Remember, the purpose of a revocable trust is to avoid probate and following fact patterns make it a necessity to use a revocable trust. Owning property outside of New York State If you own property outside of New York State in your individual name, a proceeding must be commenced in the other state to transfer…

For many families, a good portion of their wealth exists through the equity in their home.  The home may also be the most sentimental asset as it carries many memories and emotional ties.  We often counsel clients on different planning techniques to protect the home where Medicaid is contemplated to pay for nursing home or…

This is a very common issue with revocable trusts and it results from not respecting the formalities of the trust. In order for a revocable trust to work as intended, that is, to avoid probate, your assets must be transferred to the trust.  For instance, if you own a house, the deed needs to be…

This is a real fact pattern. I recently met with a family whose 86 year old Mother was admitted to a nursing home for dementia.  They sought my assistance in obtaining Medicaid eligibility to pay for the nursing home, which cost $15,000 per month.  Mother is still on Medicare which pays for the first 100…

Estate planning documents need to be regularly reviewed. I often tell clients to review their estate plan every three to five years or upon the occurrence of a significant life event such as a birth, marriage, divorce or death. Documents should also be reviewed for changes in the law. One of the benefits to connecting…

Many people are unsure as to whether a Last Will and Testament (“Will”) is sufficient to accomplish their estate planning goals and objectives or if a Revocable Trust (“Trust”) is the more pertinent planning technique. Adding to the uncertainty is the plethora of propaganda disseminated by attorneys who promote trusts. Both serve a purpose but…

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