How You Can Use Estate Planning as A Gift

What happens to all your belongings when you die? Where will your finances go? Who will be in charge of carrying out your last wishes, and who will take care of you before you pass away? 

Estate planning is a gift. Consider this, you have already taken the effort and invested significant time to meet with an estate planning professional, so your family doesn’t have to. Why did you make this effort?

The reason you made the effort is that establishing an estate plan has the potential to resolve future conflicts and disorientation that your family may experience upon your departure. Estate Planning is a loving gift that you will give to reduce the emotional stress that is attached to your passing and it will provide direction for how your family will need to move on following your death.  

In this article, we provide an overview of the essential elements of an estate plan, emphasizing the importance of taking action now to protect your family’s future. At New York Legacy Lawyers, our experienced New York estate planning attorneys are available to offer guidance and support as you begin the process of creating or updating your will and estate plan. To learn more about how we can assist you, please call (718) 713-8080 to schedule a consultation.

A WILL IS A GLUE HOLDING IT ALL TOGETHER

The concept of a last will & testament, or transfer of property after death has been around as long as humans have. In many places, the method of transfer is primarily defined through existing cultural norms. In the US and Brooklyn, however, we use estate law to clear things up a bit more formally. 

Fundamentally, your will entails where you wish your possessions, assets, minor children, and more to go when you pass away. Additionally, it will state who will be in charge of distributing those assets and managing any other affairs in your passing or incapacity. 

Legal requirements in setting up a will can be intensely specific, but only because ambiguity leads to conflict, especially after a loved one has passed. It is critical that you seek the assistance of an attorney or an estate planning expert to make sure that your will gets drafted correctly.

JOINT OWNERSHIP AS AN ESTATE PLANNING OPTION

Joint ownership means owning your assets jointly with someone else like a spouse, child, or a close relative. The purpose of Joint ownership is to make sure that when you die, those assets go to your spouse or heirs smoothly because they are already owners of the assets.  To head off more complicated issues and to make sure joint-owners can access all assets, beneficiary designations are helpful.

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SETUP BENEFICIARY DESIGNATIONS ON INTANGIBLE ASSETS

A Beneficiary Designation on your bank accounts, your stocks, and brokerage accounts may be needed to facilitate the transfer of those assets to a joint owner, or another designee. Various kinds of Beneficiary Designations can be acquired through a bank or other financial institutions. Some of these designations are known as “transfer on death,” “pay on death,” or “in trust for account.”  

The person or beneficiary that you place on those accounts is not an owner of the accounts, presently. If they have any financial problems before you designate them as a beneficiary on your accounts, their financial issues will not become your problems, and that is a beautiful benefit.  When you pass away though, they will gain access to and ownership of the assets within the accounts, however.

A PRIMER ON PROBATE

Probate is the legal process in which a will is proved or tested in a court. Many people find the Probate Process frustrating. When a will is contested, there may be many parties involved in the process.  And if a lawyer is involved, there is a cost component…on top of the cost of probate itself. 

The purpose of the probate process is to have the will accepted as a valid public document that is the true and last living testament of the estate of a deceased person. Probate is the first step in the legal process that is needed to name the Executor of the estate. This step is essential because the Executor needs to be granted the authority to distribute assets according to the will of the deceased loved one. 

If you have questions about probate, please contact us.

WHEN YOU SHOULD CONSIDER A TRUST?

You should consider using a trust if the value of your estate is such that your family might lose a significant amount of your assets in probate or estate taxes. You might also want to consider a trust if you have special needs, like a family member who requires extra care, or a child you’re concerned will not be ready to manage the assets you intend to leave them. In truth, there are a lot of reasons to consider a trust, and many different forms of trust you might consider.

When you set up a trust you actively move assets from your possession to the trust. Usually, you are the beneficiary of that trust while you are still alive, and upon death or another circumstance of your definition – the beneficiary changes. 

A trust will sometimes feel scary because you may feel that you could be giving up your assets to a bank or other entity that you have no control over. However, you will make the decisions about how to place money in or withdraw assets out of the trust. Functionally, it shouldn’t interfere too drastically with how you manage your estate now – but when you pass away, it will make a huge difference in how your assets transfer to your loved ones.

Is Money Gifted From A Trust Taxable?

Understanding the tax implications of receiving money from a trust is essential for beneficiaries. The taxability of money gifted from a trust depends on the nature of the distribution. Trust distributions are typically classified into two categories: income distributions and principal distributions.

Income distributions are amounts paid out from the trust’s earnings, such as interest or dividends. These distributions are typically taxable to the beneficiary. The trust is required to provide the beneficiary with a Schedule K-1 form, which details the amount of the distribution that is considered taxable income.

Principal distributions, on the other hand, are distributions of assets that have been placed into the trust after tax payments and are not taxable to the beneficiary, since these assets were already taxed prior to their contribution to the trust. Therefore, beneficiaries receiving principal distributions are not obligated to pay taxes on these amounts.

However, it’s essential to be aware of the type of trust involved. The taxation rules can vary depending on whether the trust is revocable or irrevocable. Typically, money gifted from a trust’s principal is not taxable for the beneficiary, while money distributed from the trust’s income is taxable.

For a comprehensive understanding of your tax obligations, it is recommended to consult with a New York estate planning attorney from New York Legacy Lawyers. Contact us for personalized information tailored to your individual circumstances and the current tax laws.

When is a Gift Not a Gift

While we often say that the sentiment matters most in gift-giving, the IRS emphasizes that there’s more to it. In specific situations, a gift means more than just kindness; it holds tax implications, prompting the question: “When does a gift cease to be just a gift?”

