What Is Legacy Wealth Planning in New York?

New York residents who are in possession of a significant amount of wealth have some great responsibilities, and some great opportunities. Accumulating wealth is challenging, but it can be just as challenging to keep these assets in the family over a number of generations. This is where legacy wealth planning in New York becomes important. What is legacy wealth planning? In a general sense it is the process of positioning assets in a manner that allows them to stay intact and perhaps even grow over a number of generations. Your first thought would be that this is quite simple. Assets properly invested are going to appreciate. Plus, each generation will have an opportunity to add to the family fortune. As assets are passed on from generation to generation there is no particular reason why the sum total should decrease. This may be a logical line of thinking if death taxes did not exist. In the United States we have a federal estate tax that carries a 40 percent maximum rate. This tax i

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New York Medicaid Planning: Giving Away Assets

You may wonder what Medicaid has to do with your life as a senior citizen. You worked hard as you traversed a career path, and payroll taxes were taken out of your salary for years. You are going to qualify for Medicare coverage when you reach the age of 65. Medicaid is for people who have no financial resources. This is an assumption that can get some people into trouble because they are under the impression that Medicare will indeed cover all of their health care needs during their active retirement years and the twilight years that follow. In truth, Medicare doesn t cover everything in full, so you should be prepared to pay some out-of-pocket expenses even for the things that Medicare does cover. The above having been stated, the reason why Medicaid is indeed relevant to many senior citizens is because Medicare won t pay for long-term care. This is a very big deal because most people are not going to be able to easily and comfortably pay for long-term care out of their retirement s

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A Look at the New York Probate Process

Probate is a very big factor to consider when you are planning your estate. There are potentially numerous different parties that would have an interest in your estate. For this reason, your estate must be probated when you use a last will to arrange for the distribution of your personally owned property. The process of probate is in place to allow the business of the estate to be conducted before the inheritances are distributed to the heirs. Final debts must be paid during probate, including any taxes that may be due. An inventory of all of the probate property must be conducted. This can be very tedious and time-consuming. Property appraisals may be necessary, and liquidation can come next. Ultimately, the heirs to the estate will receive what they are entitled to according to the terms of the last will. The person who takes care of all of this business is the executor of the estate. The probate court supervises the administration. If someone wanted to challenge the will they could

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When Is it Too Late to Start Medicaid Planning?

Medicaid planning is important for many senior citizens because of the high costs that go along with long-term care. The stark reality is that most people simply cannot pay these expenses comfortably out-of-pocket. This is because we are talking about an average annual expense exceeding $136,000 for nursing home care. One of the misconceptions that is harbored by far to many people is the idea that Medicare will pay for everything once you become eligible for coverage. People who pay into the Medicare program sufficiently are eligible for enrollment at the age of 65 under currently existing laws. Medicare is important, and it is very helpful, but it doesn t cover everything in full, and it doesn t cover long-term care at all. That s right, you re going to have to look elsewhere if you need assistance with your long-term care expenses. That elsewhere is Medicaid for a great many people. The majority of elders in nursing homes are indeed enrolled in the Medicaid program. Many of these p

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