Divorce can be a scary time because you do not know what you might lose because of the process. Many kinds of assets can fall under property division. You may have heard that retirement accounts are also eligible for division. Does this mean your Social Security is at risk? You deserve to have peace of mind concerning assets that you…
As people in New York become more involved in the estate planning process, they tend to quickly realize that a number of opportunities exist for them to preserve assets for future generations. Most, however, seem to accept that they cannot avoid one expense: estate taxes. This assumption may have a degree of merit; local residents face the potential of an…
Adults generally have the right and responsibility to make decisions for themselves and to manage their own affairs. However, some adults are unable to do so due to incapacitation. Under these circumstances, an individual can file for the appointment of a guardian for the incapacitated adult. According to the New York State Unified Court System, this is an Article 81…
Even if ending your marriage is the correct decision, you are apt to experience complicated emotions regarding your upcoming divorce. According to Psychology Today, these are likely to include resentment, anger, sadness or even a fear of the unknown. While these emotions are exceedingly common, you should have a strategy for dealing with them. Everyone is different, of course, so…
A power of attorney gives another person, your agent, the ability to act on your behalf if you become incapable of doing so. An agent has the authority to decide your finances, manage your estate and control your healthcare, so you should have a complete understanding of this power before selecting this person. There are different types of POAs While…
No matter where you are in the divorce process, you may find it hard to cope with all the emotions you feel and the stress that overwhelms your life. Learning about techniques and ways to combat this stress can help you as time goes on. Find an outlet According to Psychology Today, one of the best ways to manage the…
As an estate plan creator, you need to have an executor in place. This is one of the most – if not the absolute most – crucial figures in your entire estate plan. To that end, you may automatically want to assign one of your closest family members to the spot. But is this the best idea? In spite of…
As a caregiver for your loved one or elderly parent, you want to provide the best care available and do the right thing. You also want to make sure to keep their financial situation as strong as possible. These admirable goals often hinge on having the proper documentation on hand at all times. The necessary papers AARP emphasizes holding and…
When you and your New York husband or wife decide to part ways, you may question if you make enough money to support yourself without your ex. If you have serious concerns about being able to maintain the same lifestyle you enjoy now after a divorce, it may serve you well to seek spousal maintenance, or alimony, in your split.…
Getting older means a person could have greater difficulty handling important tasks like keeping up with personal finances. If you have aging parents, you should watch for signs that your mother or father may need help with paying bills and keeping track of money. It may even become necessary for you to take over their financial decisions. It is natural…
New York child support lasts until the age of 21. This means parents who go through a divorce have the responsibility to pay for most, if not all, of college tuition. However, not get this confused with custody or visitation because the child becomes an adult at 18. So although the non-custodial parent has financial responsibilities to the child after…
An elderly parent’s dementia diagnosis can profoundly impact an entire family. Estate planning must balance long-term care needs with a parent’s desire to leave an inheritance to family members. These are some essential details to consider. Disease progression Dementia can rob your parents of their ability to express their wishes. Therefore, it is critical to help them create or modify…
