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A Person May Execute a First-Party Supplemental Needs Trust

Nassau County estate planning lawyerA person under 65 years old may create a first-party supplemental needs trust for income in excess of the monthly amount allowed by Medicaid. A person is entitled to fund this trust until the age of 65 years old and will be entitled to the resources in the trust until he or she dies. Furthermore, a first-party supplemental needs trust allows a person to designate a trustee to make payments on his or her behalf. It is worth noting that a trustee may be limited to the powers enumerated in the trust’s terms and conditions. Therefore, a person may choose to expand a trustee’s power or limit his or her power by setting forth specific guidelines.

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Executor’s Compensation Can Be Previously Decided Upon

Long Island estate planning lawyerAn executor of an estate is the person named to act on behalf of the decedent.  An executor has a fiduciary duty to ensure that the decedent’s wishes for the disposition of property and assets are carried out accordingly. In addition, the executor is responsible for the administrative process of an estate, including paying taxes and creditors. He or she must perform the following duties and responsibilities, among others: Continue reading “Executor’s Compensation Can Be Previously Decided Upon”

Supreme Court Rules in Favor of Business in Same-Sex Wedding Cake Matter

Garden City business lawyerOn June 4, the U.S. Supreme Court ruled in favor of a Colorado baker who invoked his religious rights and refused to make a wedding cake for a same-sex couple in Masterpiece Cakeshop v. Colorado Civil Rights Commission. The ruling was 7-2. However, the court’s decision did not resolve the larger issue of whether or not business owners can refuse service to lesbian, gay, bisexual, and transgender (LGBT) individuals based on religious beliefs alone. Continue reading “Supreme Court Rules in Favor of Business in Same-Sex Wedding Cake Matter”

The “Other Way” To Get More Deals

In the real estate world, there are two basic ways to get more deals. The first is obvious: to go out and find properties through marketing, networking, and hitting the pavement. The second is unconventional, but lucrative with the right approach: make better deals out of the properties you’re already looking at. There’s no such thing as a bad property, only a bad deal. Continue reading “The “Other Way” To Get More Deals”

Adding a Gifting Rider to a Comprehensive Power of Attorney May Assist During Catastrophic Events

power of attorney lawyer Garden CityIn New York State, a gifting rider grants an agent the power to gift assets and resources. In addition, an agent may utilize the gifting rider to transfer assets out of the principal’s name for Medicaid purposes. For this reason, incorporating a gifting rider into a comprehensive power of attorney may be essential to managing and protecting assets in the event the principal becomes incapacitated. In addition, without a gifting rider, an agent is limited in their power. Continue reading “Adding a Gifting Rider to a Comprehensive Power of Attorney May Assist During Catastrophic Events”

Establishing a Pet Trust Will Protect Your Furry Friend

pet trust lawyer Long IslandToday, furry friends have become part of the family. Recently, more pet owners are looking to ensure that their pets are taken care of in the event he or she becomes incapacitated or dies. One way to ensure that a beloved pet is taken care is to establish a comprehensive pet trust. A pet trust is a valid legal directive that provides protections to ensure that a pet is well taken care of in accordance with the owner’s wishes. Continue reading “Establishing a Pet Trust Will Protect Your Furry Friend”

Benefits of Establishing a Comprehensive Power of Attorney

estate planning lawyer Garden CityA power of attorney is an advance directive that is designed to designate an agent to make financial decisions on a person’s behalf in the event he or she becomes incapacitated. There are a number of benefits to developing a comprehensive power of attorney.

Establish Who Will Make Decisions on Your Behalf

In the event that a person becomes incapacitated and can no longer make decisions, a designated agent that you trust will now be able to act on your behalf to make important financial decisions. If a person does not have a comprehensive power of attorney, a guardianship proceeding may need to be commenced. Continue reading “Benefits of Establishing a Comprehensive Power of Attorney”

Real Estate: Dealing With Setbacks, Crisis & Other Problems

Like any other field, there is plenty of potential for error in the real estate world. Whether you are drafting problematic lender contracts, delaying action on overdue payments, or underestimating budgeted repairs, chances are you have made a mistake at some point. This is completely natural, and believe it or not, may even pave the way for personal and professional growth. Read on to learn more about the positive aspects of these setbacks, and what they mean for property owners. Continue reading “Real Estate: Dealing With Setbacks, Crisis & Other Problems”

The Fundamentals of Capacity when Executing a Will

estate plan lawyer Nassau CountyThe main component to executing a Last Will and Testament or any advance directive is that a testator must have testamentary capacity at the time of execution. In accordance with New York State law, a person must be of “sound mind.”

Specifically, the testator “must have the intelligent knowledge of his or her natural objects of their bounty, property, and possessions, and must know what he or she wishes to do with those assets.” Continue reading “The Fundamentals of Capacity when Executing a Will”

Executors Play an Important Role

estate planning lawyer Garden CityAn executor of an estate is the person named to act on behalf of the decedent. An executor has a fiduciary duty to ensure that the decedent’s wishes for the disposition of his or her property and assets are carried out accordingly. In addition, the executor is responsible for the administrative process of an estate, including paying taxes and creditors. Furthermore, an executor is not required to have prior experience or knowledge in the field. Continue reading “Executors Play an Important Role”

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