How to Prepare for Long-Term Care in New York

How to Prepare for Long-Term Care in New York

Did you know? An American turning 65 today has a nearly 70% chance of needing some type of long-term care in his or her remaining years, according to the U.S. Department of Health and Human Services. Women need care longer (3.7 years) than men (2.2 years). Aging is inevitable, so take action now on how…

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How does Probate Work?

How does Probate Work?

Probate is the legal process by which a deceased person’s assets are transferred to their beneficiaries and heirs. It can be a complex and time-consuming process, but understanding how probate works can help you plan ahead and prepare for the future. New York State Surrogates Court In New York, when a person passes away, the…

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Can Probate be Avoided?

Can Probate be Avoided?

Probate can be a difficult process for families who have just lost a loved one. In addition to the emotional strain of grieving, they also have to deal with legal procedures and administrative tasks. Fortunately, there are ways to avoid probate that can make this difficult time a bit easier. How to avoid probate? 1)…

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Are Probate Records Public?

Are Probate Records Public?

When a person passes away and their estate goes through probate, the records of the probate proceedings become a matter of public record. This means that anyone can access the records, including the deceased person’s will, inventory of assets, debts, and distributions to beneficiaries. Access in the Surrogates Court In New York, probate records are…

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Who Probates a Will?

Who Probates a Will?

When a person passes away and leaves a will, the process of administering their estate and distributing their assets to their beneficiaries is overseen by a court. The person responsible for managing the estate and ensuring that the deceased person’s wishes are carried out is called the executor or executrix of the will. The executor…

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What is the Difference Between Probate and Trusts?

What is the difference between probate and trusts?

When planning for the distribution of assets after death, many people consider the use of a will, a trust, or both. Both probate and a trust are legal processes that allow for the transfer of assets to beneficiaries after a person passes away, but they differ in their approach, benefits, and drawbacks. What is Probate?…

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New York Medicaid Nursing Home Lookback Period: What You Need To Know

New York Medicaid Nursing Home Lookback Period: What You Need To Know

Nursing home care services in New York are expensive. Senior citizens who do not have sufficient assets or long-term care insurance often need to apply for Medicaid to pay for their nursing home stay. Many people transfer assets to family members and loved ones to meet the program’s financial eligibility criteria. However, some of these…

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The Powerful Way Portability In Estate Planning Can Protect Lifetime Assets in Long Island, New York

The Powerful Way Portability In Estate Planning Can Protect Lifetime Assets in Long Island, New York

Upon her death, Margaret’s children received a $1,576,000 estate tax bill. Unbeknown to her estate, compliance with just one estate law provision could have prevented this grim scenario. Yes, we’re referring to the concept of portability in estate planning. Electing portability would have ensured an efficient transfer of wealth without a high estate tax liability.…

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