For many people, the word probate conjures up fears that their hard-earned money and property will disappear after their death into the black hole of court costs and lawyers fees, dragging their heirs through a long, torturous and painful process. As a result, many people look for ways to avoid probate. The truth is that [...]
When it comes to wills and inheritance, New York works hard to create laws that are generally fair and even-handed for all parties involved. Thus, if a person dies without a will, there are rules for who inherits property. If a person writes a will, gets divorced, and dies afterward without changing the will, the [...]
Getting old and getting sick can place an enormous strain on families. With nursing home costs in New York often exceeding $12,000 a month, many elderly patients who need nursing home care simply cannot afford it. Some turn to their adult children to care for them at home while juggling their work and other family [...]
Dan L. Duncan, a Texas billionaire, described by Forbes as the 74th richest person in the world, died unexpectedly from a brain hemorrhage in 2010. His untimely death generated a number of reports by the media, noting that from an estate taxation perspective, his timing couldn’t have been better. In that year, Congress failed to [...]
Petitioning The NY Court For Guardianship Most people are able to manage their lives, jobs, relationships, and property. At times, however, either because of physical or cognitive impairment, or because of the debilitation of age, some are unable to manage. When this happens, the law provides a possible solution in the form of a guardianship. [...]
The lives of the rich and famous proceed in the public eye. Press coverage of their doings is no longer only the province of the tabloids, but also appears in more mainstream magazines, TV news outlets and websites. Most celebrity lives, however, do not provide us lessons for our own lives. In death, however, there [...]
Estate planning is the only way to exercise some control over our property after we die. A last will and testament is a basic and important tool in almost every estate plan, allowing its author to direct the destination of assets after death. Usually, family members and other beneficiaries under a will accept the directives [...]
Nursing home care is expensive. The median cost of a double-occupancy, semi-private room in New York nursing homes is close to twelve thousand dollars per month. It does not take long for the bills to add up, and soon a person’s life savings disappears, along with the intended inheritance to their children and grandchildren. As [...]