In 2023, the annual gift tax exclusion is set at $17,000 per recipient or $34,000 for married couples sharing gifts. This means you can give up to these amounts without facing gift tax. However, if your total gifts surpass this threshold, the surplus is no longer seen as a ‘gift’ under tax law – it becomes taxable.

The lifetime limit for tax-free gifts, whether given during one’s life or left after passing, is $12.92 million for an individual, or $25.84 million for a married couple. These figures also apply to the Federal Generation-Skipping Transfer (GST) tax exemption in 2023.

New York residents are exempt from state gift tax. Yet, if you’re considering substantial lifetime gifts, knowing your state’s tax regulations is vital.

For US-citizen couples, there’s an unrestricted marital deduction for gift and estate tax purposes. This means limitless transfers can be made to a US citizen spouse during life or after passing, and the gift retains its nature. However, gifts to non-citizen spouses are subject to a $175,000 marital deduction in 2023.

Understanding these tax rules ensures your gift remains a genuine expression of goodwill and generosity, rather than inadvertently becoming a taxable matter.

DRAFT A LIVING WILL & DESIGNATE A HEALTHCARE PROXY

A living will typically accompany a healthcare proxy. However, these are two different documents. A Living will is simply a statement signed by you. It states how you wish to be cared for in case you become unconscious or you are in another situation in which you cannot make decisions for your care on your own.  

A healthcare proxy can be established when you appoint an individual to make healthcare decisions for you. In some places, this is called a healthcare power of attorney. Having this document in place will assist your family members and or loved ones if you become incapacitated. Moreover, this document will prevent courts or hospitals from becoming the primary decision-makers regarding your care.

YOUR ESTATE PLAN AND LIFE EVENTS

It’s crucial to keep your estate plan updated in the event of significant changes in your finances, health, family, or relationship status. In the event of your sudden passing, your will and estate planning documents may not reflect your current circumstances.

To ensure that your heirs are not held to the outdated provisions of your will, you should make immediate changes to your estate planning documents after any of the following life events:

Death: In the event that a family member who was designated to manage your estate passes away, it will be necessary to choose an alternate executor, trustee, or guardian to take their place.

New Addition: An addition to your family, such as the birth or adoption of a new child or grandchild, or the responsibility of caring for an ill adult can have an impact on your estate plan.

Health Crisis: If you or your spouse has been diagnosed with an illness, or disability, or requires nursing care, it’s recommended to update your will as soon as possible.

Milestone Birthday: Turning 18 or graduating from high school, may prompt you to consider providing financial assistance to a child or grandchild for their education.

Marriage: You may need to review and update your estate plan to include provisions for your new spouse’s inheritance and any future children. Additionally, you may need to revise any provisions you made for a former spouse.

Divorce: It may be necessary to revise your estate plan and remove your former spouse as an executor or beneficiary.

Significant Purchase: Buying a home, obtaining life insurance or investment, or borrowing a substantial amount of money, can cause disputes over your heirs’ inheritances.

Business Deal: Changes in your career path such as starting a business, selling company assets, or retiring can all affect your family’s future financial plans.

Change in Financial Laws: Any changes particularly federal or state tax laws, may necessitate asset restructuring or lead to the loss of substantial amounts to the government. It is important to stay informed of these changes and consult with an estate planning attorney.

It is important to update your estate plan regularly as your life circumstances change because it is a document that needs to be kept current. Failure to update your estate plan could result in unintended consequences that could negatively impact your heirs’ inheritance. To ensure that your estate plan reflects your current wishes, it’s recommended to consult with a qualified estate planning attorney.

Life Events for Estate Plan Updates	Impact on Estate Plan
Death	Choose alternate executor, trustee, or guardian.
New Addition	Adjust estate plan for new family members or responsibilities.
Health Crisis	Update will for illness, disability, or nursing care.
Milestone Birthday	Consider financial assistance for education.
Marriage	Include provisions for new spouse and future children.
Divorce	Revise plan to remove former spouse as executor/beneficiary.
Significant Purchase	Prevent disputes over inheritances after major acquisitions.
Business Deal	Adapt plan to changes in career, business, or retirement.
Change in Financial Laws	Restructure assets due to tax law changes.

ESTATE PLANNING IS ALL THIS AND MORE

We clearly believe estate planning is a gift. But it is not a gift you can grab at the store; it requires meaningful thought and responsible foresight.

In this brief article, we covered the basics you should be thinking about regarding estate planning, but for each section above we could write ten more articles. Help yourself give the gift of planning and connect with a great team of estate planning professionals.

We want to help you prepare for your future and the future of your family. Contact us today to get started on your estate plan.

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Understanding the Different Types of Wills

In the basic sense of the term, a will is a document that is made up by a person, or several people, to spell out how final affairs should be taken care of once they have passed away. Each will must meet a set standard that is determined by the state in which a person lives. And if poorly crafted, the will may not be useful in a court of law, especially if contested. 

To draft a will, there is a lot of information that is collected upfront.  Figuring out executors, beneficiaries, assets, debts, and the distribution of your estate is essential to the seamless administration of your estate when the time comes. The will drafting process should be thorough enough to cover most situations in life, but everyone has different circumstances.  Your needs, the nature of your estate, and even the way you interact with potential heirs all affect how your will should be drafted in life, and how your assets are distributed after your passing.

