While 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”
Tag: estate plan
Adding a Gifting Rider to a Comprehensive Power of Attorney May Assist During Catastrophic Events
In 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
Today, 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
A 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”
Executors Play an Important Role
An 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”
Navigating the Uncertainties for Long-Term Care Needs
Medicare is a Federal program enacted in 1965. It is an earned-benefit program for those that are aged 65 or older or disabled. It consists of parts A, B, C and D. Part A is for hospital insurance coverage, as well as limited stays in nursing homes and some rehabilitative services such as physical, vocational, and speech therapy. Usually, there is no co-pay for Part A coverage. However, it is $167.50 per day for skilled nursing facility visits in excess of twenty-one days. Continue reading “Navigating the Uncertainties for Long-Term Care Needs”
The Difference Between a Living Will and a Last Will and Testament
Living Will
A living will is a medical directive outlining how a person wishes to be treated in the event that he or she becomes incapacitated and can no longer make decisions for themselves. A living will may address situations involving: Continue reading “The Difference Between a Living Will and a Last Will and Testament”
Executor Ineligibility
A testator has the ability to name anyone as executor of his or her estate. The executor is responsible for carrying out the administrative process of an estate and is not required to have prior experience or knowledge in the field. In New York State, the court usually honors the nomination of an executor selected by the testator unless there are grounds for disqualification. Continue reading “Executor Ineligibility”
Don’t Forget to Sign a Spousal Refusal
To be eligible for Medicaid, which is a need-based program, certain income and asset requirements must be met. Oftentimes, one spouse will require care in a skilled nursing facility, while the other spouse continues to reside in the community home. More often than not, the spouse residing in the community home depends largely on joint income and assets in order to continue to pay necessary expenses. For this reason, Medicaid provides certain spousal allowances, which allow the community spouse to retain his or her income plus the institutionalized spouse’s income up to a total of $3,022.50. Continue reading “Don’t Forget to Sign a Spousal Refusal”
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”
