Law Office of Frank Bruno, Jr.

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  • Estate Planning Checklist: What to Bring to Your First Meeting

    As an expert New York attorney specializing in estate planning, I understand that the first meeting can feel overwhelming. However, proper preparation is crucial. Bringing the right documents and information will ensure a productive consultation. This estate planning checklist will help you organize everything you need, making the process smoother and more efficient.

    Why Preparation Matters

    Before diving into the checklist, it’s essential to understand why preparation is vital. Being organized allows us to focus on your unique needs and goals. Moreover, having all the necessary documents helps avoid delays and ensures that your estate plan is comprehensive and accurate.

    Personal Information

    To begin, gather all pertinent personal information. This includes:

    1. Full Legal Name: Ensure it matches your identification documents.
    2. Contact Information: Include your address, phone number, and email.
    3. Date of Birth: Confirm your age and any age-related legal considerations.
    4. Social Security Number: This is necessary for various legal documents.

    Additionally, bring identification documents such as your driver’s license or passport.

    Family Information

    Next, provide detailed information about your family. This includes:

    1. Spouse’s Information: Full name, date of birth, and Social Security number.
    2. Children’s Information: Full names, dates of birth, and Social Security numbers.
    3. Extended Family: Relevant information about any other dependents or significant family members.

    Having this information helps us understand your family dynamics and plan accordingly.

    Financial Information

    Your financial situation is a crucial aspect of estate planning. Gather the following documents:

    1. Bank Statements: Recent statements from all accounts.
    2. Investment Accounts: Information on stocks, bonds, mutual funds, and retirement accounts.
    3. Real Estate Documents: All properties’ titles, deeds, and mortgage information.
    4. Business Interests: Details of any business ownership or partnerships.

    Also, bring recent tax returns and information on outstanding debts or liabilities.

    Legal Documents

    If you have any existing legal documents related to your estate, bring them to the meeting. These may include:

    1. Wills: Any existing wills or codicils.
    2. Trusts: Details of any living or irrevocable trusts.
    3. Power of Attorney: Existing documents appointing financial or healthcare proxies.
    4. Prenuptial Agreements: Any agreements made before marriage.

    Reviewing these documents ensures we understand your current legal framework.

    Insurance Policies

    Insurance plays a significant role in estate planning. Gather information on:

    1. Life Insurance: Policy details, beneficiaries, and coverage amounts.
    2. Health Insurance: Details of your health coverage and any long-term care policies.
    3. Disability Insurance: Information on any disability insurance policies.

    Having this information helps us incorporate these assets into your overall estate plan.

    List of Assets

    Creating a comprehensive list of your assets is essential. Include:

    1. Personal Property: Valuables such as jewelry, art, and collectibles.
    2. Vehicles: Cars, boats, and other vehicles, including titles and loan information.
    3. Other Assets: Any other significant assets you own.

    This detailed list helps ensure all your assets are accounted for and properly distributed according to your wishes.

    Debts and Liabilities

    Understanding your debts and liabilities is just as important as knowing your assets. Provide information on:

    1. Mortgages: Details of any mortgages on your properties.
    2. Loans: Information on personal, auto, or business loans.
    3. Credit Card Debt: Balances and statements from all credit cards.

    Being aware of your liabilities helps create a balanced and realistic estate plan.

    Beneficiary Information

    Identifying your beneficiaries is a key part of estate planning. Prepare:

    1. Full Names: Complete names of all intended beneficiaries.
    2. Contact Information: Addresses and phone numbers for each beneficiary.
    3. Relationship Details: Clarify the relationship you have with each beneficiary.

    This ensures that your assets are distributed according to your wishes.

    Personal Wishes

    Consider your wishes and how you want them reflected in your estate plan. Consider:

    1. Healthcare Directives: Your preferences for medical treatment in case of incapacity.
    2. Funeral Arrangements: Any specific instructions for your funeral or memorial service.
    3. Personal Messages: Letters or messages you wish to leave for your loved ones.

    Sharing these personal wishes ensures they are honored and respected.

    Questions for Your Attorney

    Lastly, prepare a list of questions to ask during your meeting. These might include:

    1. Clarifications: Any aspects of estate planning you don’t understand.
    2. Costs: Questions about the costs involved in creating and maintaining your estate plan.
    3. Updates: How to update your estate plan as circumstances change.

    Asking questions helps you better understand the process and your estate plan.

    Preparing for your first estate planning meeting with this checklist will ensure a productive and efficient consultation. You’ll help create a comprehensive and accurate estate plan tailored to your needs by bringing the necessary documents and information.

    Ready to secure your future? Contact our office today to schedule your first estate planning meeting. Let us help you protect your assets and ensure your wishes are honored.

  • The Process of Setting Up a Living Trust in New York

    As an expert New York attorney specializing in estate planning, I often encounter clients who seek to understand the process of setting up a living trust in New York. Living trusts offer numerous benefits, including avoiding probate, maintaining privacy, and managing your assets effectively during your lifetime and after. In this blog post, I will guide you through establishing a living trust, ensuring you make informed decisions to protect your legacy.

    What is a Living Trust?

    A living trust is a legal document that places your assets into a trust for your benefit during your lifetime and spells out how these assets should be distributed upon death. Unlike a will, a living trust can help you avoid probate, reduce estate taxes, and provide a clear plan for managing your assets if you become incapacitated.

    Step 1: Determine Your Objectives

    Before setting up a living trust, it’s crucial to define your objectives. Ask yourself what you aim to achieve with confidence. Are you looking to avoid probate, ensure privacy, or manage your assets during incapacity? Understanding your goals will help you and your attorney tailor the living trust to meet your needs.