When setting up a will, it is necessary to first figure out the type of will that best suits your needs. At New York Legacy Lawyers, our team of New York estate planning lawyers is ready to assist you in determining the best type of will for your needs. With our experience and attention to detail, we will guide you through the process of securing your assets and protecting your loved ones. Contact us today at (718) 713-8080 to schedule a consultation.

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The Simple Will

This type of will dictates how property from a person’s (testator’s) estate is to be distributed. This will is usually created by a person that has a straightforward financial makeup. It is simple enough that the testator can make it out themselves with the occasional guidance of a lawyer to avoid mistakes. It includes the testator’s name, address if they were married or not, and a list of instructions spelling out how all assets are to be distributed. It is also be typed and not handwritten to avoid the issue of forgery. The will names a person responsible for executing the will, the executor. Moreover, it also has a section that determines where minor children are to be placed. The testator will need to date and sign the will in front of witnesses for it to become binding and legal.

The Testamentary Trust in Your Will

The testamentary trust is a structure you can set up that will smooth the task of responsibly administering all funds and property that are named in a trust identified within the will. For instance, a person might set up a “spendthrift trust” for someone that is not financially responsible enough to manage their assets due to age or financial immaturity. The solution in your will is to name someone responsible as the administrator of the trust that you had previously setup with the help of an estate planning attorney.  Once the trust recipient (beneficiary) has met certain conditions, usually they reach a certain age, the contents of the trust are distributed to them..

The Joint Will

This type of will is created by two testators that have decided to leave their property one to another. The way that this kind of will works is that the person who dies last is the one that gets everything. Beyond that, a joint-will also spells out what happens to the estate once the second person passes away. The will becomes permanent once one of the testators dies. Which makes sense, since the trigger of the will, a death of one of the testators, has occurred. If both testators are living, then the will can be dissolved or recreated. However, it can only be changed at the consent of both testators.

The Living Will

This kind of will does not deal with monetary or property issues. In fact, it’s not a Will as you would understand it; instead, it is a valuable tool for your family or trusted friends to utilize while you’re still alive. A living will provides healthcare professionals and trusted friends and family the instructions a person needs when they are unconscious or unable to speak or coherently make decisions.

A living will is beneficial for when a person is near death or unable to make decisions for their self-care. For example, if a person were hooked up to a breathing machine and the family was conflicted on whether to keep the person on life support, they could (or would) seek guidance from the wishes of the person on life support – via their living will.

Types of Wills	Description
Simple Will	Dictates distribution of property from a testator’s estate. Created by individuals with straightforward finances. Includes testator’s name, address, marital status, and asset distribution instructions. Typed to avoid forgery. Names an executor and determines placement of minor children. Requires testator’s signature in front of witnesses.
Testamentary Trust	Structure within a will to administer assets in a trust. Ensures responsible management for beneficiaries who may be financially immature or of a certain age. Names a trust administrator. Contents distributed to beneficiary upon meeting specific conditions.
Joint Will	Created by two testators leaving property to each other. Survivor inherits everything. Specifies estate distribution upon second testator’s death. Becomes permanent after first testator’s death. Can be dissolved or recreated only with both testators’ consent.
Living Will	Not a traditional will. Provides instructions for healthcare professionals and trusted individuals when testator is unable to make decisions. Helps guide self-care decisions when near death or incapacitated. Offers guidance on life support continuation based on testator’s wishes.

What are the Four Major Components of a Will?

In New York, it is mandatory for a will to be in written form, requiring the testator’s signature, and the attestation of two individuals who are at least 18 years old. It’s important to note that beneficiaries named in the will cannot serve as witnesses to ensure its validity. If an unsuitable witness is used, it can result in the permanent invalidation of the will. Meeting the legal criteria for witnesses is typically challenging for blood relatives.

While there are a few exceptions to these requirements, they are rare. A nuncupative will, spoken aloud or recorded in the presence of at least two witnesses, is one such exception. Another exception is a holographic will, entirely handwritten by the testator, which doesn’t require any witnesses. However, both holographic and nuncupative wills are generally not preferred because they don’t provide the same level of authenticity as written and authenticated wills, and they are considered legally valid only under exceptional circumstances.

One such circumstance is when a member of the armed forces or an accompanying person, such as a reporter, drafts the will during a military conflict. In such cases, a holographic will lose its validity one year after the testator leaves military service, serving as a measure of last resort. The other exception is when a mariner drafts the Will while at sea, which becomes void three years after its establishment.

To ensure that your will satisfies the required components, it is important to get the help of an experienced New York estate planning attorney. An attorney can guide you on the necessary guidelines and ensure that your wishes are reflected in the relevant documents.

Getting Professional Guidance on Wills

If you are looking to establish a will, then all of us at Yana Feldman & Associates, PLLC can help you. We specialize in estate planning and elder law. We desire to help families like yours to take care of the things that matter.

Call us today at (718) 713-8080 or contact us here for more information.

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Planning for Incapacity FAQs

What is a Durable Power of Attorney?

A Durable Power of Attorney is a document that empowers another individual to carry on your financial affairs in the event you become disabled or incapacitated. Without a Durable Power of Attorney, it may be necessary for one of your loved ones, including your wife or adult child to petition a court to be appointed guardian or conservator in order to make decisions for you when you are incapacitated.  This guardianship process is time consuming, expensive, often costing thousands of dollars and it can be emotionally draining for your family.

There are generally two types of durable powers of attorney: a present Durable Power of Attorney in which the power is immediately transferred to your attorney in fact; and a springing or future Durable Power of Attorney that only comes into effect upon your subsequent disability as determined by your doctor.  When you appoint another individual to make financial decisions on your behalf, that individual is called an agent or attorney in fact. Most people choose their spouse or domestic partner, a trusted family member, or friend.

