As you approach your golden years, you know the importance of estate planning and ensuring your retirement funds can keep up. In 2020, congress passed the SECURE 2.0 Act, which President Biden signed into law in December. It features a range of changes regarding retirement savings. Three key changes include: 1. Age raised Designed to boost savings, the initial act…
The goal of a will is to ensure that your estate distributes to your heirs and loved ones according to your wishes. In addition to your personal information and a statement about your testamentary capacity, a will should include a few essential elements. Name an executor An executor is a person who will take responsibility for your estate after you…
Aging comes with many challenges. As your body and health fluctuate, you may become more aware of how you want your loved ones to support your financial goals when a time comes that you cannot. Creating a power of attorney can give you and your loved ones peace of mind. Although you may not want to consider a situation where…
Since 1989, Americans have had to deal with credit scores. Your score, which a few credit bureaus compile, tells lenders whether you are likely to pay back the money you borrow. Consequently, virtually all financial institutions consider your credit score when deciding whether to extend credit. While a credit score provides a snapshot of your creditworthiness, a credit report offers…
Joint custody allows divorced parents to share the responsibilities of raising children. If you are a parent going through a divorce, you might wonder if joint custody is an appropriate choice for your family. To make an informed decision, it is important to review child custody works in the state of New York. Joint physical custody In New York, the…
More than 77% of American adults over the age of 50 want to remain in their homes rather than move to assisted living or long-term care facilities, according to a recent AARP survey. However, the cost of rent makes it difficult for many aging New Yorkers to remain in their homes. The city council is considering new legislation that would…
If you recently received a denial on your application for New York Medicaid benefits, you probably have a lot of questions. A Medicaid denial is a nerve-wracking experience, especially when you are not sure why you received it in the first place. Here are some potential reasons why Medicaid denied you and what you can do about it. How common…
If you have a new baby but you and the other parent are not together, you may be in a situation where you have to figure out parenting time. This can be a challenge since, at this point, the child is very dependent. However, assuming the child should only be with one parent is a bad idea. Babies need to…
Setting up a life insurance policy helps provide for your family in the event of your death. However, you and your spouse may have decided to call it quits on your marriage. If divorce is in your future, you probably do not want your spouse to benefit from your life insurance any longer. While you may have the ability to…
When you begin estate planning, the professional with which you work will likely ask you to establish a financial power of attorney. A financial POA is a document that grants an individual the power to make financial decisions on your behalf in specific situations. Though financial powers of attorney must act in the principal’s best interests, they have considerable power.…
Relying on a nursing home facility in New York to care for your aging loved one can alleviate some of your caretaking responsibilities. However, you have to trust that caretakers will provide humane treatment. Abuse at the hands of caregivers can damage self-esteem, jeopardize physical safety and lower life expectancy. Knowing how to protect your family member from abuse can…
Stepparents in New York state do not have automatic parental rights to their stepchildren. Unfortunately, divorcing your spouse can lead to a painful end to the close bond you share with your stepchild. Fortunately, adoption is a way to ensure you remain in your stepchild’s life. What are the requirements for stepparent adoptions? Before pursuing adoption you must be legally…
