For generations, the children in your family have learned to swim by jumping off of the dock of your family’s vacation home. It’s a rite of passage for each grandchild to learn how to bait a hook from grandpa while fireflies flicker in the summer heat. The legacy of a vacation home is the pinnacle of the American Dream. Many people work their entire lives to afford a home in their dream destination. While you dream of passing down this home (and the memories) for generations to come, have you thought of how to protect this family legacy? Leaving the family vacation home directly to your children may be the simplest way for transferring ownership, however, when multiple children are involved, they would all need to agree with how the property is managed and maintained in the future. These decisions are proven to be challenging not only for your children
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Turning 18 is a big deal, not just from a parent’s emotional perspective, but legally too. Eighteen is a magic birthday, a milestone into adulthood. At 18, your teen can vote, buy a house, or marry their high school sweetheart. They can also go to jail, get sued, and gamble away their college tuition in Vegas. In your eyes, your baby will always be “your baby,” no matter their age, but in the eyes of the law, that “baby” is legally an adult on their 18th birthday. In New York State, a child is entitled to be financially supported by his or her parents until the age of 21, unless married, self-supporting or in the military; as far as the law is concerned, he or she is an adult at age 18 and information regarding their health, finances, and education will not be disclosed to anyone without their written consent.
Continue Reading... →WHAT IS MEDICAID PLANNING? Mary’s husband recently went into a nursing home and she was approached by the social worker who inquired of her financial information and how she intended to pay for her husband’s care. It was over $8,000.00 per month. The case worker asked if Mary was going to apply for Medicaid. Mary was very confused so she went to see a qualified elder law attorney. The attorney explained to Mary that Medicaid is a government program to help pay for nursing home costs, but to qualify, Mary had to meet certain income and asset restrictions. Mary was confused even more. She told the attorney she was already on Medicare and that she didn’t know why she had to do anything, why wasn’t Medicare paying. Again, the attorney explained that Medicare is health insurance for individuals over 65 or who have been disabled for two years. Medicaid,
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