    Step 2: Choose the Type of Living Trust

    There are different types of living trusts, each serving unique purposes. The most common type is a revocable living trust, which allows you to modify or revoke the trust during your lifetime. On the other hand, an irrevocable living trust cannot be changed once established and offers more significant tax benefits and asset protection. Discuss with your attorney which type of trust best suits your needs.

    Step 3: Select a Trustee

    The trustee is responsible for managing the trust according to your instructions. You can serve as the trustee of your living trust, allowing you to maintain control over your assets. Alternatively, you can appoint a trusted individual or a professional fiduciary as the trustee. Choosing someone responsible, trustworthy, and capable of handling the duties is essential.

    Step 4: Draft the Trust Document

    Drafting the trust document is a critical step in the process. This legal document outlines the terms of the trust, including how the assets will be managed, who the beneficiaries are, and how the assets will be distributed upon your death. Working with an experienced estate planning attorney is advisable to ensure the document is comprehensive and complies with New York state laws.

    Step 5: Transfer Assets into the Trust

    Once the trust document is drafted, you must transfer ownership of your assets into the trust. This process, known as funding the trust, involves retitling assets such as real estate, bank accounts, and investments in the trust’s name. Properly funding the trust is crucial to its effectiveness; otherwise, the assets may still be subject to probate.

    Step 6: Notify Beneficiaries

    Informing your beneficiaries about the living trust is an important step. This ensures they understand their roles and responsibilities and know how the assets will be managed and distributed. Clear communication can help prevent disputes and misunderstandings in the future.

    Step 7: Keep Your Trust Updated

    Your living trust is not a set-it-and-forget-it document. Regular reviews and updates are necessary to reflect changes in your life, such as marriage, divorce, the birth of children, or significant changes in your assets. Keeping your trust updated ensures it aligns with your wishes and current circumstances.

    Benefits of a Living Trust in New York

    Setting up a living trust in New York offers numerous benefits. Firstly, it helps avoid probate, a time-consuming and public process that can delay the distribution of your assets. Additionally, a living trust provides privacy, as it is not a public document like a will. It also allows for managing your assets during incapacity, ensuring your financial affairs are handled according to your wishes.

    Common Mistakes to Avoid

    When setting up a living trust, there are common mistakes to avoid. One of the most significant errors is failing to fund the trust properly. It can only achieve its intended purpose by transferring assets into the trust. Another mistake is not updating the trust regularly, resulting in outdated provisions that no longer reflect your wishes. Working with an experienced estate planning attorney can help you avoid these pitfalls.

    FAQs About Living Trusts

    Q: Can I change or revoke my living trust? A: If you have a revocable living trust, you can change or revoke it anytime during your lifetime. An irrevocable living trust, however, cannot be modified once established.

    Q: Do I need a will if I have a living trust? A: Yes, it is advisable to have a pour-over will in addition to your living trust. A pour-over will ensures that any assets not transferred into the trust during your lifetime are directed into the trust upon your death.

    Q: How much does it cost to set up a living trust? A: The cost of setting up a living trust can vary depending on the complexity of your estate and the attorney’s fees. It’s best to consult an estate planning attorney for an accurate estimate.

    Action Steps for Setting Up Your Living Trust

    Now that you understand setting up a living trust in New York, it’s time to take action. Here are the steps you should follow:

    1. Consult with an Estate Planning Attorney: Schedule a consultation to discuss your goals and get professional advice.
    2. Gather Your Financial Information: Compile a list of your assets, including real estate, bank accounts, investments, and personal property.
    3. Decide on a Trustee: Choose who will manage the trust during your lifetime and after your death.
    4. Draft the Trust Document: Work with your attorney to create a comprehensive trust document.
    5. Fund the Trust: Transfer ownership of your assets into the trust.
    6. Communicate with Beneficiaries: Inform your beneficiaries about the trust and their roles.
    7. Review and Update the Trust Regularly: Ensure your trust remains current with your wishes and circumstances.

    Setting up a living trust in New York is a powerful tool for managing your assets and ensuring your wishes are honored. By following these steps and working with an experienced estate planning attorney, you can create a trust that provides peace of mind and security for you and your loved ones. Don’t wait – take the first step today to protect your legacy.

  • Understanding Medicaid: What Does Medicaid Cover?

    In the complex and frequently changing landscape of health care in the United States, Medicaid stands out as a vital program. Since 1965, it has provided essential coverage to millions of low-income individuals and families. Alongside Medicare, Medicaid serves as a lifeline for those who may otherwise struggle to afford health care services.

    Though Medicaid exists to help those who need it, navigating the specifics of what it covers and does not cover can be daunting. This article highlights the basics of Medicaid coverage, shedding light on its benefits and limitations.

    The Basics of Medicaid

    Medicaid offers health care coverage to individuals and families with limited income and relatively few assets. The program provides a wide range of medical services, including doctor visits, hospital stays, prescription drugs, and preventive care. Medicaid is a joint federal and state program, so each state has the flexibility to administer the program differently within broad federal guidelines.

    The eligibility criteria for Medicaid benefits can therefore vary from state to state. Generally, they relate to factors such as income, household size, disability status, and age. Some groups, such as children and pregnant women, may qualify based solely on income. Others, such as seniors and people with disabilities, may need to meet additional criteria.

    Services covered by Medicaid also vary from state to state. Each state is required by federal law to provide Medicaid’s mandatory benefits. However, you cannot necessarily assume your state will cover the specific medical care you need.

    The following benefits are provided as a guideline. Partner with a professional with expertise in your state’s Medicaid rules to ensure you get the most suitable coverage.

    What Medicaid May Cover in Your State

    Doctor Visits and Preventive Care

    Medicaid should cover visits to primary care physicians, specialists, and other health care providers for preventive services. This may include vaccinations, screenings, and wellness exams.

