Many retirees split their time between two states, enjoying the best of both worlds. While this lifestyle offers benefits, it can also complicate your financial and estate planning—especially regarding taxes. Snowbirds must understand how dual residency impacts estate taxes to avoid surprises and ensure their loved ones are financially secure. Here,...
Many retirees find joy in splitting their time between warmer climates during the winter and cooler ones in the summer, making them what many call "snowbirds." If you have dual residencies, ensuring that your estate plan considers the legalities and tax implications of living in multiple states is crucial. Let’s explore...
A power of attorney (POA) is an essential document in an estate plan. It grants someone you trust the authority to make decisions on your behalf if you're unable to do so. Whether it involves managing your finances or making healthcare choices, a well-crafted POA ensures that your wishes are honored. However,...
A durable power of attorney (POA) is a vital legal document granting someone the authority to make certain decisions on your behalf should you become temporarily or permanently incapacitated. Whether handling financial matters or medical decisions, a well-crafted POA ensures your wishes are carried out when you cannot act.
If you have a loved one who is entering assisted living, you may feel like there isn’t much you can do for them. After all, they will have a staff who can take care of their daily needs. And because they are in a facility rather than at home, you will have...
If you are getting older and own your home, you may have a difficult decision ahead of you: will you continue to live at home, or will you move into assisted living? This choice is particularly important because it affects not just you but your loved ones as well.
Once you become an adult, you can make decisions about your medical care. This is true even if you become incapacitated and can’t express those decisions. Establishing a health care proxy is one way to ensure that your wishes are respected, even in incapacity.
What is a...
How you age, where you age, and who you age with are decisions that you must eventually make. Many people choose to spend their final years in solitude, or at least without a partner.
Solo aging in New York can be enjoyable, but it also presents some significant medical...
No matter what you’ve been told or believe, estate planning can benefit individuals of any age, background, or financial status. Establishing a strong estate plan can help you plan for the future, provide for your family, and give you peace of mind.
If you’re unsure where to start, begin...
As parents age and have a harder time handling their affairs, you might consider taking on a more involved role to assist them. One common way to help in this capacity in New York is by transferring your parent’s property to your name.
But if you have a parent...
