Bronx Supreme Court Justice Sharon Aarons started a hearing on a guardianship situation in her courtroom. The hearing was cut short and Judge Aarons and all of the other interested parties proceeded to travel to the home of Valerie L. to conduct an in home evaluation to determine whether her attorney was “chosen freely and independently by the … [Read more...]
Reclusive Heiress’ Estate Settled
Huguette Clark died in 2011. At the time of her death, she had more than $300,000,000 in assets. There has recently been a tentative settlement agreement worked out between a variety of parties litigating over the late Huguette Clark’s $300,000,000 estate. Her Life Story Ms. Clark was born in 1906. She died at the age of 104. She had been … [Read more...]
Reforming a Trust
Surrogate Rita Mella, sitting in the Surrogate’s Court in New York County, recently had a case involving the issue of reforming and/or changing a trust. In this case, the two co-trustees brought a proceeding to make major modifications to the terms of the trust. These trustees requested they be given a limited power to invade trust principal. The … [Read more...]
Requirements When Preparing a Will
To watch today's video blog, please click on the link below: https://youtu.be/pUnOQlVlAkg Elliot S. Schlissel is a member of the National Academy of Elder Law Attorneys. He and his associates are available for consultation at 516-561-6645, 718-350-2802 or by sending an email to schlissel.law@att.net. … [Read more...]
Retirement for Seniors is Growing Out of Reach
In earlier generations, retirement was looked at by Americans as their golden years. This may no longer be the case for seniors. It is estimated close to half of all Americans facing retirement age are economically insecure. More than a quarter of all individuals facing retirement have less than $1,000 in savings. The average senior citizen has to … [Read more...]
Estate Litigation – Part II
The second most common estate challenge deals with improper transfers of assets during the lifetime of the decedent. After an individual dies, questions as to the validity of transfers of assets during the decedent’s lifetime sometimes occur. The most common manner in which the funds of a decedent are improperly transferred involves the improper … [Read more...]
Estate Litigation – Part I
There are a variety of situations which result in litigation of estate related matters. The first, and most common, case which is litigated in the Surrogate’s Courts in New York State is a will contest or the challenging of a trust. The most common reason for challenging a will or a trust is lack of testamentary capacity or undue … [Read more...]
Elder Law Estate Plan: What is an elder law estate plan and what are its components?
A Trust Most elder law estate plans are composed of either an Irrevocable Medicaid Asset Protection Trust (MAPT) or a Revocable Living Trust (RLT). The MAPT is utilized where protection of assets is required because the senior does not have long term care insurance. Assets need to be protected in the event the senior needs to go into a nursing … [Read more...]
Elder Care Planning: Care giver Agreements And Medicaid Eligibility
When elderly family members are taken care of by other members of their family the caregiver usually does not expect to be paid. However, entering into a caregiver agreement laying out the terms of payment to the caregiver can be an excellent way of protecting assets should the senior need to go into a nursing home and/or apply for Medicaid … [Read more...]
Economic Challenges in Reitrement
Please click on the link below to watch today's video blog: https://youtu.be/RXXTv72XRMc Elliot S. Schlissel is a member of the National Academy of Elder Law Attorneys. He can be reached at 516-561-6645, 718-350-2802 or by email to schlissel.law@att.net. … [Read more...]
