Most people do not know what the requirements of a legal will are in their state. For instance, in Illinois I have run into numerous people that think they can write out their will and put it in their desk drawer, and then upon their death it will be validContinue Reading
The Irrevocable Income Only Trust is an important planning tool It is no secret that the high cost of long term care can be ruinous. Everything you worked for — lifetime savings, even your house and retirement accounts — can all be wiped out in a matter of months toContinue Reading
If you are like most people, you probably don’t give a lot of thought as to end-of-life or what I will call “special circumstances” documents. Most of us are busy enough worrying over work, getting kids to little-league practice, and unfortunately for many, figuring out how to pay this month’sContinue Reading
Amazingly, more than 1-out-of-4 American adults provide uncompensated care for their aging or infirm loved ones, including parents, relatives, and friends. This percentage is expected to increase as people live longer because of advances in medical technology. Family members usually make the best caregivers, often assisting with personal care thatContinue Reading
Introduction to Article 81 Guardianship[1] is the court proceeding by which one person (the guardian) is appointed to make decisions for another person (the ward) regarding personal, medical, and/or financial matters. In New York, the governing law is Article 81 of the New York Mental Hygiene Law (MHL), entitled “ProceedingsContinue Reading
Common Will provisions To the extent that there is such a thing as a “typical New York Will”, the provisions commonly seen are the following: The preamble: A Will starts off with an introductory paragraph in which it declares that it is a Will, states the name of the personContinue Reading
As everyone knows, the foreclosure crisis hit Americans of all backgrounds hard. And, regardless of all the talk about our supposed “recovery”, most people are still feeling the lingering effects of the Great Recession. Now, a new report by the American Association of Retired Persons Foundation entitled “Nightmare on MainContinue Reading
First, you must be an adult (18 years of age). The law has a history of not allowing minors to enter into contracts, and the same is true of wills. Certain things are so important that we do not want children doing them. Second, you must be of “sound mindContinue Reading