Who can establish a Power of Attorney?

Generally, any individual over the age of majority and who is legally competent can establish a Power of Attorney.

Who may act as an agent under a Power of Attorney?

In general, an agent, or attorney in fact, may be anyone who is legally competent and over the age of majority. Most individuals select a close family member such as a spouse, sibling or adult child, but any person such as a friend or a professional with an outstanding reputation for honesty would be ideal. You may appoint multiple agents to serve either simultaneously or separately. Appointing more than one agent to serve simultaneously can be problematic because if any one of the agents is unavailable to sign, action may be delayed. Confusion and disagreement between simultaneous agents can also lead to inaction. Therefore, it is usually more prudent to appoint one individual as the primary agent and nominate additional individuals to serve as alternate agents if your first choice is unwilling or unable to serve.

What is a Durable Power of Attorney for Health Care?

The law allows you to appoint someone to decide about medical treatment options if you lose the ability to decide for yourself. You can do this by using a “Durable Power of Attorney for Health Care” or Health Care Proxy where you designate the person or persons to make such decisions on your behalf. You can allow your health care agent to decide about all health care or only about certain treatments. You may also give your agent instructions that he or she has to follow. Your agent can then make sure that health care professionals follow your wishes and can decide how your wishes apply as your medical condition changes. Hospitals, doctors and other health care providers must follow your agent’s decisions as if they were your own.

What is a Living Will?

A Living Will informs others of your preferred medical treatment should you become permanently unconscious, terminally ill, or otherwise unable to make or communicate decisions regarding treatment. In conjunction with other estate planning tools, it can bring peace of mind and security while avoiding unnecessary expense and delay in the event of future incapacity.

What is a HIPAA Authorization?

Some medical providers have refused to release information, even to spouses and adult children authorized by the Healthcare Power of Attorney on the grounds that the 1996 Health Insurance Portability and Accountability Act, or HIPAA, prohibits such releases. Therefore, as part of your incapacity planning, you should sign a HIPAA authorization form that allows the release of medical information to your agents, successor trustees, family or any other individuals you wish to designate.

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Why Estate Planning Should be a Top Priority for You

Considering how our estates should be managed and distributed after our death is an important decision we must make throughout our lives. This involves deciding on the distribution of assets, selecting beneficiaries, and determining if and how you wish to leave a legacy. An estate plan is a tool that consolidates these decisions, incorporating elements such as a will, trusts, living wills, healthcare proxies, powers of attorney, and specific guidelines for managing your affairs after you pass away and, in some cases, during your lifetime.

Estate planning is more than just preparing for the future; it’s about securing peace of mind for you and your loved ones. At New York Legacy Lawyers, our Brooklyn estate planning attorneys understand the complexities and nuances of New York estate law. We can guide you in creating a comprehensive plan that protects your assets, respects your wishes, and provides for your family. Contact us at (718) 713-8080 to schedule a consultation.

The Estate Plan Concept is for Everyone

When the word “estate” gets used some people immediately think of those with a lot of money or palatial property. In reality, every person has an estate.

Your estate is everything that you own. It includes your valued family treasures, the silverware in your dishwasher, and your kids’ toys alike…and everything in between! 

Of course, it’s not just physical possessions either; it can consist of your bank accounts and insurance policies, retirement accounts, and items that you have been saving for your children and grandkids.

An estate plan will help you protect all of these things, and more, giving you the ability to discern what happens to it all when you pass away.

What Are Estate Planning Goals?

Estate planning is a crucial part of managing assets, focusing on the effective distribution and management of your assets according to your wishes upon your passing. It is more than just the distribution of property; it involves making choices that reflect your personal values and objectives. The common goals of estate planning include:

• Providing for Loved Ones: This goal is central to most estate plans as it involves decisions regarding asset inheritance and specific distributions. Without a plan, state laws may dictate these matters, possibly in ways that do not align with your personal wishes.
• Mitigating or Avoiding Probate: Probate can be a costly and lengthy process. Effective estate planning can simplify or bypass this procedure, sparing your heirs the expense and stress of a prolonged legal process. Techniques such as setting up trusts or designating beneficiaries can help to achieve this goal.
• Minimizing Taxes: Estate taxes can considerably reduce the worth they are passed on to your beneficiaries. Strategic estate planning can help reduce or eliminate these taxes, ensuring beneficiaries or chosen charities receive the maximum benefit from your estate.
• Ensuring Orderly Asset Management: Estate planning can prevent asset mismanagement or loss during the transition period after your death. This includes appointing reliable executors or trustees and giving them clear instructions on how to manage and distribute your assets.
• Asset Protection: Your estate plan can also include measures to protect your assets from lawsuits, creditors, and other threats. This might involve setting up certain types of trusts or business structures to protect your assets from potential liabilities.
• Planning for Incapacity: Preparing for the possibility of mental or physical incapacity is an often overlooked but vital part of estate planning. Setting up powers of attorney or advance health care directives ensures that your affairs are handled in accordance with your wishes if you become incapable of managing them yourself.
• Appointing Guardians for Minor Children: If you have young children, it’s essential for your estate plan to include arrangements for their guardianship in the event that you and your spouse pass away unexpectedly.

A Brooklyn estate planning attorney understands the intricacies of achieving your unique estate planning goals. Whether you aim to protect your assets, minimize tax liabilities, or ensure a seamless transfer of wealth to your heirs, New York Legacy Lawyers is committed to guiding you through the entire process. Contact us to initiate your personalized estate planning journey today.

