An important consideration for parents of a maturing special needs child is housing. Families will need to do significant research into their options to make sure their child is properly cared for when he or she can no longer live at home. If the child will require a group home or some other form or…

Reverse mortgages are available to homeowners at least 62 years of age or older. A reverse mortgage is one of several options available to older homeowners that allows them to take advantage of any equity that has accrued in their homes. In a reverse mortgage, the homeowner receives income from the home’s equity tax free without having to take on a new monthly payment. The payments work in reverse, with the homeowner receiving monthly payments from the bank.

While a Living Trust is a valuable estate planning tool that can protect beneficiaries from the hassle and expense of probate, it does not automatically protect assets from estate taxes or creditors. Currently, the Federal estate tax exemption is set at $3.5 million, meaning that only assets above that amount will be subject to Federal…

Estate planning is often thought about only in terms of numbers, property, assets and finances. While estate planning does involve all of these things, the primary focus of a good estate plan is how people will benefit from it through your efforts and legacy. Estate planning is about maximizing the benefits of your work while…

One of the most effective ways to prepare for the future of your child with special needs is to establish a Special Needs Trust tailored to the individual needs of your loved. Special Needs Trusts, also known as Supplemental Needs Trusts, are usually set up as inter vivos trusts for the benefit of one child. The Trust is created separately from a family’s estate for tax purposes and is managed by a trustee.

The complexity of an estate plan will depend on each individual’s goals and circumstances. Some people will need to establish Trusts; others to plan for the long term care of loved ones with special needs, and still others to prepare for the transfer of business assets. Some people will need to do all three and more. However, a basic estate plan consists of four documents that everyone should have: a last Will and Testament, a Durable Power of Attorney, a Health Care Proxy and a Living Will.

A Revocable Living Trust is an important estate planning tool that allows individuals to transfer assets into a trust during their lifetime. These assets are then transferred directly to beneficiaries without going through probate, the court supervised distribution of assets according to the terms of your Will.

There are many cases in which granting financial power of attorney to a trusted individual, known in New York as an attorney-in-fact, is helpful.  If you become injured or ill or are for any reason unable to handle your finances, your attorney-in-fact has the power to act on your behalf. This individual can, for example pay bills, access bank accounts to make deposits, supervise investments, collect insurance or government benefits, and handle any other money matters on your behalf. Without a document naming your agent, your family will have to go to court to be granted the ability to take charge of your financial affairs.

In light of the recent chaos in US and world financial markets, it is easy to understand the temptation to return to a “money under the mattress” saving plan. It may seem counter-intuitive to continue investing given the uncertainty, but contributing should still be an important part of your estate planning.

Asset protection is the process by which both business and personal assets are organized so that they are protected from future creditors. This both shields your assets and discourages creditors from pursuing judgments against you. Asset protection, while valuable to everyone, is most necessary for certain types of individuals. These include: • Business owners; •…