8 Smart Estate Planning Steps to Help You Feel at Peace

Don’t you just hate that feeling where you can’t relax or seem to feel at ease? With the holidays coming up, it’s important to get rid of that fear. Using these 8 estate planning steps, we can help you feel a sense of peace.

1. Write a Will

It is important to determine who inherits your assets. If you have children, you should establish who their new guardian would be in case you pass away. Remember, you also deserve a say in who gets your possessions.

2. Choose a Power of Attorney

With a reliable power of attorney for your health and finances, you can give a trusted person authority to handle your finances and property if you become incapacitated and unable to handle it yourself. That person will be responsible for you healthcare and which courses of action to take when you aren't able to make those decisions yourself. Giving them health care directives would give you the opportunity of still being in control.

3. Consider Life Insurance

If you have young children, have a spouse, own a house, or have debts to pay, life insurance may be a good idea. You would need enough coverage to meet you and your family's expenses.

4. Choose How Your Money Will Get Spent

If you would like some of your assets to specifically cover certain expenses, you should make sure that gets done. You may want to supply a family member with a college fund or an elder with medical expenses. You may also want to donate some money to your favorite charity or organization.

5. Plan How You’ll Go

You should be able to plan your memorial service and how it would be carried out. It gives your successors a better idea of how you would want to go and it gives them less work to do. You should also decide if you would want to be buried or cremated and consider organ donation.

6. Avoid Probate

Having your assets go through probate is a long, painful process and is an overall hassle. It could tie up your estate and costs thousands of dollars in legal fees and other expenses.

7. Set up Trusts

If you have possessions solely in your name, they would have to go through probate. In order to avoid this, you can transfer ownership by creating trusts. This way there would be no probate, no fees, and no public airing of your business.

8. Work with Experts

You will need guidance and assistance from experienced estate planning lawyers. You don't have to do all of this alone. With help, you can smartly plan your estate.

Life is always changing, so it’s important to take part in these 8 essential estate planning steps.

At the Law Office of Inna Fershteyn, we want to help you and your family take control and prepare for any changes that may come along the way. For more information call us at
(718) 333-2394 or visit our website, BrooklynTrustandWill.com

10 Reasons Why You Should Revise Your Estate Plan

Your life is always changing left and right, so it’s important that you keep up with these everyday changes. This includes updating your estate plan and making sure that it addresses all your specific needs and wants.

1. There’s an Addition to the Family

Whether it’s through a new marriage or having a new child, this would be a good reason to update your estate plan. You might want to provide for this new person in the family and give them your estate. If you remarried, you may consider making sure your children from the previous marriage or new step children are taken care of in your estate plan.

2. You Got Divorced

Often times in your estate plan, your former spouse is your beneficiary. You may want to change that especially if you decide to remarry. After your divorce is finalized, it is best to update your estate plan according to your circumstances.

3. There was a Death in the Family

If you have a loss in the family and they happened to be a beneficiary, then you would have to change your estate plan accordingly.

4. It has Been a Long Time

The greater the passage of time, the more things change including your goals. As your goals change your intentions with your estate plan would also change. You may want to distribute your assets differently than you previously planned to. You would then need to review and update your estate plan based on your new needs.

5. You or a Loved One Got Injured or Hurt

You or a family member may get very ill and this may change your situation. You may want to shift the distribution of assets to help provide for their increased financial needs.

6. Your Assets have Changed

Whether you inherit money, loose assets, or buy/sell a business, these factors cause major changes in your assets. These changes in assets may influence how you want to deal with them and bring you to revise your estate plan.

7. You Moved to a Different State

Each state has different laws and regulations. Moving to a new state can affect your estate plan if it does not meet its requirements. This includes moving from a common law state to a community property state.

8. You Want a New Attorney

The relationship between you and your attorney may change over time so you may want to edit or replace this attorney with someone else. If this applies to you, then you may want to change that.

9. The Tax Laws Changed

Laws are constantly changing. The more time has passed, the more likely laws and regulations have changed. It is best to revise your estate plan and see how the change in tax laws have affected your estate plan.

10. You want to Add New Beneficiaries

After establishing your estate plan, you may find that you want to add or delete beneficiaries from it. This may include people, charities, or organizations. This would be a good reason to bring your estate plan up to date.

