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Estate Planning

Wednesday, August 26, 2020

What Is the Difference Between Medicare and Medicaid?


Both Medicare and Medicaid are government-sponsored, taxpayer-funded programs that are intended to help Americans cover the costs associated with healthcare. Additionally, both programs were established back in 1965. With similar-sounding names and the fact that both are intended to cover healthcare costs, many people confuse the two. There are, however, important distinctive qualities between the two programs. Here, we discuss the differences between Medicare and Medicaid.


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Wednesday, August 5, 2020

When Should I Review My Estate Plan?


You met with a lawyer and set up your estate plan to protect yourself in case you become incapacitated and to provide for your family. Many people simply stick the documents in a drawer and forget about them, but doing so can cause results you never intended down the road, because of changes in the law or developments in your life. This article explains when you should review your estate plan to make sure that it will serve its purpose.

You should take out your estate plan and read it again at regular frequencies or when significant life events happen. You should also sit down with your


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Wednesday, July 22, 2020

How to Prepare Your Children to Manage Their Future Inheritance


Q: Are your children ready to inherit your wealth?

New York and New Jersey estate planning attorneys assist clients with comprehensive estate plans designed to distribute the wealth they’ve accrued during their lifetimes to the people and/or charities that matter most to them. Generally, the beneficiaries include their children, whether minors or adults. But what happens if the children are not prepared to effectively manage and grow that inheritance?

Most people with minor children have a will that not only names the people they want to be the children’s


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Wednesday, July 15, 2020

Advantages of Asset Protection Trusts


Q: What are asset protection trusts?

Many people venture off to their first appointment with a New York or New Jersey estate planning attorney thinking they will come out of it with a last will and testament-- commonly known simply as a “will”. But that isn’t always the case. In fact, a comprehensive estate plan will likely include several additional documents.


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Wednesday, July 8, 2020

Estate and Retirement Planning as Special Needs Parents


Q: How can having a special needs child impact a parent’s estate and retirement planning?

It’s no secret that having a child with special needs often presents parents with financial and other challenges. Unlike other parents whose financial responsibility to their children generally ends in their early 20s once they’ve left the nest, special-needs parents often house and provide financial support throughout adulthood – – sometimes until their own passing.

Therefore, parents must consider their special needs children when doing their retirement and estate planning and should seek advice from a skilled New York and New Jersey estate planning attorney.


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Monday, June 29, 2020

Four Costly Mistakes When Naming Beneficiaries


When you start a new job, your boss makes you fill out forms about your retirement account and any employer-provided life insurance. You write someone’s name in the “beneficiary” box, then forget about it. Years go by, and you do not think about revisiting those beneficiary selections. In that time, you might have opened other accounts that require the designation of a beneficiary.

Many people give little thought to the person or persons they name as beneficiaries of their accounts and insurance policies, and seldom, if ever, update those selections.
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Friday, June 26, 2020

Have You Had 'The Talk' With Your Children?


For many parents, talking with their children about money is as stress-provoking as talking with them about the birds and the bees. The parents procrastinate, and many never get around to talking with their kids about how to manage their money. As estate planning lawyers, we see people who reach adulthood and do not have a clue about paying bills, budgeting, or keeping enough money in their bank account to cover their spending.
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Thursday, June 25, 2020

The Importance of Having Advanced Directives in Pandemic Times


Q: What are advanced directives and why they are important in a pandemic?

The global pandemic has caused a sense of urgency in people without a comprehensive estate plan. Many people know what a last will & testament is, even though less than one in three people have had one drawn up according to a study by Caring.com.

While it’s important to have a will drafted, Read more . . .


Sunday, May 31, 2020

Dividing Your Estate Among Your Children Fairly


Q: Should I divide my estate equally among my children?

At one point or another during childhood – and even in adulthood – parents with multiple children have likely been accused of favoring one child over the other(s). While this kind of sibling rivalry is natural and generally harmless, how parents distribute an inheritance to their children can actually have serious consequences.

New York and New Jersey estate planning attorneys watch clients struggle with how to handle leaving an inheritance to multiple children.
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Friday, May 29, 2020

Estate Administration Attorneys Help Executors Avoid Pitfalls


Q: Can an Executor pay beneficiaries whenever he or she wants?

When sitting down with a New York or New Jersey estate planning attorney to make a comprehensive estate plan, you’ll be deciding many important things that impact not only the end of your life and the financial future of your loved ones, but also what will happen to you if you become incapacitated by an illness, condition, or accident prior to your death.

Generally, you’ll execute a last will and testament and/or a trust to distribute assets in accordance with your wishes. You may do Medicaid planning to secure your assets in the event that you need long-term nursing home care at some point.
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Thursday, May 21, 2020

Plan Early for Possible Nursing Home Care


Q: How do I plan for nursing home care?

New York and New Jersey elder law attorneys help the elderly and their adult children plan for how their golden years will be spent.

While most people hope to avoid ending up in a nursing home, that is not always possible. So Read more . . .


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