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…
Salvatore Di Costanzo discusses Remote Estate Planning during the coronavirus outbreak. Sal goes over why he’s doing these virtual chats. He explains that estate planning can be done from home with technology from the comfort of your home. The governor has issued an executive order allowing notarization of documents through remote witnessing through video.
The elderly are vulnerable, and as a result, are often soft targets for non-physical abuse. I refer to them as “silent abuses” because they are often difficult to identify, or worse, prove. Examples include undue influence, duress, coercion, mental abuse, and financial exploitation. Generally, a common predicate for most cases begins with a close, confidential…
Co-authored by Joanna C. Feldman Generally speaking, Medicaid rules require most of one’s monthly income be contributed toward the cost of one’s care in a nursing home. When the spouse of the Medicaid recipient remains at home, however, the impact of losing the other spouse’s additional income can be detrimental. The spouse at home (known…
Co-authored by Joanna C. Feldman This is a question we’re continually asked, so we’re glad we have another opportunity to clear things up. The main thing to remember is this: IRS rules are different from Medicaid rules. Under current IRS rules, you may gift up to $15,000.00 to as many people as you’d like in…
If there is one unavoidable consequence of life and relationships, it is that our loved ones may fall ill at some point, whether it be a parent, grandparent, child, aunt or uncle. Sometimes it could be a tragic accident or disease that affects them, and other times it is simply part of the aging process….
As the parade route approached, I captured my first glimpse of the Grand Marshal. He was a 93 year-old seasoned World War II veteran who exuded confidence, honor and pride. Accomplished in ways that many of us will never experience; a true hero. It was Memorial Day 2016, and the Grand Marshal was my Uncle….
I recently entered the world of beekeeping. When contemplating this new hobby, I obviously vetted my ideas with friends and family (not the neighbors). Their responses were comical and in all cases, far from the truth. Sitting down to write this piece I thought, this is no different than the practice of elder law. So…
