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Retirement accounts come in different shapes and sizes. Estate planning for retirement accounts varies depending on the type of account. The most common kinds of retirement accounts include 401(k)s, pensions, and Individual Retirement Accounts, or “IRAs.” 

As home prices continue to rise, many parents are helping their adult children purchase their first homes. Many parents do not realize that this type of financial assistance can have estate planning implications.

While no document is completely immune to a legal challenge, a Trust offers meaningful advantages over a traditional Will.

Because retirement accounts can often represent a significant portion of a family’s wealth, but also come with tax implications and distribution guidelines that are beneficiary dependent, beneficiary designations should be reviewed whenever an estate plan is created or updated.

Most see parenthood as a lifelong role, one that even survives death. A tailored estate plan can foster stability despite life’s unpredictability.

Families are often shocked to learn that a single missing provision in a Power of Attorney can completely change their options during a nursing home crisis.

New York’s 529 College Savings Program accounts are investment plans that enjoy tax-deferred growth. Withdrawals are income tax-free for qualified educational purposes associated with K-12 tuition, vocational school, college, or higher education.

Tax season is typically focused on reviewing the financial events of the past year, while estate planning is designed to prepare for the future. Although these areas may seem separate, they often overlap.

A New Yorker interested in applying for Community Medicaid – that is, long-term care provided by home healthcare aides – must meet certain income and asset limits to qualify.

Adding a child’s name to your deed can have significant consequences, particularly if you later need nursing home care and apply for Chronic Medicaid. Medicaid eligibility rules are complex, and transfers of property can directly affect whether benefits are approved.