A revocable living trust is not the same as a will, and it has some special benefits. To start with, you need to understand the differences. A revocable living trust is able to be altered at any time if you change your mind, similarly to how a will works. However, a...
Month: August 2017
Are there different kinds of guardians?
On Behalf of Salem Shor & Saperstein, LLP | Aug 14, 2017 | Estate Planning
You've been asked to be a guardian, but do you know what it really entails? Not all guardians are the same. Before you decide if you will or will not accept the request, take the time to better educate yourself about what a guardian is and does. There are several...
This is what happens if there is no will when a loved one dies
On Behalf of Salem Shor & Saperstein, LLP | Aug 11, 2017 | Probate/estate Administration
If a loved one passes away without a will, then it's important to understand how his or her estate is passed down in accordance with New York's laws. When there is no will, you and your family may be called "distributees" instead of heirs. This term refers to anyone...
How to plan for an adult sibling with a disability
On Behalf of Salem Shor & Saperstein, LLP | Aug 10, 2017 | Blog
In many families with an adult child with a disability requiring daily care, there is an understanding, either implicit or explicit, between the parents and other adult children that at least one of the other adult children will care for their sibling after the...
Pros and Cons of Conservatorship in New York
On Behalf of Salem Shor & Saperstein, LLP | Aug 4, 2017 | Blog
Conservatorship occurs when an adult is no longer capable of taking care of himself or herself. By New York law, one person is in charge of the overall well-being of this adult and makes all relevant decisions regarding health care and paying bills.People can make the...
Philip Seymour Hoffman’s estate lost millions: Here’s why
On Behalf of Salem Shor & Saperstein, LLP | Aug 3, 2017 | Estate Planning
When you plan your estate, there are ways to prevent the loss of assets due to taxes and other fees or fines. When you don't take the right steps when planning your estate, the assets you transfer to your loved ones may end up costing them money or be heavily taxed....
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