a lawyer and requested the trust document to be drafted. The lawyer drafted the documents pursuant to the request of … [Read more...]
The Right To Die
There was a recent case in Long Island, New York concerning issues surrounding "the right to die." Sungeon Grace Lee, age 28, decided her life was no longer worth living. She advised her doctors she wanted to end her life by cutting off the life support system keeping her alive. Her parents, who are deeply religious, vehemently opposed their … [Read more...]
Amending Irrevocable Trusts
Irrevocable trusts are an invaluable estate planning resource. However, due to tax changes (fiscal cliff) and other issues, irrevocable trusts with an estate plan in mind, need to be changed related to subsequent modifications of estate tax laws. Can irrevocable trusts be amended? The answer to that is yes, in certain circumstances. New York … [Read more...]
No More Golden Years
Retirement is supposed to be the "golden years." Today, the golden years maybe a thing of the past. It is estimated three quarters of Americans facing retirement age have approximately $30,000 in savings. The failure of Americans of retirement age to develop a significant amount of savings may have a long term impact on retirement in United … [Read more...]
Retirement: It May Not Be A Choice!
Job growth in the United States has been weak for a number of years. However, there is one group in the American population that has a higher level of employment than in previous decades. This group encompasses "older Americans." More than 7.2 million Americans over the age of 65 are now working. This is more than twice as many that were employed … [Read more...]
Reverse Mortgages
A reverse mortgage is a means by which seniors utilize the equity in their homes. The equity is turned into cash. It can be used to supplement social security, pension payments, and 401K plan withdrawals. In most situations, the proceeds of a reverse mortgage are taken out in a lump sum. Arrangements can be made to have periodic payments over … [Read more...]
Retirement Financial Pitfalls
Planning for retirement is difficult. Today, nest eggs are much smaller than they have been in the past. Many individuals and families plan for retirement at the last minute. This can cause problems. Save And Invest Americans need to save today, not tomorrow. It takes a lot of will power to forego today’s pleasures and have money for the long … [Read more...]
Estate Planning
Who needs estate planning? Probably you do! Estate planning does not relate to an individual’s net worth. The purpose of an estate plan is to see to it that your financial goals and the financial goals of your family can be met even after you die. There are several elements of an estate plan. A will, a power or attorney, a living will and a … [Read more...]