Estate Planning Goals	Description
Providing for Loved Ones	Decisions regarding asset inheritance and specific distributions, ensuring that state laws do not dictate matters contrary to your wishes.
Mitigating or Avoiding Probate	Simplifying or bypassing the costly and lengthy probate process through effective estate planning methods like trusts or beneficiary designations.
Minimizing Taxes	Reducing or eliminating estate taxes to maximize the benefit received by beneficiaries or chosen charities.
Ensuring Orderly Asset Management	Preventing asset mismanagement or loss during the transition after your death by appointing reliable executors or trustees and providing clear instructions for asset management and distribution.
Asset Protection	Implementing measures to safeguard assets from lawsuits, creditors, and other threats, possibly by establishing specific types of trusts or business structures.
Planning for Incapacity	Preparing for potential mental or physical incapacity by setting up powers of attorney or advance health care directives to ensure your affairs align with your wishes if you become incapable of managing them yourself.
Appointing Guardians for Minor Children	Including arrangements for the guardianship of young children in your estate plan to provide for their care if you and your spouse pass away unexpectedly.

An Estate Plan for the Living?

There are situations we’ve all experienced or watched friends go through, when a person becomes physically or mentally unable to care for themselves or even make good choices for themselves. An estate plan becomes the means for someone in that state to still have some control, albeit from decisions they’ve prepared ahead of time.

While you have the capacity to make plans today, you can assign power of attorney to a specific person you trust and even include medical care instructions when or if the need arises. Should you become incapable or incapacitated, but still alive, everything you have is then protected from your actions, or from predatory strangers taking advantage of you while you are unable to understand or say, “No!”

When A Stranger Has Control

This scenario is probably the scariest part of NOT creating a plan. Without the guidance of a will, trust, power of attorney, or other aspects of an estate plan, complete strangers may be left to decide what happens to everything you have. These aren’t shady characters in back-alleys, necessarily. They are usually judges, or doctors, or other professionals. But what they likely will not be is someone who knows you intimately, understands the dynamics of your family, and has the benefit of decades of experience being you and making the decisions on your health and wealth that YOU would make.

Your Estate Plan is Dynamic

Some choose not to develop an estate plan until they are older; this may be because they mistakenly believe that an estate plan cannot be modified once it is completed. The truth is that for an estate plan to work for you, it must be dynamic. Your estate plan should grow with you and change as the circumstances in your life change and evolve. For this reason, it’s essential that as you seek to establish your estate plan, you look for an estate planning attorney you can trust.

Knowing Who You Can Trust

We have been helping people plan and manage their estate plans for over 15 years. We take the time to listen to your concerns, so we can offer the advice and guidance that will best help you develop the right plan for your family and situation. For more information or help with your estate plan, please contact us today. Enlist the help of a New York legacy lawyer to secure your family’s future.

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Respect Your Elders: 4 Important Reasons to Hire an Elder Law Attorney in New York

As our population continues to age, it becomes increasingly important to recognize and respect the unique legal needs of our elders. In the bustling city of New York, where millions of seniors call home, navigating the complex realm of elder law can be a daunting task. That’s where the expertise of an elder law attorney comes in. In this article, we will explore four reasons why hiring an elder law attorney in New York is not only beneficial but also essential in ensuring the well-being and protection of our beloved seniors.

A New York elder law attorney can provide invaluable assistance in various aspects of senior life. At New York Legacy Lawyers, our team of New York elder law attorneys may be able to guide you through the complex Medicaid application process, offer advice on asset protection strategies, and help preserve their wealth while ensuring compliance with regulations. Contact us today at (718)713-8080 to schedule a consultation.

1. Coordinating Care for Health and Living

Most people need some level of more advanced healthcare and living assistance as they age. Navigating the options can be very complicated. Consider, there are a wide range of living arrangements to consider including home care, independent living, assisted living, and nursing homes. An elder law attorney will help you understand what to expect for the level of care and costs.

Moreover, an elder law attorney will help you understand the healthcare options for seniors and different considerations to make as you get older. For example, when it comes to your healthcare needs, it’s wise to consider end-of-life planning. You may want to develop a living will, basically your end of life – just in case – treatment plans. You will also probably want to prepare for passing along your decision-making authority to a trusted caregiver as you get older.

2. Transferring Decision Making Authority 

In the ordinary course of aging, it will eventually become more challenging for you to handle the big financial and healthcare decisions that need to be made. Fortunately, if you plan ahead, there are ways to ensure that you’re able to manage these difficulties or at least manage those who will take care of these decisions for you.  

You will probably want to establish advance directives. These are legal documents that allow you to direct your future caregivers on how to handle certain circumstances.  However, occasions can arise that are not covered by advance directives.  In whatever way your future plays out, an elder law attorney will help you plan for and establish the transfer of your decision-making authority to a trusted caregiver.

3. Understanding and Receiving Benefits

Today, millions of aging Americans are missing out on billions of dollars in benefits, mostly because they aren’t aware they’re eligible.  

New York State and the federal government both offer financial and aid benefits to seniors based on age and income.

A good elder law attorney can help make sure you’re not missing out on any benefits and that you’re not paying too much for the services you currently receive.

4. Financial Planning and Representation

Financial planning means understanding how you’ll pay for your day-to-day needs and the costs that will arise as you continue to age. Additionally, financial planning means Estate planning.

Estate planning involves establishing a will or a trust. You will need to determine what will be done with your financial and property assets, the guardianship responsibilities you have for any family members, and possibly business succession planning.