    Hospital Services

    Medicaid coverage for inpatient and outpatient hospital care may include emergency room visits, surgeries, and medically necessary treatments.

    Transportation to Medical Care

    Medicaid generally covers the costs of emergency and non-emergency transportation to and from medical appointments and services that are covered by Medicaid.

    Prescription Drugs

    Medicaid provides coverage for a wide range of prescription medications deemed medically necessary by health care providers. However, coverage may vary depending on your state’s specific guidelines.

    Laboratory and Diagnostic Services

    Medicaid may cover laboratory tests, diagnostic imaging, and other medical tests necessary for diagnosis and treatment.

    Maternity and Newborn Care

    Pregnant women enrolled in Medicaid receive comprehensive prenatal, delivery, and postpartum care, as well as coverage for newborn care.

    Mental Health and Substance Abuse Services

    Mental health services may be eligible for Medicaid coverage. These may include counseling, therapy, and psychiatric care, as well as treatment for substance abuse disorders.

    Long-Term Care

    Medicaid provides coverage for long-term care services. This includes care in nursing facilities and home health services for eligible individuals who require assistance with daily activities. Individuals may qualify for these services because of age, disability, or chronic illness.

    Dental and Vision Care

    Coverage for dental and vision services varies by state. Medicaid often includes preventive and basic dental care for children and limited coverage for adults. Vision care may include exams and eyeglasses for children.

    What Does Medicaid Not Cover?

    Cosmetic Procedures

    Medicaid typically does not cover elective cosmetic procedures or treatments that are considered purely cosmetic in nature and not medically necessary.

    Experimental or Investigational Treatments

    Medicaid does not cover experimental or investigational treatments that have not been proven effective or approved by regulatory agencies.

    Certain Types of Care

    Though Medicaid covers a wide range of services, there are limitations on certain types of care, such as infertility treatments, elective abortions, and some types of alternative medicine. For example, the federal government lists family planning as a mandatory service benefit, but states interpret this differently.

    For more queries you can concern with frank bruno jr

    Non-Emergency Medical Transportation

    Though some states offer limited transportation assistance for medical appointments, Medicaid may not cover non-emergency transportation to health care facilities.

    Out-of-Network Providers

    Medicaid typically requires beneficiaries to receive care from providers within the program’s network. Out-of-network care may not be covered except in emergency situations or with prior authorization.

    Certain Prescription Drugs

    Though Medicaid covers a broad range of prescription medications, coverage may be limited for certain drugs, particularly brand-name medications.

    Routine Foot Care

    Medicaid often does not cover routine foot care unless it is medically necessary. For example, treatments such as nail trimming, callus removal, or orthopedic shoes may be covered only for Medicaid beneficiaries with a specific condition, such as diabetes.

    Seek Expert Advice on Medicaid

    Medicaid plays a crucial role in ensuring access to health care for millions of vulnerable individuals and families nationwide. By covering a wide range of essential medical services, Medicaid helps improve the health of eligible beneficiaries. It also alleviates financial burdens for people with low income who may otherwise struggle to afford care.

    Though Medicaid covers many services, exclusions and limitations could result in unexpected costs or denials of coverage. Be sure you understand the scope and limitations of Medicaid coverage in your state so you can make informed decisions about your health care needs and costs.

    Contact your elder law attorney today to talk further about Medicaid. They can walk you through the benefits that may be available to you and help you understand how you can qualify for coverage.

    Read more: What Are the Most Important Legal Estate Planning Components?

     

     

  • The Costs of the Rising Cost of Long-Term Care

    Do you have a family member who is receiving some form of long-term care? If you don’t, the chances are good that someday you will – and that day may not be too far away. As the U.S. population ages and life expectancies increase, the need for long-term care is becoming an important consideration for many individuals and families.
    Long-term care refers to a range of services and support one may need to meet their personal care needs over an extended period. This type of care may be available in a person’s home, at an assisted living facility, or at a nursing home. These services can range from help around the house to 24-hour care in a nursing home or memory care unit.
    Though the cost of long-term care varies widely across the United States, it has been rising and will continue to rise. According to Genworth Financial, the current average cost of a private room in a nursing home is $108,405 per year.

    Long-Term Care Payments or Retirement Savings?

    A recent survey conducted by The Harris Poll on behalf of Nationwide asked 1,334 U.S. adults 28 years old or older about balancing caregiving obligations and their long-term financial situations. Results revealed that many adults are sacrificing long-term financial well-being to give or pay for long-term care for parents or other loved ones.
    Some people leave good-paying jobs to take lower-paying jobs with more flexibility so they can care for loved ones with long-term care needs. This can derail a person’s career and cost them a significant amount of earning potential in the long run. Other people may be able to keep their full-time jobs but pay out-of-pocket expenses for which they will never get reimbursed. The Harris Poll/Nationwide survey found that people pay an average of $338 per month for caregiving expenses.
    The survey also found that more than half (56 percent) of respondents said they are willing to borrow from their retirement accounts to help pay for long-term care for a loved one. Borrowing from a retirement account can drastically reduce the account’s ability to generate enough funds for retirement. Nearly half (43 percent) of the survey’s respondents are concerned that caregiving expenses will keep them from retiring.

    Long-Term Care Planning

    Though the cost of caregiving can have a significant effect on a family’s finances, only 17 percent of the survey respondents said they have discussed long-term care and its costs with a financial professional. Of the adults surveyed, 30 percent said that their financial professional has not brought up the subject of long-term care planning with them.
    According to Holly Snyder, president of Nationwide’s Life Insurance business, long-term care planning is often a complicated and emotional process and can have a significant effect on a family’s financial well-being. Nationwide’s data show that Americans would benefit from being more proactive with their financial planning, especially with regard to planning for long-term care costs.