Life is always changing, so it’s important to revise and keep your estate plan updated. At the Law Office of Inna Fershteyn, we want to help you and your family take control and prepare for any changes that may come along the way. For more information call us at (718) 333-2394 or visit our website, BrooklynTrustandWill.com

Should I Avoid Probate?

Before we could answer the question, “Should I Avoid Probate?,” we need to understand what exactly the probate process is. Probate is the process of providing a Surrogates court with evidence to uphold the validity of the deceased person's Will. In essence, the court oversees the process of identifying the deceased person's property, identifying the proper heirs, distributing the property to them and paying debts to the creditors.

So what are the issues with probate? Several actually, ranging from it being a time-consuming process that could take years, expensive fees that dig into your inheritance, to the process being a public affair; meaning that all the information could be accessed by anyone.

Overall, the probate process is complicated, expensive, and time-consuming; if you need further help with your final decision on whether to avoid probate please don't hesitate, Contact the Law Office of Inna Fershteyn at 718-333-2394.

Antes que podamos responder la pregunta, “Deberíamos evitar el proceso de validación?”. Deberíamos entender que es exactamente el proceso de validación.  El proceso de validación , es el proceso que proporciona a los sustitutos corte con evidencia para defender la validez de la voluntad de la persona fallecida. En esencia, la corte supervisa el proceso de identidad de la propiedad de la persona fallecida, identificando los herederos, distribuyendo la propiedad entre ellos y pagando deudas a los acreedores.

Entonces cuál es el problema con la validación ? Varios en realidad, que van desde ser un proceso que lleva mucho tiempo, que podría tomar años, caras tasas que cavar en su herencia, para el proceso de ser un asunto público, Lo que significa que toda la información podría ser accedido por cualquier persona.

Generalmente, el proceso de validación  is complicado, costoso, y lento; si usted necesita ayuda adicional con su decisión final o información para evitar el proceso de validación  por favor no dude, contacte la oficina legal de Inna Fershteyn al (718)-333-2394.

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Languages: English, Russian speaking attorney

Areas of Practice: Estate Planning, Asset Protection, Medicaid Fraud Investigations, Medicaid Planning, Wills, Trusts, Elder Law, Will Probate

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1517 Voorhies Avenue, 4 FL
Brooklyn, NY 11235
(718) 333-2394

Why Am I Being Investigated for Medicaid Fraud?

Being targeted for a Medicaid fraud investigation is never fun... we know.

However, they can be initiated for a number of reasons. The Human Resources (HRA) have an array of investigators who look over many databases that contain New York State records. Investigators can obtain documents such as your DMV records, your NY state real estate records, NY licensing records, bank account information, business records, and payroll records.

If you are targeted for Medicaid fraud you most likely had conflicting information on your Medicaid applications that are different when cross referenced with other information pertaining to you. It is also possible that a whistleblower reported fraud.

If you have any further questions concerning Medicaid fraud, please don’t hesitate, contact the Law Office of Inna Fershteyn at 718 – 333 – 2394. We are conveniently located on Voorhies Ave right next to the B and Q trainstation. For more information visit our website, www.BrooklynTrustandWill.com
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Languages: English, Russian speaking attorney

Areas of Practice: Estate Planning, Asset Protection, Medicaid Fraud Investigations, Medicaid Planning, Wills, Trusts, Elder Law, Will Probate

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Law Office of Inna Fershteyn and Associates, P.C.
1517 Voorhies Avenue, 4 FL

(718) 333-2394

www.BrooklynTrusAndWill.com

10 Ways to Stay Productive

Whether we like it or not, we all procrastinate at some point whether it's putting off household chores or preparing for that presentation in the morning. Here are some of the best ways to stay productive.

1. Stay Positive

It is important to stay positive because it helps you stay focused on the reward of the finished product. Positive thoughts keep you in control and keep you in a good mood. Being in that state of mind leads to success in productivity.

2. Make Deadlines

Setting deadlines can help keep you on task. It helps you manage your time and finish your tasks in an appropriate manner.

3. Stay Active

Exercise has been proven to increase productivity. It helps you stay energized. Energy can fuel you into get more things done and keeps you in a better mood.

