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Hon. Gail Prudenti Selected as a Top Lawyer in Long Island
We're excited to announce that Hon. Gail Prudenti has be recognized by the Long Island Herald as a 2024 Top Lawyer of Long Island award recipient for her excellence in the Trusts and Estates practice area.
Question: My mother is a resident of Florida and owns a condominium and several financial accounts in her sole name. She also owns a summer home in New York that is titled in her sole name. If she were to pass away, what is the procedure to transfer the New York home after her death?
A common misconception is that spouses have full access to each other’s finances, but this is not the case. Retirement accounts, pensions, and other assets in one’s individual name cannot be accessed by a spouse unless that spouse has been authorized to do so under a valid Power of Attorney.
A revocable trust is not used in Medicaid planning. According to the Medicaid program, assets in a revocable trust are still considered available resources for eligibility purposes.
A Revocable Living Trust, also called an intervivos trust, is a trust created during a person’s lifetime and is designed to give the grantor (creator) flexibility and control over his or her assets.
Question: My wife and I are in our mid-forties. We have two children ages 10 and 13. Should anything happen to my wife and I, how can I ensure that my sister is given legal custody of my children?
Question: Someone told me that assets with named beneficiaries are not subject to estate tax, is that correct?
There are several planning methods that can be utilized throughout your lifetime to reduce or eliminate taxes upon your death. Gifting is one option to avoid estate taxes.
More than five million seniors in the United States have been diagnosed with Alzheimer’s disease. Caretaker spouses agonize over what will happen if they were to pass away leaving their husband or wife without someone to care for them.
Question: I was recently appointed Administrator of my uncle’s estate, but the Decree from the Surrogate’s Court said that I must post a bond. What does that mean?
Although it is true that a safe deposit box is a safe place to keep important documents and/or assets, many people do not realize that once the bank is notified of the death of an owner, the box cannot be opened without a court order. This is true even if there is a joint owner named on the safe deposit box and is unlike other jointly owned assets as the assets do not automatically pass to the joint owner.
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Estate planning is all about preparation and ensuring that your assets are distributed in line with your wishes. It’s a comfort knowing your loved ones will be cared for just as you intend. However, life’s unpredictability sometimes throws a curveball. What if a beneficiary becomes disabled after you’ve finalized your estate plan?
Estate planning involves careful consideration of various factors to ensure that your assets are protected and distributed according to your wishes. One element that can add an extra layer of flexibility and protection to your trust is the inclusion of a Trust Protector.
Everyone knows the statistics – almost 50% of marriages in the United States end in divorce. Second and third marriages fail at an even higher rate.
Mental illness refers to a wide range of conditions that affect an individual’s mood, thinking, and behavior. These conditions can affect a person’s ability to function in daily life and can vary in severity from mild to severe.
When the SECURE Act passed in 2019, the biggest impact on estate planning was the elimination of the “lifetime stretch” for most beneficiaries of individual retirement plans (IRAs).
We use the phrase “estate plan” dozens of times every day. It is useful for us attorneys because it describes a group of documents. Unfortunately, estate planning sounds much fancier than it is.