    Long-Term Care Insurance

    A good way to plan for the costs of long-term care is to invest in long-term care insurance. Long-term care insurance (LTCI) is a type of insurance designed to cover the costs of long-term care services. Individuals with LTCI usually have more options for the type of care they receive and where they receive the care. Having long-term care insurance can also reduce emotional and financial stress on families, since they know that proper care will be accessible when it is needed.
    Unfortunately, too many Americans are not taking full advantage of strategies to help them manage and mitigate long-term care costs, such as LTCI. According to the survey, only one in five adults said they have long-term care insurance. Of those who have not purchased this type of insurance, nearly half (49 percent) said the perceived high cost of the insurance was a deterrent.
    The Cost of LTCI
    The cost of long-term care insurance varies widely based on several factors:
    • Age and Health: Premiums are generally lower if you purchase a policy at a younger age and when you are in good health.
    • Gender: Women typically pay more than men because they tend to live longer and are more likely to need long-term care.
    • Marital Status: Married couples often receive discounts on their premiums.
    • Benefit Amount and Duration: The cost is influenced by the daily or monthly benefit amount you choose and the length of time benefits will be paid (for example, three years, five years, or for a lifetime).
    • Elimination Period: This is the waiting period before benefits begin. A longer elimination period usually reduces premiums.
    • Inflation Protection: Adding inflation protection increases the premium but ensures that benefits keep pace with the rising costs of care.
    The cost of long-term care insurance can also vary significantly depending on where a person lives. This can add another challenging factor when people begin to think about purchasing a long-term care insurance policy. According to the survey, people often overestimate the cost of LTCI. When the survey participants were presented with a sample of an LTCI policy, 20 percent guessed the policy cost more than $500 per month when, in fact, the policy cost $130 per month.
    According to Forbes, the average annual cost of long-term care insurance in the U.S. in 2023 was $1,200 for a 60-year-old man and $1,960 for a 60-year-old woman. The cost is lower for younger individuals and higher for older individuals.

    Seek Expert Advice Before You Purchase an LTCI Policy

    Long-term care insurance offers a way to safeguard against the high costs of long-term care, providing financial protection, choice, and peace of mind. However, it’s essential to carefully consider the cost, benefits, and your unique circumstances before purchasing a policy. Consulting with your elder law attorney, financial advisor, or insurance specialist can help in making an informed decision tailored to individual needs and financial situations.
    Contact your elder law attorney today to talk further about your options for affording long-term care. They can walk you through the options that may be available to you and help you understand the benefits and costs.

  • Does Divorce Affect Social Security Spousal Benefits?

    More than 50 million Americans receive Social Security retirement benefits. Most of these recipients are retirees who worked and paid Social Security taxes. But millions of dependents and survivors of retired workers, including spouses and ex-spouses, also receive a monthly benefit from Social Security.
    Spouses can collect Social Security benefits based on their fellow spouse’s work records. These benefits are also available to divorced spouses who meet certain criteria, even after their ex-spouse has remarried. Divorced spouses are entitled to survivor benefits as well in some situations.

    Social Security Auxiliary Benefits

    Social Security provides monthly benefit payments to retired and disabled workers. It also pays dependent benefits and survivor benefits — collectively known as auxiliary benefits — to the spouses, former spouses, children, parents, and widows/widowers of retired, disabled, and deceased workers. In fact, more than 30 percent of new Social Security benefit awards in 2020 were auxiliary benefits.
    Retirement benefits make up the lion’s share (78.9 percent) of Social Security payments. Retired workers collect most of these payments (75.1 percent), according to Social Security Administration (SSA) data. But the spouses of retired workers are the second most common recipient of Social Security retirement benefits.
    As of March 2024, about 1.8 million spouses of retired workers — most of them women — received Social Security benefits averaging $911 per month. Divorced spouses comprise approximately 12 percent of all spousal benefit awardees.
    Social Security benefits are also available to surviving spouses. The survivor’s benefit is based on the deceased spouse’s lifetime earnings.
    Survivor benefits make up about 8.6 percent of all Social Security benefits, with monthly payments totaling $8.7 million and an average payment of just over $1,500 per month. Widows and widowers comprise about 65 percent of survivor beneficiaries.
    In a 2021 report, the Congressional Research Service notes that spousal and survivor benefits were added to the Social Security system in 1939, when the majority of U.S. households consisted of a single earner, generally the husband.
    Despite most women now working full-time — and increasingly out-earning their husbands — women are vulnerable to poverty in old age, says the report. This is attributed to demographic and economic reasons that include a longer average lifespan, lower labor force participation, and an “earnings gap” that can lead to women receiving a lower Social Security benefit than men.

    Social Security Spousal Benefits

    To address the benefit disparity between men and women, while accounting for women’s now much-higher labor force participation and the increase in the number of divorces, the SSA has over the years modified how it administers Social Security spousal benefits. This includes allowing same-sex spouses to receive spousal benefits in the same way as opposite-sex spouses.
    Today, many individuals who qualify for spousal benefits do so based on their spouse’s work records and their own work records.
    As a spouse, you can claim Social Security benefits based on your own earnings record. Or you can collect a spousal benefit up to 50 percent of your spouse’s Social Security benefit.
    Those who qualify for both do not receive both in full, but they are automatically entitled to whichever benefit is higher, and they can collect on their spouse’s record even if they never worked.
    You are eligible to receive Social Security spousal benefits when you turn 62 years old if your spouse is receiving retirement or disability benefits. However, if you choose to receive spousal benefits before you reach full retirement age (age 67 for anyone born in 1960 or later), your benefit amount will be permanently reduced.
    These rules don’t apply to some child caregivers. If you are caring for a child younger than 16, or who has a disability and is entitled to receive benefits on your spouse’s record, you can qualify for Social Security spousal benefits at any age. Having a qualifying child in your care also means that you’ll receive your full spouse’s benefit even if you are under full retirement age.
    Spouses who do not have a qualifying child in their care and begin receiving benefits before full retirement age can use this calculator to see how much their spousal benefit will be reduced.