4. Establish Your Strengths and Weaknesses

Acknowledging what you are good at and what you need to work on is vital because it helps you see how you can use your time wisely in order to expand productivity. It indicates which areas you need to put more effort into and which ones you do not.

5. Take Care of Yourself

Things like eating regularly and getting enough sleep is essential to staying productive. Taking care of yourself keeps you in the right state of mind. It also keeps you sharp and in control.

6. Set Goals

Setting realistic and attainable goals keeps you on the right track. Tracking your progress allows you to monitor your performance.

7. Learn from Your Mistakes

Learning from your mistakes gives you self awareness. It promotes self growth and builds your confidence after you've recovered from failure.

8. Create To-Do Lists

Making daily to-do lists helps you manage and accomplish things throughout the day. You can use these lists to prioritize your tasks. Seeing the things you've already accomplished makes you more inclined to be productive.

9. Take One Step at a Time

Trying to get everything done all at once can be overwhelming. Try to do things in steps when completing a complicated or long task.

10. Avoid Distractions

Distractions are detrimental to productivity. Things like cell phones, social media, and television only prevents you from doing your work and only enables you to procrastinate. Try your hardest to stay away from anything that takes away from your productivity.

Life is short, so end your procrastination! If you want to be productive in life, you need to take control and prepare for the unexpected. At the Law Office of Inna Fershteyn, we do just that. We want to help you and your family have a lively and productive life by helping you plan your future through our trusting legal services. For more information call us at (718) 333-2394 or visit our website, BrooklynTrustandWill.com

9 Small Things to Be Thankful For

With Thanksgiving around the corner, we’re all thinking about what we’re thankful for. We often think about the big things like loved ones, good health, and good fortune, but what about the small things in life that we casually forget about? We asked people to tell us about the small things they are thankful for any day of the week. 

 1) Finding Money in Your Pocket

Don't you just love putting your hand into your pocket and finding some extra cash? It's like finding buried treasure. Now you have a little something extra to brighten up your day. Be sure to treat yourself well to some lunch. 

2) A Good Night’s Rest 

Who are you kidding? Don't you just love that magical feeling of waking up and feeling so refreshed like you're on a cloud? Be thankful that you feel so well rested. Good sleep is hard to come by these days.  

3) The Barista Who Memorized Your Order 

No one in the morning understands you like the barista. You can always count on that coffee with two sugars and skim milk. Also let's be honest, that coffee gets you through your day. Where would you be without him?

4) GPS Navigation

Instead of driving in circles all day or asking some random stranger, you can drive to where you need to go without looking clueless. Not only has it you saved time, but also it has saved you from getting lost and being in the middle of nowhere.

5) Good Hair Days

Having a good hair day just makes your day that much better. It's almost as if you're a movie star. Your great hair makes you feel more attractive and more confident. Admit it. 

6) Being Able to Google Anything

Have a question? Chances are that Google has the answer. You can search anything on the Internet these days even those questions you don't want to be judged for. The options are endless

7) Making the Train Right Before It Closes

We've all had that rush of adrenaline where we've ran to the train platform and caught the train with a second to spare. We're just too fast for it. 

8) A Good Book

There's something about not being able to put down a good book that is just so rewarding. It's like you are part of another universe. 

9) The Opportunity to Embrace Your Inner Child  

There's just something so refreshing and fun about embracing your inner childish side. It's not shown that often to most people, but when it is, it's just the best feeling. 

Life is so short. So you should take the time to be thankful for the little things in life. At the Law Office of Inna Fershteyn, we are thankful for all of our wonderful clients and their loyalty for the past 18 years. We want to wish you and your loved ones a Happy Thanksgiving! To hear more about our services, please call us at (718) 333-2394 or visit our website, BrooklynTrustandWill.com 

7 Of The Weirdest — But Very Real — Wills Of All Time

Wills are serious business. They are supposed to spell out how one would like their assets distributed after their death. But in some cases they also are used to send messages — or settle scores — from beyond the grave.

From besotted husbands to the paranormal... here are some of the most unusual wills — or last wishes — we’ve ever come across.