Reasons to Hire an Elder Law Attorney	Description
Coordinating Care for Health and Living	Help understand healthcare options and end-of-life planning
Transferring Decision Making Authority	Plan for future decision-making difficulties and establish advance directives
Understanding and Receiving Benefits	Assist in accessing financial and aid benefits for seniors
Financial Planning and Representation	Provide guidance in financial planning, estate planning, and business succession planning

What is Elder Law

Elder law encompasses a specialized area of legal practice that caters to the needs of individuals preparing for retirement, those with disabilities, individuals requiring Medicaid services, and those concerned about the costs associated with nursing homes. In New York, elder law attorneys specialize in addressing the unique concerns of seniors and older adults regarding estate planning, asset protection, Medicaid planning, and family law. As our loved ones age and transition into their senior years, numerous questions arise pertaining to finances, assets, estates, healthcare, and long-term care, among others.

Legal Matters Commonly Handled in Elder Law

Elder law encompasses a broad spectrum of legal issues specifically tailored to address the unique needs and concerns that arise with aging, including:

• Estate Planning: Elder law attorneys help seniors create comprehensive estate plans that consider their changing needs and goals as they age. By incorporating trusts, guardianships, and healthcare directives, seniors can protect themselves and their loved ones and ensure their wishes are respected.
• Long-Term Care: Long-term care provides essential assistance to seniors who may struggle with daily tasks due to aging-related physical or cognitive decline. It includes services like medical care and help with activities of daily living, enabling seniors to maintain independence and a high quality of life.
• Asset Protection: Elder law attorneys assist seniors in developing asset protection plans that shield their assets from creditors, minimize taxes, and ensure assets are distributed according to their wishes. This helps seniors qualify for government benefits like Medicaid while safeguarding their hard-earned assets.
• Senior Guardianships: Elder law attorneys establish and advocate for senior guardianships to protect vulnerable seniors who are unable to make decisions or manage their affairs. They work to ensure the rights and interests of seniors under guardianship are respected and may challenge or modify guardianships when necessary.
• Wills and Trusts: Wills and trusts are crucial elements of elder law estate planning, allowing seniors to dictate the distribution of their assets after their passing. Elder law attorneys help create comprehensive estate plans that encompass wills, trusts, and other essential documents.
• Special Needs Trusts: Special needs trusts are legal arrangements that protect assets for individuals with disabilities, ensuring they can receive government benefits without losing eligibility. Elder law attorneys establish special needs trusts to provide for the needs of disabled beneficiaries while preserving their access to essential benefits.
• Medicaid Planning: Elder law attorneys assist seniors and their families in developing Medicaid plans that protect assets and income while maximizing eligibility for Medicaid benefits. This involves strategies like asset transfers, exempt asset acquisition, and income planning to meet Medicaid’s requirements.

The Importance of Life Care Planning Services in Elder Law

Life care planning services are integral to elder law, ensuring that as individuals age, they have a comprehensive plan tailored to their long-term needs. These services encompass the medical, legal, and financial aspects of a senior’s life, focusing on maximizing their quality of life and independence while efficiently managing the costs of long-term care.

Comprehensive Approach: Life care planning takes into account the entire spectrum of planning, from healthcare coordination to legal document preparation. The goal is not only to address immediate concerns but also to anticipate future needs. This includes navigating Medicare and Medicaid benefits, coordinating supplemental insurance, and ensuring that long-term care arrangements are in place.

Healthcare Coordination: A critical component of life care planning is the assessment of the individual’s current and future health care needs. This involves creating a plan that coordinates care among various health care providers, manages chronic health conditions, and anticipates potential health care issues that could arise with aging.

Financial Security: Effective life care planning services protect an individual’s assets while ensuring that the costs for required care are covered. This involves legal strategies for the preservation and transfer of assets, such as drafting trusts and exploring appropriate financial products that align with the senior’s care needs and eligibility for public benefits.

Legal Preparedness: Ensuring that all legal documentation is in place is a key function of life care planning. This includes advance directives, Power of Attorney, and living wills, which are essential for articulating the senior’s wishes regarding medical treatments and end-of-life care. Life care planners work to ensure these documents are legally sound and reflective of the individual’s desires.

Navigating Transitions: As seniors move through different phases of aging, life care planning services facilitate transitions, whether it’s adapting to in-home care or transitioning to assisted living or nursing home facilities. The plan adapts to changing health statuses and care requirements, maintaining a focus on the individual’s well-being and autonomy.

By engaging in life care planning services, families can ensure that their elderly loved ones receive coordinated, compassionate, and competent care that addresses their comprehensive needs while remaining in compliance with complex healthcare and legal systems.

Hire an Elder Law Attorney

Hiring an elder law attorney in New York is a crucial step in ensuring the well-being and protection of our elderly loved ones. By understanding the unique challenges and complexities faced by older individuals, an elder law attorney offers invaluable assistance and support. 

At New York Legacy Lawyers, our team of New York elder law attorneys may be able to assist you in estate planning, Medicaid planning, long-term care arrangements, and guardianship matters to ensure that your elderly family members receive the best possible care and protection. Contact us today at (718)713-8080 to schedule a consultation.

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from New York Legacy Lawyers by Yana Feldman and Associates https://yanafeldmanlaw.com/respect-your-elders-4-important-reasons-to-hire-an-elder-law-attorney-in-new-york/

Reasons Why Having a Will is Important

A Last Will & Testament is a valuable document that your family will benefit from when you die or if you become incapacitated at some point. Your will can communicate how you wish your family to be taken care of, your assets to be managed/distributed, and even which charities will benefit from your long years of responsible planning.