    Social Security Benefits for Divorced Spouses

    As a divorced spouse, you can collect benefits on your ex-spouse’s record, even if the ex-spouse has remarried and the ex-spouse’s new spouse is collecting on the same record.
    To qualify for a divorced spouse Social Security benefit, you must meet the following requirements:
    • You were married for at least 10 years (although the marriage could have been briefly interrupted by divorce during this period; see below).
    • You are currently unmarried.
    • You are at least 62 years old.
    • Your ex-spouse is eligible for retirement benefits.
    • The benefit you are entitled to receive based on your own work record is less than the benefit you would receive based on your ex-spouse’s work record.
    If your ex-spouse has not yet applied for retirement benefits but can qualify for them, you can receive benefits on their record, provided you have been divorced for at least two continuous years.
    And if you are eligible for both a spouse’s benefit and your own retirement benefit, you may have a choice between the two benefits, depending on your age, explains the SSA.
    Any Social Security benefits that you receive on an ex-spouse’s record may be reduced by you continuing to work and/or receiving a pension from a government employer that wasn’t required to withhold Social Security taxes.

    Divorced Spouse Benefits and Remarriage

    If you remarry, you generally can’t receive benefits on your former spouse’s record unless the new marriage ends (by death, divorce, or annulment). In such cases, you can claim benefits on either spouse’s record,
    as long as each marriage meets eligibly requirements (it lasted at least 10 years, etc.) for divorced spouse benefits.
    In limited cases, remarriage does not end benefits obtained on the record of a living former spouse. One of these exceptions applies if you remarry the same person.
    A marriage to the same spouse could be interrupted by divorce and remarriage and still qualify for divorced spouse benefits if the remarriage took place no later than the calendar year immediately following the calendar year of the divorce.
    According to AARP, remarriage also may not terminate your ex-spouse benefits if your new spouse is receiving survivor benefits, divorced spouse benefits, or childhood disability benefits.
    Social Security Survivor Benefits for Divorced Spouses
    The divorced spouse of a worker who has passed away could be eligible for Social Security payments equal to a surviving spouse benefit. To receive a survivor benefit as a divorced spouse, your marriage must have lasted 10 years or more and you must meet these other requirements:
    • You are at least age 60 (or between 50 and 59 if you have a disability).
    • You are not entitled to a Social Security benefit on your own work record that is equal to or higher than a benefit from your deceased ex-spouse.
    • You are unmarried (unless you qualify for an exception).
    The 10-year marriage requirement does not apply if you are caring for a child under age 16, or who has a disability, and the child qualifies for benefits on your former spouse’s record. The child must also be the natural or legal adopted child of your former spouse.
    Survivor benefits are equivalent to the deceased worker’s full Social Security benefit amount. However, there is a maximum family amount—typically between 150 percent and 180 percent of a worker’s full retirement benefit—that survivors can collectively receive each month.
    The SSA states that a benefit paid to a surviving divorced spouse will not affect the amount of benefits other surviving family members can receive, unless the ex-spouse is a divorced parent caring for the child of a deceased worker, in which case their benefits could affect the benefits of other survivors.
    Divorced widow/widower payments are also subject to these SSA rules:
    • If you remarry before age 50 you can’t collect survivor benefits unless you divorce.
    • If you remarry between ages 50 and 59 you aren’t eligible for survivor benefits.
    • If you remarry after age 60 you can still receive survivor benefits based on your former spouse’s record. But if your new spouse is also collecting Social Security benefits, and you would receive a higher amount based on the new spouse’s work record, you will receive the higher amount.
    Once you reach full retirement age and are eligible for both a survivor benefit and your own retirement benefit, you can choose to take survivor benefits first, letting your own benefits vest and then switching to retirement benefits later if that benefit is larger.
    Surviving divorced spouses cannot apply online for survivor’s benefits. Contact the SSA at 1-800-772-1213 (TTY 1-800-325-0778) to request an in-person appointment at your local Social Security office.
    You can use this screening tool to determine your eligibility for the different Social Security benefit programs. You may also benefit from consulting with your elder law attorney. They can help you choose the benefit option that works best for your situation.

  • Navigating Child Custody Laws in New York: A Comprehensive Guide

    Learn how to navigate child custody laws in New York with our comprehensive guide. Expert insights from a seasoned New York child custody lawyer help you understand legal processes, types of custody, and how to prepare for court. Empower yourself with knowledge for the best possible outcome.

    Navigating Child Custody Laws in New York: A Comprehensive Guide

    Navigating child custody laws in New York can be complex and overwhelming. As an experienced New York child custody lawyer, I am here to guide you through this challenging process. Understanding the intricacies of these laws is crucial for ensuring the best outcome for you and your children.

    Understanding Child Custody in New York

    Child custody laws in New York focus on the child’s best interests. The court determines both legal and physical custody. Legal custody involves decision-making rights, while physical custody refers to where the child resides. Decision making in the areas of education, health, religious upbringing and extra-curricular activities. Physical custody would include where and when the child has parenting time with both custodial and non-custodial parent.
    Types of Custody Arrangements and commonly used terms although some of these are names that are not written in the law.
    Sole Custody: One parent has both legal and physical custody.
    Joint Custody: Both parents share legal and/or physical custody.
    Split Custody: Each parent has sole custody of one or more children.
    Shared Custody: Commonly used language within the uncontested divorce population and not written in the domestic relations law.
    Each type has nuances; understanding them is critical to knowing your rights and responsibilities.

