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...]
Revocable Trust or Irrevocable Trust: Which Is The Right One For Me?
Revocable trusts are primarily used for the purpose of avoiding probate. These trusts are private documents which are not filed in courts. The beneficiaries inherit through the trust. IRREVOCABLE TRUSTS Irrevocable trusts are usually set up to protect assets related to the cost of long term care. Whether it is for home or health care aids … [Read more...]
Benefits of a Trust
Please click on the link below to watch today's video blog: https://youtu.be/r2AvvQNIBF8 Elliot S. Schlissel is a member of the National Academy of Elder Law Attorneys. He and his associates have more than 100 years of combined experience representing clients in all aspects of estate planning. He can be reached for consultation by calling … [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 Funds in IRA’s can be withdrawn without penalties starting at age 59 ½.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...]
Special Needs Trusts Explained
Special Needs Trusts are used to help family members, loved ones and friends who suffer from debilitating mental and physical problems. Special Needs Trusts are also referred to as Supplemental Needs Trusts. The purpose of these trusts is to set aside funds and other valuable assets to help mentally or physically disabled individuals live with … [Read more...]
The Irrevocable Life Insurance Trust – Part I
The irrevocable life insurance trust is an estate tax saving device. Federal estate taxation begins after the estate has $5,340,000 in it. New York State Inheritance taxes apply to estates that are over $1,000,000. The proceeds of life insurance policies are exempt from state and federal income taxation but these proceeds are included in the … [Read more...]
VIDEO: Is a Revocable Trust or an Irrevocable Trust Right For You
Accounting Proceedings
The individual in charge of gathering the assets in an estate, trust or a will is called a fiduciary. Fiduciaries have administrative duties to see to it estates, wills and trusts are handled appropriately. They have a special responsibility for dealing honestly and responsibly with the estate assets. They often are responsible for collecting, … [Read more...]
WILL ADMITTED TO PROBATE OVER OBJECTIONS
In a case before Surrogate Robert Gigante, Pending in Richmond County (Staten Island) Judge Gigante dealt with challenges to the probate of a will based on undue influence and failure of the will to be properly executed. The will was submitted for probate by the decedent's brother. The decedent's children objected to the probate of the will. The … [Read more...]
