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In the course of our lives, it is essential to plan ahead for our loved ones’ financial and emotional well-being when we are no longer around. Creating a will is a vital part of this
Trust funds in New York are highly regarded as versatile financial tools that individuals, families, and organizations utilize for sound financial management and strategic long-term planning. With their inherent flexibility, trust funds offer many benefits,
If you ask an experienced New York estate planning lawyer, they will tell you that incapacity is governed by New York’s mental hygiene laws. There are two ways that someone may be declared incapacitated. The
Many of the consequences of dying without a Will are emotional. Family members can tear each other apart arguing over who deserves what, and who should get what. You will need the help of a
A trust creates a vehicle that will hold certain assets. A trustee will then manage those assets on behalf of the beneficiary or beneficiaries of the trust. In estate planning, trusts are often used to
When a person passes away without a Will in New York, the distribution of their assets is determined by the state’s laws and procedures. To probate a will in New York, obtaining a letter of
Gift taxes are a financial obligation imposed on a person’s right to transfer property to another person without receiving fair market value in return. Giving someone a gift that exceeds a specific value may require
Medicaid is a federal and state program that helps people with limited income to afford their essential healthcare needs. Compared to Medicare, Medicaid also provides funding for nursing home care and personal care services. Medicaid
After becoming incapacitated, older adults often require assistance in covering the high expenses of continued care.. The mounting bills can be daunting, and being approved for Medicaid can bring significant relief. However, it’s essential to
There is no specific age when you should reach out to an elder law attorney, but it’s ideal to start planning your affairs once you reach 60 years. At Schlessel Law, we generally advise seeking
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