    Factors Considered by New York Courts

    New York courts consider several factors when determining child custody:
    The child’s age and health
    The emotional bonds between the child and each parent
    Each parent’s ability to provide for the child’s needs
    The stability of each parent’s home environment
    The child’s preference, if old enough to express a reasoned choice
    Preparing for a Child Custody Hearing
    Preparing for a child custody hearing requires meticulous attention to detail. Here are crucial steps to take:
    Gather Essential Documents.
    Collect all necessary documents, including:
    Financial records
    Medical records
    School reports
    Communication logs
    These documents support your case by providing concrete evidence of your involvement in your child’s life.

    Understand Court Procedures

    Familiarize yourself with court procedures. Knowing what to expect helps alleviate anxiety and ensures you are prepared. This includes understanding the roles of various court personnel and the sequence of events during the hearing.
    • The Role of an Attorney for the Child.
    • In a child custody battle, the court appoints an attorney for the child or children to advocate and represent their interest. child. The Attorney for the Child is not an objective participant; advocating for the interests of the child. Their advocacy significantly influences the court’s decisions.
    • The Impact of Relocation on Custody Agreements
    • Relocation can complicate custody arrangements. If you plan to move, you must seek court approval. The court will evaluate:
    • The reasons for the move
    • The impact on the child’s relationship with the other parent
    • The potential benefits of the move for the child
    • Common Mistakes to Avoid in Custody Battles
    • During custody disputes, parents often make mistakes that can jeopardize their case. Avoid these common pitfalls:
    • Disparaging the Other Parent: Negative remarks about the other parent can backfire.
    • Not Complying with Court Orders: Always adhere to court orders and deadlines.
    • Inadequate Preparation: Lack of preparation undermines your credibility.

    Working with Your Lawyer

    Your lawyer is your advocate and guide. Open communication with your lawyer is essential for building a solid case. Share all relevant information and follow their advice closely.

    Child Custody Mediation

    Mediation is an alternative to contentious court battles. A neutral mediator helps parents reach a mutually acceptable agreement. This process is less adversarial and often less stressful for all parties involved.

    How to Modify a Custody Agreement

    Circumstances change, and you may need to modify an existing custody agreement. To do this, you must demonstrate a significant change in circumstances that affects the child’s best interests. Examples include changes in employment, relocation, or health issues.

    Conclusion

    Navigating child custody laws in New York requires understanding and preparation. You can navigate this challenging process more effectively by staying informed and working closely with your lawyer. Remember, the court’s primary concern is the child’s best interests.
    Contact our office today for a consultation if you are facing a child custody dispute. As an experienced New York child custody lawyer, I am here to provide you with the guidance and representation you need. We can work towards the best possible outcome for you and your children.

  • The Role of a New York Probate Lawyer: What to Expect

    Navigating the probate process in New York can be daunting without professional assistance. This is where the role of a New York probate lawyer becomes invaluable. In this comprehensive guide, we’ll explore what to expect when working with a probate lawyer, detailing their responsibilities and the benefits they offer.

    Understanding the Probate Process in New York

    The probate process involves validating a deceased person’s will, identifying and inventorying their assets, paying debts and taxes, and distributing the remaining property as the will (or state law, in the absence of a will) directs. This process can be complex, and mistakes can lead to delays and additional costs. A New York probate lawyer helps ensure that everything proceeds smoothly and correctly.

    The Role of a New York Probate Lawyer

    A New York probate lawyer provides essential services throughout the probate process. Their expertise helps avoid pitfalls and ensures that the estate is administered efficiently and complies with the law.

    Legal Guidance and Representation

    Probate lawyers offer legal advice to executors and beneficiaries. They clarify each party’s legal obligations and rights, providing peace of mind. Additionally, they represent the estate in court, handling any disputes that may arise.

    Managing Complex Paperwork

    The probate process involves extensive paperwork, including petitions, notices, and tax documents. A probate lawyer manages these documents, ensuring they are completed accurately and filed on time.

    Asset Valuation and Inventory

    Accurately valuing and inventorying the estate’s assets is crucial. Probate lawyers often work with appraisers and accountants to ensure every asset is accounted for and properly valued.

    Handling Debts and Taxes

    Paying off the deceased’s debts and taxes is critical in the probate process. Probate lawyers ensure these obligations are met without errors, which could otherwise lead to legal complications.

    Dispute Resolution

    Disputes can arise during probate, such as challenges to the will or disagreements among beneficiaries. A probate lawyer mediates these disputes, striving to reach a resolution that satisfies all parties.

    Benefits of Hiring a Probate Lawyer

    Hiring a New York probate lawyer offers numerous benefits, ensuring the probate process is as smooth and stress-free as possible.

    Expertise and Experience

    Probate lawyers have extensive knowledge and experience in estate law. They navigate the legal complexities, providing clients with confidence and security.

    Efficiency and Speed

    An experienced probate lawyer can expedite the probate process, avoiding unnecessary delays and ensuring that all legal requirements are met promptly.

    Stress Reduction

    Handling an estate can be emotionally taxing. A probate lawyer alleviates this burden by managing the legal and administrative aspects, allowing executors and beneficiaries to focus on grieving and healing.

    Common Challenges in the Probate Process

    Despite a probate lawyer’s best efforts, challenges can still arise. Being aware of these potential issues can help clients prepare and respond effectively.

    Contested Wills

    Will contests can delay probate and create family conflicts. Probate lawyers work to resolve these disputes through negotiation or litigation, ensuring that the deceased’s wishes are honored.

