Annual nursing home costs on the rise according to the New York Department of Health. As a result, the costs for nursing home care is beyond the financial resources of many New York residents. To pay the costs of Medicaid, many elderly individuals are dependent on Medicaid, which pays for residential nursing services and assisted living facilities.

To qualify for Medicaid, it often becomes essential for a person to spend down their savings until they qualify to receive Medicaid. Early planning and the assistance of a knowledgeable estate planning attorney are the best way to make sure that you qualify for Medicaid.

This article reviews some of the other important pieces of advice that a person should take into consideration when planning to spend down assets.

There are a number of potential scams about which you be mindful when performing estate planning. In addition to things like large fees and trust mills, estate planning scams can also include advisors who offer inaccurate legal advice. The purpose of this article to review some of the most tips that you should follow to decrease your chances of following victim to an estate planning scam.

# 1 Do Not Wait to Create an Estate Planning

Most people have some wish or desire that they want to reflect in an estate plan. This can include the creation of a special needs trust or assets that a person would like to pass to loved ones. Even though it is true that estate planning documents help to avoid the uncertainty about how a person’s estate should be handled, a large number of people wait to create an effective estate plan. This increases a person’s chances of ending up victim of an estate plan because elderly individuals are the group most susceptible to estate planning scams. This is because a large number of elderly individuals suffer from reduced capacity and more likely than others to end up making poor decisions about how their estate should be handled.

To create the best possible estate plan, it is critical to not only tell your advisor important information about your case. It is also critical to be honest. Failure to honestly disclose information about your financial status can lead to a number of serious complications and can sometimes even require your advisor to perform estate planning all over again. Unfortunately, there are a number of important things that people forget to disclose their estate planning advisor, which is why this article will list some of the important things that you should remember to mention.

# 1 – Family Issues

Many people with challenging family issues can find these matters difficult to discuss even though they have the potential to greatly interfere with a person’s estate plans. Often, an experienced estate planning attorney can help create estate plans that take these issues into considerations. For example, in situations where a person has an adult child with substance abuse, it might be possible to create a trust or other type of estate planning device to pass assets to the child. In deciding whether details should be disclosed to an estate planning lawyer, it is important to inform an estate planning advisor about any former spouses, any child support that you pay, any existing legal agreements in your family, or any relationships that you might have that could lead to financial obligations.

If you are still single and do not have children, it is common to have not thought much about money. If you are also coming closer to retirement, however, it is a wise idea to begin to consider estate planning. This article reviews some of the important elements that you should consider if you are estate planning and a single adult.

# 1 – Create a Trust

While a single person is still alive, they will be the primary beneficiary of a trust. It is important, however, to name beneficiaries who will receive assets after your death. If beneficiaries are young, however, it might be a wise idea to hold the assets in a trust until the beneficiaries are old enough to handle finances themselves. In these situations, it is also important to select a trustee who will manage these assets in case you are not able to do so on your own. If you are a single individual who is engaged in estate planning, it is critical to appoint an experienced trustee who can make sure that your assets are properly controlled and transferred.

It is important to parents and grandparents who are engaged in estate planning to consider the various challenges that can arise. Failure to properly take these issues into consideration can result in estate plans being jeopardized. Fortunately, in these situations, it is possible to decant a trust. This article explores exactly what decanting is and some of the reasons why people to decide to decant a trust.

Decanting a Trust in New York

For many years, estate planning involved irrevocable trusts which mean that even if a trust creator’s situation changed, it was still impossible to modify the trust. In recent years, however, many states have created “decanting” statutes that allow broken trusts to be modified. During the “decanting” process, a person laces assets in an inadequate irrevocable trust into a new irrevocable trust that has more adequate provisions. The nature of decanting statutes changes between changes. In accordance with New York law, an authorized trustee who has unlimited discretion over principal located in trust has the ability to appoint these assets into another trust. To move trusts in this manner, a person is not required to obtain consent of the beneficiaries and can do so without a court order.

