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What Long Island Residents Should Know About Irrevocable Trusts

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 pass assets directly to beneficiaries, thus avoiding the probate process. They’re also a good vehicle for ensuring that irresponsible or disabled beneficiaries...

What is Medicaid’s Estate Recovery Program?

If you haven’t planned effectively for your long-term care you can get caught by Medicaid’s estate recovery program. This allows Medicaid to recoup nursing home expenses from your estate.  Here’s what you need to know. Defining the Estate Your estate includes any assets that you own at the time of your death. That can include real...

What is a Long Island Health Care Proxy and Why Do You Need One?

The New York Health Care Proxy Law allows you to appoint a person you trust to make health care decisions on your behalf if, for any reason, you can’t make them for yourself. You can also appoint an alternate who will take over if your first choice is unable or unwilling. Choosing your proxy is an important part of your estate plan.  Creating...

What Happens If You Die Without a Will on Long Island?

Many of the consequences of dying without a will are emotional. Family members can tear each other apart arguing about who deserves what, and who should get what.   Yet there are certainly other consequences, like completely losing control of the assets which you’ve spent a lifetime working for, and growing. Instead, you’ll die intestate, and...

How Often Should You Update Your New York Estate Plan?

Creating an estate plan is not a one-and-done activity. Your estate plan needs to grow, change, and evolve as your life does. While a general rule of thumb is that you should update your estate plan every five years, there are other life changes that should prompt you to sit down with your lawyer so you can make updates and changes. Having...

Who Decides if a Long Island Resident is Incapacitated?

Incapacity is governed by New York’s mental hygiene laws. There are two ways that someone may be declared incapacitated. The first is when an eligible party petitions the court to become your guardian. The second is if the court finds a vulnerable individual in an eviction or foreclosure proceeding because illness or mental health problems have...

How to Create a Long-Term Care Plan, for Long Island Residents

As elder law practitioners we are aware that nothing is less pleasant than contemplating a day when your may be too disabled to make decisions for yourself. Yet putting together a formal plan now, while everything is going well, comes with a variety of benefits. Over half of the elderly population will eventually require paid long-term care....

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