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Amoruso & Amoruso
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An inheritance can be wasted in many ways, including avoiding work and making bad investments. There are many possible scenarios that could lead to a wasted inheritance. Fears that this will happen appear to be on the rise because, in the next few decades, the largest transfer of wealth from... Continue reading
Posted 15 hours ago at New York Estate Planning & Elder Law
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There are many ways to transfer assets. The challenge is sometimes conflicting instructions. It is important that all the different ways assets can pass down do not contradict one another, or an estate plan may not be effective. A common problem that creates conflict was discussed recently. It began with... Continue reading
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The government continues its campaign to fight the financial abuse of the elderly in U.S. with a joint webcast by federal agencies. The government has increased its efforts in recent years to combat the financial abuse of the growing elderly population in the U.S. Despite these efforts, many people believe... Continue reading
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Legislators have been working to provide greater access to digital assets for estate administrators. Estate plans almost have to include plans for what to do with digital assets these days. However, many people are still confused about what digital assets actually are. There are four different basic categories of digital... Continue reading
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Creating an estate plan can be easy. However, there are many opportunities to fail. The ease of writing your own will or downloading some forms from the Internet can make you jump to the conclusion that you don’t need professional assistance. There are many reasons why you really need an... Continue reading
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You are young, or you don’t have many assets and that means you don’t need an estate plan. Wrong! It is true that if people do not own any real estate and do not have any other property of high value, it will not be too difficult for their families... Continue reading
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Sometimes little thought is given in the choice of executor. That can create problems. The person in charge of your estate is the executor. Instead of thinking about whether the person they are choosing is the right person, many people just pick a close friend or relative. This can be... Continue reading
Posted Jun 12, 2018 at New York Estate Planning & Elder Law
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Planned giving is one way to leave a good legacy. Assets are often the first thought about estate planning. However, that does not mean your other values have to be left out of your estate plan completely. You can use your estate plan for planned charitable giving, according to the... Continue reading
Posted Jun 11, 2018 at New York Estate Planning & Elder Law
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There are good ways and bad ways to give to charities. It often depends on the charity. People often decide to leave some or all of their assets to charity. However, the best way to find out how to give to any specific charity is to talk to that charity,... Continue reading
Posted Jun 8, 2018 at New York Estate Planning & Elder Law
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If you don’t have an estate plan but do have minor children, it can become complicated. Most parents would choose to have their estate pass to their children, if they do not have a formal estate plan. However, if those children are minor, some challenges can arise, according to My... Continue reading
Posted Jun 7, 2018 at New York Estate Planning & Elder Law
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Joint ownership means you don’t have to go through probate. However, the risks are high—very high. A parent will sometimes decide to add a child to the deed to their home and that means an equal share. It also means that if the child has creditors, they can seek to... Continue reading
Posted Jun 6, 2018 at New York Estate Planning & Elder Law
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Some parents want to give everything to their children right now … but wait! Unless you have an estate plan, before your children can inherit the estate it must to go through the probate process. That can be both expensive and time-consuming. Therefore, many parents decide to give their children... Continue reading
Posted Jun 5, 2018 at New York Estate Planning & Elder Law
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If your spouse has assets, it is likely that Medicaid will take them into consideration. Medicaid is likely to ignore any spousal agreements and consider the assets of each spouse when determining eligibility, according to My San Antonio in "Protecting separate assets from Medicaid." Sometimes a couple will jointly decide... Continue reading
Posted Jun 1, 2018 at New York Estate Planning & Elder Law
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Digital assets need to be protected now. However, they also need to be made available later. Protecting your digital assets before you pass away and making them available later can create some conflicts. There are three basic complications when it comes to planning for someone else to access your digital... Continue reading
Posted May 31, 2018 at New York Estate Planning & Elder Law
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It may be wise to set up some review time for your estate plan, as life goes on. There are actually a few common things that can happen in your life that have an impact on your estate plan and they can be listed, according to the Huntsville Item in... Continue reading
Posted May 30, 2018 at New York Estate Planning & Elder Law
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Conversations between family generations can be helpful in determining needs. Younger family members often end up helping their elderly loved ones, who may face the problems of aging. However, if the younger people do not know what to do and what the elderly person wants done, then the best help... Continue reading
Posted May 29, 2018 at New York Estate Planning & Elder Law
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Most states are not doing enough to fight crimes against the increasing elderly population. A few states have state level investigative units dedicated to fighting elder financial abuse. However, that may not be enough, according to the Brookings Register in "S.D. a national leader in battling elder fraud." Criminals target... Continue reading
Posted May 28, 2018 at New York Estate Planning & Elder Law
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Many elderly retirees have forgotten about retirement accounts that accumulated in their younger years. There are many Americans who have a retirement account through an old employer, but they have forgotten about them. It is important to remember that when you leave a job that had a 401(k) plan or... Continue reading
Posted May 25, 2018 at New York Estate Planning & Elder Law
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Flexibility can lead to the creation of a better legacy than anticipated. When people go to an estate planning attorney, they sometimes already have a good idea regarding what they want to accomplish with their estate plans. That is often a good thing. If a person is flexible and willing... Continue reading
Posted May 24, 2018 at New York Estate Planning & Elder Law
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Myths are spread from person to person and by the Internet. Correcting the myths isn’t an easy task. The world of the will and the trust has created some basic estate planning myths through the years. However, they can be corrected, according to TC Palm in "Common misconceptions about wills... Continue reading
Posted May 23, 2018 at New York Estate Planning & Elder Law
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Individual circumstances determine the best type of trust for you. Much of the confusion over trusts is a result of some impressive sounding names that do not actually describe what the trust accomplishes. Therefore, deciding on which type of trust is the best one by name is not the right... Continue reading
Posted May 22, 2018 at New York Estate Planning & Elder Law
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You have been making plans your entire life and it is likely there are a few more during retirement. Americans have generally been making plans their entire lives and those in retirement need to make plans, even though those plans are some of the least comfortable plans for people at... Continue reading
Posted May 21, 2018 at New York Estate Planning & Elder Law
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People do inherit from a long, lost relative. However, it isn’t all that often. If you should inherit money from a long, lost relative, someone administering the estate will contact heirs and let you know. This usually comes as a very welcome surprise for the heirs. However, this rare occurrence... Continue reading
Posted May 18, 2018 at New York Estate Planning & Elder Law
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Knowing how to handle cryptocurrencies in estate planning can be a challenge. The very nature of how the increasingly popular cryptocurrencies are held by their owners creates issues in estate planning, according to the New Jersey Law Journal in "Estate Planning in the Age of Cryptocurrency." Why is it a... Continue reading
Posted May 17, 2018 at New York Estate Planning & Elder Law
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The use of of beneficiary designations is gaining in popularity. However, problems can develop. Beneficiary designation forms can be an easy way to quickly distribute many financial assets to heirs. However, complications may lurk behind the apparent simplicity, according to Wealth Management in "Designating a Beneficiary -- Not as Easy... Continue reading
Posted May 16, 2018 at New York Estate Planning & Elder Law