Read more @ huffingtonpost.com

 

10 Things to Look for in a Nanny

Trusting someone to take care of your prized possessions can be a challenge especially if this
someone will be watching your children. You want a nanny who is experienced, trustworthy, and
dependable. You also want this nanny to keep your children out of harm's way. If you're looking for a nanny, you should look for the following qualities:

1. Excellent Referrals

When you're looking for a nanny, it's extremely important to ask friends, family, and coworkers for past nannies they would highly recommend. Think of yourself as the job recruiter. You want to find the best possible person to care of your child.

2. Willingness to Bond with Your Family

If you're looking for a nanny, you most likely need him or her to spend a good amount of time with your child. Your child may rely on this individual for comfort or guidance. Although no bond is instant, it's good to see the connection between your nanny and the rest of the family. You could do this by seeing how your new potential nanny interacts with your children during the interview process. It's also important to pinpoint a nanny whose values and beliefs match yours.

3. Establishes Routine and Boundaries

Children need routine and boundaries. Routine involves children being on a consistent schedule such as when they do homework, play, or eat. This will allow your children to grow in the best possible way. It is also important to have a nanny who sets boundaries. This includes making sure the children are disciplined and that their privacy is protected.

4. Responsible

Without a responsible nanny, what's the point of even having one? A nanny's main goal is to care for your child and to be there. This includes things such as picking up your child, knowing your child's allergies, stopping your child from engaging in risky behavior, and being reliable.

5. Creative

All children get bored easily and they have so much energy. To keep your children entertained, a good nanny must be able to think outside the box. They should always be seeking new ideas and games for your child to engage in. Without a creative nanny, your children might end up watching TV or playing online games all day.

6. A Follower of Your Rules

A nanny who lets your kids eat junk food all day or leave a giant mess in your kitchen is not someone you would want to hire. It's important to find a nanny who listens and follows your rules. If your nanny fails to do so, your children will take your rules less seriously and walk all over your nanny. Also make sure your nanny is able to handle authority with your kids.

7. First Aid Experience

Let's face it. Children are prone to getting little cuts here and there, so it's important for your nanny to know first aid. If you don't want to compromise your child's health, it's essential that your nanny knows how to clean cuts and scrapes, perform CPR, and perform the Heimlich maneuver. You never know when these skills will come in handy.

8. Patient and Kind

Your children can be a handful, but the way nannies deal with it is important. You want your nanny to offer your children a helping hand and you want him or her to treat your child with respect.

9. Adaptable

Your children's growing needs are always changing. One day they love chicken, the next day they hate it. Your nanny should be able to accept the changes between their household and yours. He or she should also be able to follow your usual pattern or routine.

10. Likes Children

If your nanny doesn't like children, then what's the point of hiring him or her? Your nanny should have a passion for children. A nanny who likes children will actually take the time to know your children and understand them. It should be more than just a job to them.

Life is so short. So why wait settle on anything like a nanny? If you want to make the most out of life, you need to take control and give everything your all. At the Law Office of Inna Fershteyn, we do just that. We want to help you and your family have a lively and protected life. For more information call us at (718) 333-2394 or visit our website, BrooklynTrustandWill.com

What Does My WIll Do?

Creating a will isn’t the most enjoyable task – we know. But it is an important legal document that declares who will receive and manage your estate after you pass away.

Your estate consists of anything from things as large as real estate or personal vehicles, down to photographs and family heirlooms.

In addition to your estate, if you have kids, you could assign them a legal guardian in your absence.

If you have any further questions concerning the drafting of your will, please don’t hesitate, contact the Law Office of Inna Fershteyn.

Call us now at (718) 333-2394 or visit our website, http://BrooklynTrustandWill.com

15 Things to Do Before You Die

We all have our own bucket list of things to do during our lifetime from traveling the world to conquering a small fear. We asked people to tell us what they think someone should do before they die.

1. Learn a Foreign Language

A foreign language can help you explore a culture and meet new people. You may find yourself developing life-long friendships you never even imagined. And hey, it always helps to know a new language. You'll never know when you might need it.

2. Sleep Under the Stars

Sleeping under the stars is the best way to feel closer to nature especially if you're trying to get away from the city lights. It can help you reevaluate your life and get away from the stressors in your life.

