A payable on death account is, in many ways, a normal bank account. The difference is simply that you can pick a beneficiary for that bank account. If you pass away, this beneficiary just has to present proof of your passing to the financial institution. They then take over as the new owner of your account.  This is an alternative to passing assets through a will or an estate plan. If the money was left directly to the beneficiary in the will, the estate executor would access the account and then transfer those funds into their name. But with a POD account, the beneficiary just takes over ..read more

Having worked hard to build your wealth, you know that taxes, divorce or litigation could eat away at your assets. While establishing an irrevocable trust can help you avoid unnecessary loss, circumstances may change over time, so your existing trust may no longer meet your needs. Changing an irrevocable trust is often difficult or impossible, unless you decide to decant your trust according to New York law. What is decanting? Decanting refers to the process of transferring assets from an existing trust into a new trust with different terms. First, you establish a new trust, and then move the ..read more

Most people hope to remain physically and mentally fit well into their golden years. They likely aspire to age in place by staying in their family homes. Unfortunately, those goals may not necessarily be realistic. Some people develop serious medical issues, ranging from physical disabilities to dementia. They may then require in-home nursing care or a room in a long-term care facility. Advance planning well before someone might need New York Medicaid benefits can make a major difference in the well-being of an older adult. The failure to plan in advance might leave someone at risk of a signif ..read more

Buying a home isn’t as simple as seeing one you want and paying for it. Instead, the process involves various steps, such as securing a mortgage, making an offer and waiting for the seller to accept the offer. For most people, their real estate agent will help them as they go through this, but there are other professionals they should have involved.  As part of an offer on a home, the question of home inspections often comes up. Some people opt to put in an offer that waives the home inspection, but that’s a risky move. Instead, be sure that you have a contingency clause in place that spe ..read more

When landlords rent out properties in New York, they may encounter various challenges. For example, leases are an issue involving many nuances. Unfortunately, many landlords make mistakes that can lead to legal issues or financial losses. 1. Inadequate lease clauses Some landlords fail to include important clauses in their leases, leaving them vulnerable to disputes or misunderstandings with tenants. For instance, omitting clauses regarding pet policies or subletting permissions can lead to disagreements down the line. 2. Neglecting legal requirements New York has specific laws and regulations ..read more

When was the last time you made changes to your estate plan? If you have only ever made your estate plan and never updated it, then it may be due time for your estate plan to be changed.  Estate planning is a lifelong process, it can help benefit you and the people included in your estate plan when it is frequently updated. Here is how to tell when your estate plan needs updated:  How long has it been since you made any changes? It is believed that an estate plan should be updated about every three to five years. This is often how long it takes for people to accumulate enough assets ..read more

As the cost of healthcare continues to rise, some state Medicaid offices are taking measures to recoup expenses, including targeting the assets of deceased individuals. One asset the agency sometimes takes such actions against is the family home. There are ways to protect your house from such claims, one of which involves setting up a trust. Understanding the issue State Medicaid offices seek to recover healthcare costs from the estates of deceased Medicaid recipients. Normally a person’s home is not an asset they can take to recoup expenses. Medicaid states that for individuals 55 and over wh ..read more

If you are like most people, you have more than a few digital assets – even if you don’t realize it. For example, your Facebook account, cryptocurrency wallet and online casino account are all digital assets. While you may not have considered these as “assets” in the past, they are connected to you and have value in some way. Because of this, you need to plan for them after you pass away. The best way to do this is by including your digital assets in your estate plan. Are you still not convinced that this is necessary? Consider the following benefits of adding digital assets to your estate pla ..read more

No one likes to think about worst-case scenarios, but preparing for the unexpected is important. Advance directives provide a plan for unforeseen medical circumstances when you are unable to advocate for yourself. Even when you are under 30 and in great shape, documenting your healthcare wishes provides peace of mind for you and those who care about you. Plan for the unexpected Just because you are still young, you are not immune to accidents or unexpected illnesses. In the event of a medical emergency where you are unable to communicate your wishes, advance directives guide healthcare provide ..read more

A revocable trust, often known as a living trust, is a legal document created by individuals to hold and manage their assets during their lifetime and/or after death. This type of can be altered or revoked by the grantor at any point during their lifetime as long as they are mentally competent. Assets in a revocable trust can be transferred to beneficiaries without probate. This potentially saves time and reduces the costs associated with estate settlement. The role of revocable trusts in estate planning Revocable trusts play a significant role in comprehensive estate planning. The terms of a ..read more