Estate assets are distributed in accordance with a decedent’s Last Will and Testament. Oftentimes, a Last Will and Testament will provide guidelines as to how a decedent’s personal property shall be distributed. However, there may still be personal property remaining that does not have specific instructions for its distribution. In regard to this remaining personal property, there are many ways to distribute a decedent’s personal items when there are no instructions available, though there are some general ways. Continue reading “Distributing A Decedent’s Personal Property”
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Disinheriting A Child May Result in a Will Contest
A disinherited child has the right to contest a parent’s Will if he or she is disinherited, not named as a beneficiary or left with a disproportionate share. In accordance with the laws of estate administration, a disinherited child is allowed to contest a Will because he or she would have been entitled to a share of a parent’s estate if he or she had died without a Will. Continue reading “Disinheriting A Child May Result in a Will Contest”
Duties and Responsibilities of a Trustee
It is important for a named trustee to understand his or her duties and responsibilities. A trustee is responsible for safeguarding the trust assets for the settlor and his or her beneficiaries. A trustee has a fiduciary responsibility, which holds an individual to a higher ethical standard. A trustee shall adhere to the trust documents in order to remain compliant with the settlor’s wishes. In addition, a trustee should be aware that the failure to follow the terms of a trust document could result in their discharge and the forfeiture of commissions. Continue reading “Duties and Responsibilities of a Trustee”
Compliance Is Key to Running a Successful Business in New York City
A New York City hospitality owner should always remain compliant with both state and city regulations, otherwise he or she will be subject to hefty fines and penalties. In New York City, bars, restaurants, and nightclubs are the most likely to be subject to noise, food, or health code violations by agencies such as the Department of Health, Department of Buildings, FDNY, NYPD, NYS Liquor Authority, or even the Federal Alcohol Tobacco and Firearms Agency (ATF). Continue reading “Compliance Is Key to Running a Successful Business in New York City”
Elderly Population and Financial Abuse
Recent reports have found that elder financial abuse is on the rise and almost one million elderly people will be targeted this year. The elderly population in America is most vulnerable to financial abuse, scams, and investment fraud. Fifty-five percent of these cases involve family members or caregivers. Continue reading “Elderly Population and Financial Abuse”
Limiting An Agent’s Power In A Health Care Proxy
A health care proxy is a written, signed document designating an agent who will make medical decisions for an individual in the event that a physician deems them incapacitated. The designated agent will then be authorized to make healthcare decisions on his or her behalf. When selecting an agent to make medical decisions, he or she should be someone that is trustworthy and will adhere to a person’s wishes. Continue reading “Limiting An Agent’s Power In A Health Care Proxy”
Stretch Benefit For Retirement Assets
Today, many individuals have retirement assets in the form of a 401K, Traditional IRA, or 403(b). In terms of retirement assets, it is important that the best interests of the designated beneficiary be taken into consideration, especially when the named beneficiary is a minor child or grandchild. It is important to never directly name a minor as a beneficiary on retirement accounts, annuities, IRA accounts, bank accounts or insurance policies. Directly naming a minor beneficiary could have negative consequences. Instead, a trust must be created and named for the minor’s benefit. Continue reading “Stretch Benefit For Retirement Assets”
Spousal Refusal
A common misconception is that a community spouse must spend down all of his or her assets due to an institutionalized spouse requiring nursing home care before Medicaid benefits will be available. Medicaid is a means-test program that entitles individuals to benefits including Chronic Care Medicaid. Chronic Care Medicaid covers care that is provided in a skilled nursing facility. Because Medicaid is a need-based program, certain income and asset requirements must be met in order to be eligible for the benefits. Continue reading “Spousal Refusal”
Plan Now For Your Supplemental Security Income
If you are concerned about a disabled child’s income, there are government benefits that he or she may be able to receive with proper planning. Supplemental Security Income (SSI) provides income for food and shelter to aged, blind and disabled persons with little or no income. In New York State, a person is automatically eligible for SSI if he or she is eligible for Medicaid. Continue reading “Plan Now For Your Supplemental Security Income”
Estate Planning to Protect Your Loved One’s Assets
If a family member or loved one is currently receiving Community Medicaid and has a home in his or her name, Medicaid is entitled to issue a claim against the property upon his or her death. In accordance with federal law, a person receiving benefits from the New York State Medicaid program is subject to estate recovery for assets passed through probate. This means that once a probate proceeding occurs, the Department of Social Services is entitled to recover for the services provided to the deceased through the Medicaid program because the assets were in their name alone. Continue reading “Estate Planning to Protect Your Loved One’s Assets”
