Dear Mr. Di Costanzo:  Why do I need a Will or Trust if all my accounts have designated beneficiaries? Beneficiary designations are extremely important and one of the most overlooked tools in an estate plan.  For certain assets, such as retirement accounts, the lack of a designated beneficiary can cause adverse tax consequences.  One…

Dear Mr. Di Costanzo: Should I prepare an estate plan before I leave for college?

Congratulations to everyone headed off to college.  My favorite Animal House quote is when Belushi says “seven years of college down the drain”.  Although college should be stimulating from both an academic and social perspective, try not to be there for seven years.

Essential Tips For Solo-Agers During Unprecedented Times

Are you a solo ager, or in some circles, an “elder orphan”?  A solo ager is typically defined as a single, childless baby-boomer.  Yet, a boomer may have children, but with whom there is no relationship, or in many cases, children who are simply pre-occupied with their own affairs.  While it is likely that you…

Elder Law and Estate Planning: A Series of Defined Terms

As an elder law attorney, I am frequently asked questions, the answers of which have been taken for granted during the ordinary course of business. The common denominator among these questions surfaces from a misunderstanding of words and phrases used daily.  I thought it would be a good idea to write a piece explaining some…

Turkey, Football and Eldercare Discussions

Traditionally, Thanksgiving is the holiday when the entire family, for better or worse, comes together.  After the melatonin calms everyone’s nerves, this a great opportunity for families to discuss sensitive topics which are often set aside for “some other time”.  In some instances, the discussion might be driven by children encouraging family members to get…

An annuity can be a useful tool for long-term care planning, but annuities are also complex financial products that are hard to understand. If purchasing an annuity, you need to consider your options carefully. 

A new report finds that almost no retirees are making financially optimal decisions about when to take Social Security and are losing out on an average of more than $100,000 per household in the process.

Using a Medicaid Trust Without Losing Control

Over the years, I have found that one of the biggest obstacles preventing clients from pulling the trigger on a Medicaid Trust is the perception that all control is lost over the assets being transferred to the trust. While it is true that legal title to the assets must be transferred to the trustee, a…

If properly drafted and executed, certain New York estate planning documents, such as a Last Will and Testament (“Will”) or a trust should be recognized outside of New York. For instance, if you sign a Will while present in New York and follow the proper formalities of a Will execution (e.g. at least two witnesses,…

Should my College Bound Child have an Estate Plan?

It is never too early for an adult to implement an estate plan. The focus of a young adult, however, is much different than those of more senior generations. While the assets of a young adult may not always command intricate estate planning, strong consideration should be given to having your child prepare a health…

If you were to review my client files over the last decade, you might be surprised to learn that estate plans for people younger than forty are scant. Yet, from an estate planning perspective, these generations carry the greatest exposure. While death or disability at any age creates complications, these complications are amplified for younger…

If I update my Estate Planning Documents, may I destroy the previous versions?

While the drafting of new estate planning documents generally replaces previous versions, we generally advise our clients to preserve their old documents because they may be useful in defending your intent after your death. For instance, suppose you prepare a new Last Will and Testament (“Will”) when others may be questioning your capacity and in…

5 Action Items After Completing your Estate Plan

You finally did it! You met with an elder law attorney to “put your affairs in order”. Like most people, however, you have done nothing with your estate plan since meeting with your attorney other than to file your documents with the rest of your personal papers. As I tell any clients, your estate plan…

Why can't I transfer my house to my kids to protect it

Simply transferring your house to your children is the least favorable planning technique in an attorney’s arsenal. The optimal way to protect your house is to use a trust. First, if you transfer your house to your children, you no longer have any rights to use an occupy the house. You become a guest in…

The Perils and Pitfalls of Owning a Co-op

The Perils and Pitfalls of Owning a Co-op We have all heard a horror story or two about co-op ownership. These stories usually arise out of actions or inactions taken by the Board of Directors (“Board”). For instance, a Board might implement a policy requiring a percentage of the floor to be carpeted. Some Boards…

Do you understand who will inherit your Estate if you die without a will?

Co-Authored by Joanna C. Feldman, Esq. Do you understand who will inherit your Estate if you die without a Will? We recently read an article about a multi-millionaire who died without having executed a Last Will and Testament (“Will”). Certain members of his extended family, with whom he likely had little to no relationship, inherited…

How should I deal with my personal belongings in my Last Will and Testament?

Personal belongings, such as jewelry, coin collections, furniture, photographs, family heirlooms, and other items of sentimental value are typically referred to as tangible personal property.  Some people are happy to let their personal belongings be part of their residuary estate.  Others prefer to identify certain items in their Last Will and Testament (“Will”) and designate…

Powerless Power of Attorney

by Salvatore M. Di Costanzo, Esq., and Joanna C. Feldman, Esq. Regardless of whether your estate plan is basic or complex, it is important to review the plan every few years for reasons that include life events and changes in laws and/or regulations. Life Events Estate plans can change drastically upon the occurrence of certain…

Elder Law Answers - Do I need a Last Will and Testament if I designate Beneficiaries for all of my Assets?

Co-Authored by Joanna C. Feldman Many people ask whether – or even why – they need a Last Will and Testament (“Will”) if they designate beneficiaries to inherit their assets upon their death. In some cases, designating beneficiaries on all assets may be appropriate. In other cases, however, unintended complications can arise. In all cases,…

Taking care of a parent can be a full-time job. Parents who want to compensate a child who takes on the burden of caregiving may do so in one of several ways.

This is Attorney Advertising. This web site is designed for general information only.
The information presented at this site should not be construed to be formal legal advice nor the formation of an attorney/client relationship.

Show Buttons
Hide Buttons