Every family, regardless of income and assets, should have an estate plan. In my last article, we talked about why estate planning is important. In this article, I share a few more compelling reasons to consider an estate plan. Here are some examples: It is important to have a will. If one dies without […]
Estate Planning & Tax Savings: An Overview
Despite what folks may believe, tax savings are not the only reason to create an estate plan. Why? Well, many people think that estate planning only applies to individuals who have to pay estate taxes. The planning, however, is valuable for many reasons beyond tax purposes. Far fewer estates are now subject to estate tax, […]
Housing Options for Seniors: An Overview
There are many wonderful aspects to the “golden years”; however, physical decline is often inevitable. This raises concern about the right housing choice, once the maintenance of home ownership becomes too difficult. Fortunately, there are a number of housing options that a senior can consider—that range in level of care—in order to meet an individual’s […]
Are You a Fiduciary?
The term fiduciary is defined as a “person who stands in a special relation of trust, confidence, or responsibility in his obligations to others.”
Have You Considered a Trust?
There are a number of reasons to consider placing your assets in a trust. There are also times when a trust is unnecessary, so exercise caution when making the decision. Many people choose a trust as a means to avoid probate after an individual passes away. This is a good idea if the deceased had […]
What Powers Will the Power of Attorney Grant?
In one of my previous articles, I pointed out the importance of having a Power of Attorney (POA). It’s also important to decide what powers the principal wants to give to the agent in the Power of Attorney. The standard Power of Attorney form in New York State lists broad categories of powers that a […]
Crucial Conversations: How to Talk With An Aging Parent
As parents age, they may start to show signs of physical or mental decline. The children may worry about the parent’s ability to drive or to live independently. If you find yourself worrying about an aging loved one, it is important to recognize their dignity and to show respect for their circumstances. Any conversation regarding […]
Digital Assets in the Internet Age
In the internet age that we are all now living in, one doesn’t always stop to think about our online accounts as being assets of our estate. The fact is, however, that due to our ID and password, each of these accounts belong to us individually. When an individual passes away, if can be very […]
Mediation in Elder Law Disputes: An Efficient and Useful Process
Mediation is a valuable resource in elder law disputes and saves all parties the cost of time, money, and emotion. Used frequently in the area of matrimonial law, mediation is an alternative to court proceedings. With the help from a mediator, the parties work together to reach their own agreement—this differs vastly from arbitration, where […]
Steps to Take as an Executor—Part 2
In my last article, we discussed everything the executor can do before being officially appointed as an executor. This post will outline everything the executor does after they receive their appointment from the court. The process the proposed executor must follow to get the will successfully probated is to submit a petition with the original will […]
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Robert W. Shaw is licensed in New York.
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