New Home Contract? Now’s the Time to Consider a Trust

You’ve found your dream home and your offer’s been accepted – this is an exciting time! As you approach closing, your agent, attorney, or title company will ask how you’d like to hold the title to the property. While individual ownership is common, placing your new house into a trust right from the start has […]

Are All Trusts Living Trusts?

The word “trust” gets used quite broadly, creating potential confusion. While a “living trust” is a widely discussed instrument for estate planning, it’s crucial to understand that not every trust is a living trust. We’ll break down the key distinctions. What is a Trust? Simply put, a trust is a legal arrangement where someone (the […]

The Elements of a Valid Trust

When creating a trust, it is important to understand the specific roles involved. The grantor is the person who establishes a trust. The designated beneficiary is the person who receives the assets held in trust when the grantor dies. Probate is unnecessary because trust property passes outside the Last Will and Testament or Intestacy law. […]

Wills, Trusts, and Estates- What’s The Difference?

A Will is a legal document that controls where your assets go upon your passing. A Will only controls assets that are in your name alone.  The will also has to go through a Court process called Probate to give legal authority to the executor (person who fulfils the directions in the will) at the […]

Preventing Medicaid Penalties

In order to receive federal assistance through the Medicaid program for nursing home care, assisted living, in-home care, or adult foster care, an individual must meet the income and asset threshold requirements. Due to these rules, many candidates have to give away their money and resources to qualify. Medicaid administering agencies review all individual financial […]

Planning For the Future of Seniors and Their Loved Ones

According to the 2021 Wills and Estate Planning Study of 2,400 Americans by Caring.com with YouGov, the percentage of Americans aged fifty-five and older who have created a will has decreased from sixty percent to forty-four percent since 2019. As surprising as this decrease is the fact that younger adults are now 63 percent more […]

You’re Never Too Young to Start Your New York Estate Plan

It is fairly typical for young adults, even those with professional careers aged thirty or more, to believe they are too young to concern themselves with estate planning. Young adults in their twenties and thirties often think they don’t own enough to constitute an estate. However, an estate is the total of all you own […]

Five Common Mistakes to Avoid When Establishing an Estate Plan

You spend the first half of your adult life trying to achieve financial security and the second half of your life trying to maintain it. This adage is why many people spend substantial time and effort, maximizing their legacy goals in their estate plan, ensuring their wishes come to pass. Your life’s work and ability […]

Avoid These Common Mistakes When Planning for a Disabled Family Member

The largest single minority in the United States consists of 58 million individuals five years of age or older that are identified as special needs. The majority of federal and state benefits available to help persons with disabilities are needs based, meaning income and assets are strictly limited and can often by misinterpreted, resulting in […]

What is an Ancillary Probate or Ancillary Administration Proceeding?

law book that's titled probate

When a person passes away with real property in multiple states, an ancillary proceeding may be necessary. The primary probate proceeding (if the person passed away with a Last Will & Testament) or primary administration proceeding (if the person passed away without a Last Will & Testament) is commenced in the State and County where […]