Protecting Yourself with a Power of Attorney

While few people want to think about it, many will eventually reach a point where they are no longer able to care for their own needs. Whether due to physical or mental illness, an unforeseen injury, or simply because of growing older, many people eventually become unable to make the decisions or take the actions necessary to ensure their day-to-day affairs are handled. Before that happens, you should make sure you have a power of attorney in place, to make sure someone can handle your affairs when you no longer can. Continue reading “Protecting Yourself with a Power of Attorney”

Five Issues to Consider When Writing Your Will

One of the most essential aspects of planning your estate is writing your will. However, most people do not have a good idea of what they might need to consider before they begin writing. Here are five major issues you should think about when you are writing your will: Continue reading “Five Issues to Consider When Writing Your Will”

Ways You Can Prepare Yourself During the Coronavirus Crisis

Everyone is understandably worried about how the coronavirus can impact them and their loved ones. While taking protective measures to prevent the spread of the coronavirus, such as washing your hands and socially isolating yourself, you also need to prepare for the possibility that you or someone you love will catch the disease. Here are a few things you can do to prepare yourself for the possibility that you’ll contract the coronavirus: Continue reading “Ways You Can Prepare Yourself During the Coronavirus Crisis”

Estate Planning Considerations for Digital Assets

estate planning lawyer Long IslandThese days, with everything from email to banking accounts to home utilities available online, it can feel like the world is literally at your fingertips. People often gravitate towards online accounts for their accessibility and convenience. However, many individuals often fail to account for their online assets in their estate plans, leaving their heirs unable to access and benefit from them. It is crucial for those who are looking to create an estate plan for the first time to specify any digital assets they own and how to access them within the estate planning documents. For those with an existing estate plan, it is essential that the estate plan is updated regularly as new digital assets are acquired. Continue reading “Estate Planning Considerations for Digital Assets”

Personal Property Should Always Be Addressed in a Last Will and Testament

last will and testament lawyer Long IslandMore often than not, a Last Will and Testament fails to address a decedent’s wishes for how to distribute his or her personal property. Personal property may include low-value tangible items, keepsakes, high-end artwork, jewelry, antiques, coin collections or valuable wine or liquor collections, among other things. Continue reading “Personal Property Should Always Be Addressed in a Last Will and Testament”

New Executor Nomination Form Explicitly Requests Criminal History

estate administration lawyer Long IslandWhile a testator has the ability to name anyone as his or her executor, there are certain grounds for disqualification. According to the Surrogate’s Court Procedure Act § 707, a nominated executor is ineligible if he or she is: Continue reading “New Executor Nomination Form Explicitly Requests Criminal History”

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”

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”