Sep 10

Advanced Age Marriage- Prenups are not just for divorce

Marriage Later In Life

 

Marriage Later in Life

Anytime two people get remarried and there are children from a previous marriage there needs to be consideration of how your estate plan will function with your children and your new spouse.  Your estate and assets were built over time with a previous spouse, or on your own with the intention of your estate going to your own children, and that is probably likewise true with the new spouse and what they have built on their side.

The legal solution to ensure protection for your estate and that the assets are directed where you choose upon your passing is a prenuptial agreement.  A prenup is not to just to protect in a divorce, while you can use a prenuptial agreement for that purpose, it is not the primary purpose in this case. The main intent in this case, is to prevent the new spouse from inheriting all of what you have. Certainly you can provide for them, or leave them an inheritance if you should so choose, but without a prenup in place, they may get much more than you want to give.  Read the rest of this entry »

Sep 03

What will happen to my special needs child when I can no longer care for them?

Special Needs Trust

sprancmanis-special-needs-trust
mikel450 / Foter / Creative Commons Attribution 2.0 Generic (CC BY 2.0)

A special needs trust is a discretionary trust with the purpose of caring for and enhancing the lifestyle of a special needs person when you pass away or are no longer able to care for them. Read the rest of this entry »

May 21

Record keeping and Medicaid Applications in NY

elderly-nursing-home-application

Billy Wilson via Compfight

Joann was a good daughter.  She did what any good daughter would do:  when mom became ill, she sacrificed her own life and well being to take care of mom.  She left full time employment and took a part time job, so she could be with mom to help her take care of her medical and daily needs, something that became a full time job.  Between the two of them, they Read the rest of this entry »

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