Sadly, abuse and neglect of the elderly in the United States is a growing problem – and one that we all must be concerned about and work to resolve. After all, if everything works out as planned, we will all be among the elderly at some point in time, right? While you are likely aware of the overall elder abuse problem, you may not know that financial abuse is actually the most common form of elder abuse. In fact, experts estimate that as many as five million instances of financial exploitation … [Read more...]
Nassau County Estate Planning Lawyers Explain the Probate Process
One of the most common objectives within a comprehensive estate plan is probate avoidance. If you have yet to create your estate plan, you may wish to consider adding probate avoidance tools and strategies into your plan as well. Of course, you need to understand why people consider probate avoidance such an important addition to their estate plans before you commit to including it in your plan. If you have never been directly involved in the probate of an estate, you likely only have a vague … [Read more...]
Long Island Estate Planning Attorneys Discuss Common Components in an Estate Plan
If you are like the average person, when you think about estate planning you focus on the need to create a roadmap for the distribution of your estate assets when you are gone. Distributing your estate assets is certainly a common estate planning goal; however, it should not be your only goal. On the contrary, a comprehensive estate plan should include a wide variety of additional estate planning goals and objectives. Exactly what those additional goals and objectives are is something only you … [Read more...]
NYPD Run Raises Money for Children with Special Needs
If you are the parent, or other family member, of a child with special needs, you are undoubtedly already aware of the challenges caregivers face as well as the often-prohibitive cost of raising a child with special needs. To help raise the public’s awareness of children with special needs, law enforcement officers are sponsoring the first ever “NYPD Brooklyn North Patrol Borough 5k.” The event is also intended to raise funds to help families of children with special needs with the high cost of … [Read more...]
How Long-Term Care Costs Can Cause Poverty – and How to Prevent It
As you age you are undoubtedly starting to feel the pull of time on your body. Although we are living longer in the United States we have yet to find a way to halt the natural aging process. As a result, there is a very good chance that either you, or your spouse if you are married, will eventually need the care provided by a long-term care facility – but at what cost? What many people don’t realize until it is too late is that in the United States, long-term care costs can cause poverty. Worse … [Read more...]
Nassau County Estate Planning Attorneys Answer 5 Common Questions
Do you have an estate plan in place? If not, you are not alone. Over half of all Americans have yet to create an estate plan and the reason why is often fairly simple – they don’t know where to begin or what they need to include in their plan. This really should not be surprising given that estate planning tools, strategies, and concepts are not part of your everyday life. In an effort to take some of the mystery out of estate planning, the Nassau County estate planning attorneys at Law Offices … [Read more...]
What Does A Trustee Do?
Similar to the executor’s role in an estate, a trustee manages trust assets, including investments and beneficiaries. Management of trusts may go on for many years, whereas management of an estate is short-lived and can take 12 months to 2 years. The trustee’s primary responsibility involves following the instructions of the trust. Along with an accounting of paid expenses and the trust balance, trustees give regular reports to the trust beneficiaries. Trustees may hire outside professionals to … [Read more...]
Long Island Trust Administration Tips
If you were recently informed that you are the Trustee of a trust, and this is the first time you have served as a Trustee, you may not know where to begin or exactly what your duties and responsibilities as a Trustee will be. Unfortunately, people often appoint a spouse, friend, or family member as the Trustee of their trust without discussing the appointment with the prospective Trustee ahead of time. Consequently, it is not unusual for a new Trustee to feel a bit overwhelmed. Specific … [Read more...]
Will and Living Will: What is the difference?
With names that sound so similar, you might think these two documents are basically the same thing. But while both can be an essential part of your estate plan, the two are used for very different purposes. A Will is a legal document that you use to specify what will happen to your belongings after you die. With your Will, you appoint an Executor who will act on behalf of your estate during the probate process, ensuring that your final bills are paid and your property is distributed in … [Read more...]
Steps Involved in the Long Island Probate Process
Were you recently informed that you are the Executor of the estate of a recently deceased loved one? If so, and this is the first time you have served in the role of Executor, you are probably unsure of what needs to be done during the probate of the estate. Trying to figure that out while grieving the loss of your loved one can be extremely difficult and stressful. Although no two estates follow the exact same path through the probate process, there are some common steps involved in the Long … [Read more...]
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