Bye Bye 24 Hour Caregivers for Aging New Yorkers

Many thanks to Michael LaMagna, Esq. of Riker Danzig and Evan Gilder of Redlig Financial Services for their initial article that prompted this blog. Caring for elderly family members is as exciting as spending your bachelorette party watching C-SPAN reruns (elected officials excluded, of course), so why not pay another person to help your aging Grandma or Dad feed, bath and toilet themselves? And while you are at it, why not have that person “live-in” with Grandma 24 hours a day but only pay the for 13 hours of that work at minimum wage? These were the rules permitted in New York for live-in caregivers, provided they had an 8-hour sleeping period and 3 meal breaks equaling one hour each.

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A Funeral Fit for a Queen / King: Aretha Franklin v. John McCain

At the risk of sounding disrespectful (as opposed to actually being disrespectful, which I can also be at times), please allow me to be honest: We have all been to festive and frightening weddings, jovial and pathetic birthdays, and good and bad funerals. But instead of me brooding over how I never received a meal at my sister’s wedding eight years ago, let’s focus on what really matters: The people who spoke up, and what they said. John McCain’s funeral hosted a well-groomed, thoroughly vetted procession of speakers, guests and attendees. His eulogy by his daughter was heartfelt and appropriate for an American hero. He was even clear about who should and should not attend his funeral (while President Trump’s

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The 4 Ways (and Best Way) to Leave Property Using Your Will and Trust

If you have not already, one morning you will wake up and finally accept the fact that one day you shall die. Not an easy thought but coming to this inevitable conclusion earlier in life has the benefit of allowing you to plan for the things that remain when you pass: Your family, friends, legacy, and money. And while you can use accounts that name beneficiary designations to transfer some property – such as retirement plans, life insurance, and transfer-on-death accounts – only Wills and Trusts allow you to transfer property at the point-in-time you desire (such as a beneficiary attaining a certain age), and include protections for beneficiaries (from creditors, spendthrift behaviors, special needs and addiction). But how much

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8 Steps to Transfer Your Coop to a Revocable Trust

Coops are a pain in the neck to transfer, especially if you pass away and your Coop is being transferred by your Will: The Coop does not like accepting payments from non-tenants (because they don’t want to create an excuse for undesired tenancy outside of the proprietary lease and interview process), so months of unpaid fees and late charges begin to stack up waiting for the Surrogate’s Court to admit the deceased-owners Will to Probate. So, it should come as no surprise that someone thought “Hey, if I can transfer my Coop shares using a Revocable Trust, I can save a lot of time and family frustration.” And they were correct: If your Coop is owned by your Revocable Trust,

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How Do I Refinance a Home that is Now Owned by a Living Trust? Guest Blog by Abby Hackmann

Abby Hackmann handles the marketing work for Trusted House Finance. You can read more of her blogs at https://www.trustedhousefinance.com/blog/     Are you looking to refinance a home that’s owned by a living trust? The good news is that is it possible to refinance the home. It just might take a little more work than a typical home refinance and you must be authorized to do so.   If you aren’t sure if your home is owned by a living trust then it’s best to completely understand what a living trust is before you get started. A living trust is a legal document that protects a person’s home and other real estate assets from probate court. The trust will name the trustee,

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How the Probate Court Screws You if You are Old (OR: How to Screw Over Your Family if You Are Disinherited in the Will): Personal Service and New York Surrogate’s Court

Many people have a horror story, how Probating your family member’s Will took years, was a pain in the neck, and Aunt Mildred’s lawyer was to blame. And this is often at least partially true: New York Probates can have unusual complexities that will blindside an unsuspecting attorney. In my last blog I gave several reasons why the Court itself is usually to blame. Now I would like to focus on one way the system itself is faulty: New York’s Surrogate’s Court requires personal service on the next-of-kin.   When a person dies and their Will is being submitted to New York’s Surrogate’s Court it must include (among other things) an original Death Certificate, a Petition requesting the Court to

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When a Trust Beneficiary Doesn’t Have a Copy of Their Trust

The last few generations have seen an immense growth in wealth that can be transferred to family members. They have also seen an increase in the types of temptations available to those family members: More drugs, more frivolous items to spend on, more high-risk business opportunities that don’t pan out. So wealthy family members leave these bequests using trusts, so the funds may be protected from the beneficiary, for the beneficiary. But what happens when a beneficiary can’t find their copy of the trust, and what rights does that beneficiary have over those funds?   I see this problem at least once per week: The beneficiary’s parent / grandparent / uncle left them funds in a trust, but the beneficiary

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Should I Share My Will with My Financial Advisor?

And the answer is: No. Usually. See you next week.   Okay, okay, I’ll elaborate.   Your Last Will and Testament is a confidential document while you are alive. When you pass away your Will may be Probated in a court – at which time it’s contents are publicly available – so that your estate’s assets are properly distributed to your choice of beneficiaries.   So only you and your lawyer have access to the contents of your Will. Disinherit your son? He can’t find out while you are alive. Have more assets than your family knows about? They shall continue to live in ignorance. Don’t trust third parties with access to your confidential information? No problem, nothing to see

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Don’t Leave Money to Charity Using Your Will

Charities receive some of their largest gifts upon the passing of a benefactor. While this is a kind gesture on your part, if you live in New York you should leave money to your preferred charity using any method other than your Will.   Probate is Annoying: Probating a Will requires New York’s involvement, meaning Probate can be an expensive, tedious and slow process. You will need to both place the charity on notice that they are a beneficiary under the Will, send them their funds, and procure a Release from the charity. All of this takes time, meaning an attorney is billing for all of this.   Attorney General’s Involvement: As if New York’s courts weren’t inefficient enough for

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No One Likes Your Uncle Marvin: Isolated Aging Men

Many of us have an aging male friend or family member who is unmarried and has no children. This man, also known as your “Uncle Marvin”, is getting older, lives alone, and is probably financially prepared for the remainder of his life. But he may be completely unprepared for the legal consequences of his aging.   Unlike his female counterparts, such as your Aunt May, Uncle Marvin and his male contemporaries are more likely to be emotionally isolated from other family members and socially separated from his community. In addition, our society still erroneously views men as competent, stoic loners who don’t require or desire our involvement with their lives. Even our health care and aging mechanisms are geared toward

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