    Locating Assets

    Sometimes, locating all of the deceased’s assets can be challenging. Probate lawyers utilize various resources and networks to identify and inventory all estate property.

    Managing Debts and Taxes

    Unexpected debts or complicated tax issues can complicate the probate process. Probate lawyers address these challenges by working with financial professionals and ensuring all obligations are met.

    How to Choose the Right New York Probate Lawyer

    Selecting the right probate lawyer is crucial for a smooth probate process. Consider these factors when choosing a lawyer:

    Experience and Specialization

    Choose a lawyer with significant experience in New York probate law. Their specialized knowledge ensures they know the latest legal developments and best practices.

    Reputation and References

    Research the lawyer’s reputation and ask for references from past clients. Positive reviews and recommendations indicate a lawyer’s reliability and effectiveness.

    Communication and Availability

    Effective communication is vital. Choose a responsive lawyer who can answer questions and provide updates throughout the probate process.

    The role of a New York probate lawyer is multifaceted and crucial for the efficient administration of an estate. By providing legal guidance, managing paperwork, resolving disputes, and ensuring compliance with the law, probate lawyers help executors and beneficiaries confidently navigate the complex probate process.

    Action Step: If considering the probate process, consult a New York probate lawyer to ensure a smooth and efficient experience. Contact our office today to schedule a consultation and receive expert legal guidance tailored to your needs.

    By understanding what to expect from a New York probate lawyer, you can approach the probate process with greater clarity and peace of mind. Trust in professional expertise to manage your estate matters effectively and with care.

  • The Role of Trusts in NYC Estate Planning: Protecting Your Legacy

    Estate planning is vital in ensuring that your assets are managed and distributed according to your wishes after your passing. In New York City, one of the most effective tools for protecting your legacy is a trust. This blog post will explore trusts’ various roles in NYC estate planning and how they can safeguard your assets for future generations.

    What is a Trust?

    Before delving into the specifics, it’s essential to understand what a trust is. A trust is a legal arrangement where one party, known as the trustee, holds and manages assets on behalf of another party, the beneficiary. The person who creates the trust is called the grantor or settlor. Trusts can be a powerful component of estate planning in NYC, offering various benefits, including privacy, tax advantages, and protection from creditors.

    Types of Trusts in NYC Estate Planning

    Several types of trusts are used in estate planning, each serving different purposes. Understanding these can help you decide which trust best suits your needs.

    Revocable Trusts

    A revocable trust, also known as a living trust, can be altered or revoked by the grantor at any time during their lifetime. This flexibility allows the grantor to make changes as their circumstances or wishes evolve. In NYC estate planning, revocable trusts are popular because they allow the grantor to control their assets while avoiding probate—a public and often lengthy process.

    Irrevocable Trusts

    Unlike revocable trusts, irrevocable trusts cannot be easily modified or revoked once established. This type of trust offers significant benefits regarding asset protection and tax savings. By transferring assets into an irrevocable trust, the grantor effectively removes them from their taxable estate, potentially reducing estate taxes. Irrevocable trusts are particularly useful in NYC for high-net-worth individuals seeking to minimize tax liabilities.

    Special Needs Trusts

    Special needs trusts are an essential tool for families with members who have disabilities. These trusts ensure that special-needs beneficiaries receive financial support without jeopardizing their eligibility for government assistance programs. In New York City, where the cost of living is high, special needs trusts can provide crucial financial stability for vulnerable family members.

    Benefits of Using Trusts in NYC Estate Planning

    Trusts offer numerous advantages that can significantly enhance your estate planning strategy. Here are some key benefits:

    Avoiding Probate

    One primary reason for using trusts in NYC estate planning is to avoid probate. Probate can be a lengthy and public process that delays the distribution of assets. On the other hand, trusts allow for the private and efficient transfer of assets to beneficiaries, often without court intervention.

    Ensuring Privacy

    In New York City, privacy is a significant concern for many individuals. Trusts can help maintain the confidentiality of your estate by keeping details of your assets and beneficiaries out of the public record. Unlike wills, which become public documents through the probate process, trusts remain private.

    Tax Benefits

    Trusts can provide substantial tax benefits, particularly for high-net-worth individuals in NYC. You can reduce estate and gift taxes by placing assets in an irrevocable trust. Additionally, certain trusts, like charitable reminder trusts, offer income tax deductions while supporting charitable causes.

    Asset Protection

    Trusts offer robust protection for your assets against creditors and legal claims. Transferring assets into a trust can shield them from potential future liabilities. This is especially important in New York City, where the risk of litigation can be high.

    How to Set Up a Trust in NYC

    Setting up a trust involves several steps, and working with an experienced estate planning attorney is crucial to ensure everything is done correctly. Here’s a general outline of the process:

    Determine Your Goals

    Before creating a trust, it’s essential to define your estate planning goals clearly. Consider what you want to achieve, such as protecting your assets, minimizing taxes, or providing for a loved one with special needs.

    Choose the Type of Trust

    Based on your goals, decide which type of trust best suits your needs. Your attorney can help you understand the pros and cons of each option and guide you in making an informed decision.

    Draft the Trust Document

    An estate planning attorney will draft the trust document outlining the terms and conditions of the trust. This document will specify the trustee, beneficiaries, and how the assets should be managed and distributed.

    Fund the Trust

    Funding the trust involves transferring assets into it. This can include cash, real estate, investments, and other valuable property. Properly funding the trust is crucial to ensure its effectiveness.

    Administer the Trust

    Once the trust is established, the trustee is responsible for managing the assets according to its terms and choosing a trustworthy and competent individual or institution to act as the trustee is essential.

    Common Misconceptions About Trusts

    Several trust misconceptions can deter individuals from incorporating them into their estate plans despite their benefits. Let’s address some of the most common misunderstandings.