In navigating the complexities of estate planning in New York, it’s crucial to have a knowledgeable and experienced attorney by your side. At New York Legacy Lawyers, our New York estate planning attorneys may be able to help craft personalized Last Wills & Testaments that reflect your unique wishes and ensure your legacy is honored. Don’t leave your family’s future to chance. Contact us today at (718) 713-8080 to secure your peace of mind and provide for your loved ones in the best way possible.

Why You Should Have a Will

• A will gives you the power to determine how your estate and assets will be handled.
• If you were to die before creating a will, there is no guarantee, or expectation, that your final wishes will be carried out.
• A will helps keep families from fighting over the assets left to them. It provides guidance, and even advice, as to when, how, and why certain parts of your estate should be divided up.
• Your will gives you a choice as to who will care for your children should you pass away. Without a will, the decision of who gets to care for the children could be left up to a judge. In some cases, the kids are taken and put into foster care until a decision is reached, or permanently.
• The probate process will be more straightforward if it is necessary at all. One of your goals in your will is to get rid of all ambiguities and make determinations on the distribution of your assets simple. Without direction, a court may have to decide the best way to handle things – which is likely to upset everyone and cost more $.
• A will is also an excellent way to ensure that your assets go to the people that you desire to have them. Not everyone who has a claim to your assets is someone to whom you’d willingly give them. A will is the one way to direct the assets you leave behind to the people you want to inherit them, and to keep those people you’d rather move on from taking what otherwise would not belong to them.
• Some people use a will to donate a certain amount of money or property to a charitable organization. Sometimes a person may want to see a school or institution supported once they pass on, so they will create a section in their will delegating a certain amount of property or money to go to that institution. You should consult with an estate planning attorney to see if there are better ways to transfer your wealth to a charitable organization.
• A Will is part of a larger estate plan. Your estate plan is a powerful and somewhat living entity. As you grow and your assets change, it has to grow and change with you. If you have trust in a wonderful estate planning attorney, they will always make sure your Will is up to date and reflects the long-term interests of you, your family, and your estate.

Reasons to Have a Will	Description
Asset Distribution	A will allows you to determine how your estate and assets will be handled, ensuring your final wishes are carried out and preventing disputes among family members.
Guardianship for Children	With a will, you can choose who will care for your children if you pass away, avoiding a court decision and potential foster care placement.
Simplifying the Probate Process	A will helps simplify the probate process, providing clear directions for asset distribution, avoiding ambiguities, and potentially reducing legal costs and family conflicts.
Asset Allocation	Ensure that your assets go to the intended beneficiaries rather than individuals who may have a claim, giving you control over your estate’s distribution.
Charitable Donations	You can use a will to donate money or property to charitable organizations, supporting causes important to you beyond your lifetime. Consult an estate planning attorney for options.
Part of a Comprehensive Estate Plan	A will is an integral part of a larger estate plan that should adapt as your assets and circumstances change, reflecting your long-term interests and family’s needs.

Why Is It Important to Name an Executor in a Will?

Naming an executor in a will is essential for several reasons. An executor is the person responsible for carrying out the terms of a will. They manage the estate’s affairs after the death of the individual who created the will, known as the decedent.

The executor has several key responsibilities. They handle the probate process, which is the legal procedure to validate the will. They also collect the assets that the decedent owned individually and distribute them according to the will’s instructions after paying off any debts and taxes due from the estate. Debts may include funeral expenses, while taxes can encompass the decedent’s final income taxes and potential estate taxes.

Without a named executor, there may be delays and confusion in managing and distributing the estate. It could lead to increased legal costs and potential conflicts among potential heirs or beneficiaries.

Additionally, the executor oversees the investment and care of the estate’s assets during the administration period. This period can vary in length, which makes it important for the executor to manage the estate effectively, especially if it includes complex assets or generates income.

The executor also ensures that any pledges or agreements the decedent made are fulfilled, and if there’s uncertainty regarding these obligations, the executor may need to seek a judicial decision.

After all financial matters are settled, the executor is responsible for the final distribution of the remaining assets to the beneficiaries as outlined in the will. They must also provide a detailed accounting of all actions taken, assets collected, and distributions made.

Naming an executor ensures that the estate is managed and distributed smoothly, debts and taxes are paid, and the decedent’s wishes are honored. It is a critical step in creating a will that provides clear instructions and helps avoid potential legal issues after the decedent’s passing.

Work On Your Will Today And Begin Your Estate Plan

Having a will is a vital step in managing your legacy and ensuring your loved ones are cared for according to your wishes. As you consider the importance of this decision, seeking the help of a legal professional is crucial. At New York Legacy Lawyers, our team of experienced New York estate planning attorneys are here to assist you in creating a will that perfectly captures your intentions. Don’t wait to secure your family’s future. Contact us today at (718) 713-8080 for a consultation and take the first step towards peace of mind and a well-planned legacy.

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from New York Legacy Lawyers by Yana Feldman and Associates https://yanafeldmanlaw.com/reasons-why-having-a-will-is-important/

Matters of Trust: What Is a Living Trust and Do You Need One?

Although death is a difficult subject to discuss, it’s also a part of your financial planning obligations. You must prepare for the inevitable. Part of planning for the future means having a proper estate plan in place. Doing so minimizes financial difficulties for your family in your absence.

78% of young adults 18-36 and 64% of Generation X—aged 37 to 52—do not have wills. Be it lack of financial affluence or miseducation; both peer groups don’t appear to bother. 