Estate planning has the potential to be a very complex process. As a result, it can be difficult to asset what estate planning terms a person needs. By focusing on some critical issues in estate planning topics, you will be able to create as strong an estate plan as possible. As a result, this article focuses on three of the most important issues that you should take into consideration when performing estate planning. It is also worth understanding the assistance of an experienced estate planning lawyer can be particularly valuable no matter what your estate planning goals are.

# 1 – Beneficiaries

A large number of estate disputes arise because there are arguments about who is entitled to be a beneficiary or who should obtain assets. In addition to wills or trusts that are used to transfer assets to beneficiaries, it is also important to create a number of other supporting documents including living wills, financial power of attorneys, and healthcare power of attorneys. These additional documents can answer important questions about beneficiaries including who will control how assets are received in case a person becomes incapacitated. To make sure that assets are properly transferred to beneficiaries, it is also often important to make sure that other estate planning documents are written including brokerage accounts, joint accounts, and individual accounts.

It is an unfortunate truth that not all in-laws enjoy positive relationships with one another. In fact, a number of people experience hostile or acrimonious relationships with their relatives. While there is no requirement that you like your in-laws or treat them well, this situation can be made much more complex if you have a good relationship with your child and want to make sure that this child receives something through your estate plan. Additionally, if you decide to completely exclude a child from an estate plan, it is likely that a court of law will focus on whether you lawfully removed your child from receiving any assets.

Deciding whether to Disinherit a Child

It can be difficult to decide whether to exclude a child from receiving assets through an estate plan if a problematic in-law is involved. In some situations, parents find it impossible to move past the in-law and resolve to disinherit the child as a punishment. If you are debating disinheriting a spouse, however, this decision should not be made lightly. Disinheriting a child frequently results in a number of complex emotions. If you decide to disinherit a child through a will rather than a trust, the words found in the will will be the controlling factor that prevents a child from receiving assets. To avoid the complications of disinheritance, it is often a much better decision to other options. For example, assets intended for a beneficiary can be held in a trust in such a way that a spouse is not able to access this amount. It is also possible to be assets to grandchildren instead of the child. While skipping a generation in this manner can be insulting, sometimes it is the best possible solution.

The simple truth is that everyone dies. It is also true that many young people try to avoid this fact, which frequently means that they delay engaging in estate planning. Not only do many young people fail to engage in estate planning, however, statistics compiled by Budget Insurance reveal that 82% of young individuals are not aware of the purpose behind life insurance. As people age, it is absolutely critical to understand not just the purpose of estate planning but also understand what the individual elements of estate planning include. One of the most commonly misunderstood or not appreciated is life insurance, but is particularly important for all people including younger individuals.

Why Young Individuals Need Life Insurance

The reason why life insurance exists is to protect your family’s finances in case the primary supporter of the family dies. As a result, for young individuals who are beginning to create families, life insurance still plays an important role. Statistics compiled by Pew Research reveal that a large number of households in the United States depend on either both or one spouse to survive, which means that life insurance has the potential to play a very important role.

After learning about IRAs, one of the most common questions that people ask is what is the difference between the various types. As a result, this article reviews some of the primary differences between Roth and traditional IRAs.

The Primary Difference between the Two Types of IRAs

With traditional IRA accounts, the money that a person contributes to their account is not considered part of their taxable income for that year. Instead, once money is placed into a traditional IRA account, the amount is capable of growing without being taxed in the way that other types of traditional income are. Instead, the amount that is placed in a traditional IRA is taxed when a person withdraws money from the account and is taxed at whatever your ordinary income tax rate is in that year. A person, however, does not receive a deduction for contributions to a Roth IRA. Instead, income tax is placed on money that is then placed into the account where the amount grows in a manner similar to traditional IRA accounts.

Owning digital property has become increasingly common in today’s society. If you are one of the many people who owns digital assets, it is critical to understand that estate planning should be performed for these valuables in the same way that it would for tangible items.

Obstacles involved with Estate Planning

Even though digital property is similar to other types of property, there are some unique challenges involving digital property when estate planning is involved. Some of the most common issues involved with obtaining access to these assets include the following:

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