There are a lot of questions that are very practical for real life and do cross our minds but we don't know where to seek the answers for them. One such question is if you have a home loan on your name, what happens in case of your death. Simply putting, the loan will get transferred to the co-applicant or the legal heirs that you have. Thus it … [Read more...]
Philip Seymour Hoffman Disinherits His Children
In February 2014, Philip Seymour Hoffman died. He had written a will in 2004. His will left all of his worldly assets to his “friend and companion” Mimi O’Donnell. Mimi was the mother to his three children. Mr. Hoffman’s lawyer and his accountant had made recommendations to create trusts for his children. Mr. Hoffman rejected their suggestions. He … [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...]
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...]
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 Leaving $100,000 to a Cat is Upheld
Charlotte Stafford had three nephews and a cat. She left her cat, Kissiemeouw, $100,000 and she disinherited her three nephews. Nephews Challenge The Will The nephews challenged the will. They claim their aunt did not have the mental competency to make a will. The attorney who drew up the will testified Charlotte Stafford was “very aware and … [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...]
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...]
Garden of Eden Adult Home in Brooklyn is “A Garden Of Hell”
The Garden of Eden Nursing Home is located in Bensonhurst, Brooklyn, New York. The residents of this adult facility have been forced to live in a poorly maintained residence and under unsanitary living conditions. Multiple lawsuits have been brought related to complaints of mistreatment from the residents. The State Health Department has sited the … [Read more...]
What Wills Can’t Do
There are many very important uses for wills. However, there are things for which wills were not designed and cannot accomplish. The following are a list of things that can NOT be dealt with in a will: 1. If you own assets in a "joint tenancy" with another individual, or a "tenancy by the entirety" (a marital estate), you cannot dispose of … [Read more...]