When it comes to getting your affairs in order, you need a plan for the future. Find out here what a living trust is, how it works, and why you need one.

If you’re considering establishing a living trust, consulting with an experienced attorney is highly recommended. At New York Legacy Lawyers, our team of experienced Brooklyn trust planning lawyers can provide valuable guidance throughout the process, ensuring that your trust is properly structured. Contact us today at (718) 713-8080 to discuss how we can help you establish a solid living trust that reflects your wishes and protects your estate.

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What is a Living Trust and How it Works

A living trust is a legal document created prior to death. This trust acts as an arrangement between you and a trustee.

In your passing, the trustee maintains possession of your property and assets. These assets flow into the trust. The trust goes into effect while you’re alive and maintains its effectiveness in your death.

You may add a provision to stop the trust on a specific date. Until specified, the trustee continues to manage the trust on behalf of you and your named beneficiaries.

There are several types of trusts. Discussed most often are the revocable and irrevocable trusts.

Revocable Living Trusts are the most flexible of the two. With this option, you’re allowed to move assets in and out of the trust as you please. You also have the recourse to revoke the trust at any time.

The Irrevocable Living Trust operates on more permanent motives. Once assets get placed in the trust, you cannot move or take them out again.

Each state has specific rules and regulations on trusts. So be sure to educate yourself on the guidelines before you set one up.

Types of Living Trust	Details
Revocable Living Trust	Assets can be freely moved in and out of the trust. Can be revoked at any time. Offers control, privacy, and helps in avoiding probate. Allows for flexibility in managing assets during your lifetime.
Irrevocable Living Trust	Assets cannot be moved or revoked once placed in the trust. Offers enhanced asset protection, tax implications, and helps in avoiding probate. Provides a more permanent and secure structure for asset management.

Allowable Assets

There are allowable and disallowable assets appropriate for transfer into a trust. And depending on the asset, the state may require you to get a new deed or title issued to the trust’s name.

Some permissible assets include:

• Bank Accounts
• Real Estate
• Jewelry
• Cars & Boats
• Securities
• Stocks and Bonds
• Artwork
• Heirlooms

For accounts like 401K and retirement, it’s impermissible for the trust to own them. But you can, however, list the trust as beneficiary. The same goes for life insurance policies and IRAs.

Who Owns The Property in Trust?

Within the structure of a trust, the trustee is tasked with being the legal custodian of the trust’s assets. Despite many people perceiving a trust as an autonomous unit, traditionally, it’s understood to be an extension of the trustee. As a result, assets are usually registered in the trustee’s name rather than the trust’s. This can lead to complexities when the trustee changes, as banks and taxation authorities often necessitate re-issuing titles for accounts and properties. While there may be reasons to contest the need for such re-titling, as the property is technically owned by the trust, it’s typically less complicated to abide by these requirements.

As a trustee, the individual’s job is to manage the trust’s assets for the beneficiaries’ sake. Unless the trustee is also a beneficiary, they’re not entitled to personally gain from the assets. Beneficiaries, conversely, play a more receptive role, obtaining advantages from the trust in the form of periodic distributions. Ownership of the trust assets will pass over to the beneficiaries once they are bequeathed to the beneficiaries in the form of gifts or as a matter of the distribution. 

To ensure that trustees perform their fiduciary duty in administering the trust responsibly, trustees receive trustees’ commissions as compensation for their service. Nevertheless, beneficiaries are allowed to actively ensure the trust is being managed appropriately, with the option of taking legal action against a neglectful trustee. Moreover, if permitted by the trust document, beneficiaries can exercise specific powers over distributions and have the authority to appoint successor trustees.

What Does a Living Trust Do?

A living trust is a crucial estate planning tool that allows you to manage your assets during your lifetime and ensure a smooth transition of your estate after you pass. The trust is a legally binding arrangement between you (the grantor) and a trustee, who takes responsibility for managing your assets held in trust.

This arrangement doesn’t end with your death. Instead, the trust assets, which can include bank accounts, real estate, jewelry, cars, and securities among other things, are seamlessly transferred to your named beneficiaries under the trustee’s management. It’s important to understand that not all assets, like 401K and retirement accounts, are permissible for transfer into a trust.

Living trusts can be categorized mainly as revocable and irrevocable. A revocable trust offers flexibility, allowing you to move assets in and out of the trust freely and even dissolve it if you wish. Conversely, an irrevocable trust is more rigid. Once assets are placed into this trust, they cannot be removed or altered without the consent of the named beneficiaries.

A living trust allows you to maintain control over your assets during your lifetime and ensure a well-organized transition of your estate, reducing potential conflicts among beneficiaries and circumventing the often lengthy and costly probate process.

Why You Should Consider A Trust

There’s no rule of thumb about who should and shouldn’t have a living trust. You should always take stock and inventory of what you have.

And if you have dependents, decide if you’d like to leave them in a better financial situation.

You can work with an estate planning attorney to help you figure out the best way to manage your assets in life, and death.

Set up an Estate Plan

Don’t leave your future up to fate. Be proactive about your financial plans and set up a living trust.

Arrange your affairs the right way so that you and your loved ones benefit in the end.

Request a consult today for more insight into estate planning and asset protection. Contact us at (718)713-8080 to schedule a consultation.

https://yanafeldmanlaw.com/matters-of-trust-what-is-a-living-trust-and-do-you-need-one/
from New York Legacy Lawyers by Yana Feldman and Associates https://yanafeldmanlaw.com/matters-of-trust-what-is-a-living-trust-and-do-you-need-one/