    Trusts are Only for the Wealthy

    While trusts offer significant advantages for high-net-worth individuals, they are not exclusively for the wealthy. Trusts can benefit anyone looking to protect their assets, ensure privacy, or provide for loved ones. In NYC, where real estate values are high, even middle-class families can benefit from using trusts in their estate planning.

    Trusts are Complicated and Expensive

    Although setting up a trust involves legal work and fees, the long-term benefits often outweigh the initial costs. Working with an experienced estate planning attorney can simplify the process and ensure the trust is tailored to your needs.

    Trusts are Only Useful After Death

    Many believe that trusts only come into play after the grantor’s death. However, certain trusts, like revocable living trusts, provide benefits during the grantor’s lifetime, such as managing assets in case of incapacity and avoiding probate.

    Trusts in NYC Estate Planning

    In conclusion, trusts play a vital role in NYC estate planning by offering numerous benefits, including avoiding probate, ensuring privacy, providing tax advantages, and protecting assets. 

    By understanding the different types of trusts and their benefits, you can make informed decisions to safeguard your legacy and provide for your loved ones. Working with an experienced estate planning attorney is essential to navigating the complexities of trust creation and administration, ensuring that your estate plan is effective and tailored to your needs.

    Please contact our office if you have any questions about trusts or need assistance with your estate planning in New York City. We are here to help you protect your legacy and achieve peace of mind.

  • Guardianship Planning Safeguarding Your Family’s Future

    As parents, safeguarding the future of our children is paramount. While contemplating worst-case scenarios may be daunting, it’s imperative to have a plan in place for their care and upbringing in the event of our incapacity or passing. Guardianship planning offers the means to designate trusted individuals to care for your minor children and make decisions on their behalf. Let’s delve into why guardianship planning is indispensable and how our expertise can assist you in fortifying your family’s future.

    Ensuring Children’s Well-Being: In the absence of a guardianship plan, the court may appoint a guardian for your children based on state laws. By proactively designating guardians in your estate plan, you retain autonomy over their care, ensuring they are placed in a nurturing environment that aligns with your values.

    Minimizing Family Disputes: Failing to designate guardians can breed conflicts among family members vying for guardianship roles. By clearly articulating your preferences, you mitigate the potential for discord and facilitate a smoother transition for your children during challenging times.

    Financial Considerations: Guardianship planning encompasses provisions for your children’s financial support. Through trusts and other estate planning mechanisms, you can secure their financial needs while entrusting responsible management of assets until they reach adulthood.

    Facilitating Communication: Open dialogue with chosen guardians is vital to ensure they comprehend your expectations and are prepared to assume the responsibility if needed. Our team facilitates these discussions, aiding in the creation of a plan aligned with your values and preferences.

    We incorporate guardianship provisions into every estate plan we craft for parents of young children. Take the first step by scheduling a Peace of Mind Planning Session. In this one-hour working session, we’ll elucidate your options, review our packages, and discuss our fixed legal fees. Should we find synergy, we’ll chart the course forward. This one-hour consultation allows you to ask questions and explore personalized options. We’ll discuss transparent fees and find the perfect fit for your needs. No pressure – if we’re not a good match, that’s okay too! Book your session and mention this blog to waive the $450 fee. Invest in peace of mind for yourself and your loved ones.

  • Peace of Mind Through Advance Directives: Ensuring Your Healthcare Wishes are Honored

    While estate planning often centers on asset distribution, it’s equally vital to address healthcare decisions and end-of-life preferences. Healthcare isn’t a one-size-fits-all situation. What matters most during medical emergencies? Ensuring your wishes are known and respected. Advance directives provide a crucial avenue to express your healthcare wishes and ensure they are honored, even if you’re unable to communicate them yourself. Advance directives give you the power to do just that. Here’s how we can help you create a healthcare plan that reflects your values and protects your future:

    1. Charting Your Healthcare Course: Advance directives, like living wills and healthcare proxies, allow you to clearly outline your preferences for medical treatments. Imagine a situation where you can’t communicate – having a plan ensures your wishes are known, reducing stress for your loved ones and ensuring the care you want. By clearly documenting your wishes, you alleviate the burden on your loved ones and ensure your healthcare preferences are upheld during challenging times.
    2. Calming the Waters During Storms: Difficult medical situations can strain family bonds. Advance directives can act as a compass, guiding loved ones through complex decisions and minimizing potential conflicts. Knowing your wishes are clear brings peace of mind to everyone involved. Ambiguity in healthcare decisions can fuel family disagreements, adding stress to already difficult situations. Proactively creating advance directives minimizes the potential for conflicts and provides your loved ones with clarity and tranquility.
    3. Empowering Your Trusted Voice:A healthcare proxy is someone you designate to make medical decisions on your behalf if you are unable to do so during a medical emergency or incapacity. Choosing someone who understands your values and healthcare preferences is key. With a trusted advocate by your side, you can be confident your wishes are being heard. A proxy ensures effective advocacy on your behalf during medical emergencies or incapacitation.
    4. A Living Document for a Living World:Life changes, and so can your healthcare needs. Life circumstances evolve, necessitating periodic reviews and updates to your advance directives.

    Regular Review and Updates are recommended.

    We believe advance directives are a crucial part of any estate plan. That’s why they’re included in every plan we create. Take control of your healthcare future – book your “Peace of Mind Planning Session” today! This one-hour consultation allows you to ask questions and explore personalized options. We’ll discuss transparent fees and find the perfect fit for your needs. No pressure – if we’re not a good match, that’s okay too! Book your session and mention this blog to waive the $450 fee. Invest in peace of mind for yourself and your loved ones.