3. Watch All Those Movies Everyone Keeps Talking About

Are you sick of people referring to or asking about a movie you just haven't made time to see? Sit down with your bucket of popcorn and start watching those flicks. Sometimes it's just nice to be in the loop of things.

4. Go Sky Diving

Who doesn't like an adrenaline rush once in a while? Sky diving among other extreme sports will add some spark and thrill you didn't think was possible.

5. See the Northern Lights

The Northern Lights are one of nature's beauties. The view can be quite spiritually uplifting for those who see these rainbow colored lights. Take the time to refresh yourself with such a sight.

6. Learn an Instrument

Learning an instrument is like learning a language. The more you practice it, the better you become. Pick up an instrument that speaks to you. For all you know, you could be the next Mozart.

7. Dive the Great Barrier Reef

Getting to see underwater life that up close is a memorable experience. Not only will you get a great view, but also you'll get to share in something special as if you are part of a secret world.

8. Conquer a Fear

Why live in fear? Even if you are afraid of rollercoasters, strive to ride one anyway. Embracing your fears can be quite liberating.

9. Float in the Dead Sea

The Dead Sea's high salt concentration is known for allowing people to float in its waters easily. You can practically sit and unwind in the water. It's a relaxing experience you can't get anywhere else in the world.

10. Go on A Hot Air Balloon Ride

The motions of the hot air balloon can be quite peaceful and soothing. Be sure to take lots of pictures because the view from a hot air balloon is spectacular.

11. Visit All Seven Continents

Get a taste for diverse cultures by travelling the seven continents. Not only will you get to experience a whole new world, but also you'll get to grow as a person too!

12. Write a Book

We all have stories we want to share or pass down, but how do make sure these stories are remembered forever. Your stories are worth finding. Write down your stories for others to read for generations to follow.

13. Climb a Mountain

Look at that view. Not many people get to appreciate such a sight. Experience the magic behind why they call to people and the journey behind climbing nature's beauty.

14. Disconnect for a Week

When was the last time you went more than a day without your phone, computer, or the Internet? Breaking away from such distractions can help you rediscover yourself.

15. Follow a Dream

A dream will only stay a dream if you let it. Take charge and follow a dream. You never know where it might take you.

Life is short. So why wait on any of these goals? If you want to make the most out of life, you need to take control and also prepare for the unexpected. At the Law Office of Inna Fershteyn, we do just that. We want to help you and your family have a lively and protected life.

For more information call us at (718) 333-2394 or

visit our website, BrooklynTrustandWill.com

Estate Planning: 16 Things to Do Before You Die

While many of us like to think that we're immortal, the old joke is that only two things in life are for sure: death and taxes. Not only is it important that you have a plan in place in the unlikely event of your death – no one expected to lose Prince so soon – but you must also implement your plan and make sure others know about it and understand your wishes. As Benjamin Franklin's famous quote goes, “By failing to prepare, you are preparing to fail.”

Unless Prince's mysterious vault ends up containing a will, he died intestate – and perhaps didn't tell anyone his thoughts about or plans for his estate. If you've procrastinated on yours, this article will help you get going in the right direction.

Read more @ Investopedia.com

 

6 Essential Estate Planning Steps for You and Your Parents

We’d been married for more than 30 years and were very close with Terrie’s mother “Jean,” spending every holiday and Sunday together (her name has been changed here for privacy reasons). But our happiness turned into a nightmare in the span of just a few weeks.

We think our story about protecting Jean from a financial predator is worth knowing for anyone with an elderly parent. And based on our harrowing ordeal, we recommend six steps (below) to keep yourself and your family safe and financially sound.

Here’s our story:

Read more @ NextAvenue.org

 

Pat Summitt wills all personal property to son Tyler

Pat Summitt’s last will and testament didn’t spread the property of the Tennessee women’s basketball coaching legend.

Summitt gave all of her "tangible personal property" to her only son, Tyler. A copy of the will was obtained by the Knoxville News Sentinel of the USA TODAY NETWORK, and it specified that Summitt’s property included "automobiles, clothing, jewelry and other articles of personal use or ornament."

Summitt’s home off Alcoa Highway in Blount County, Tenn., was put on sale earlier this summer. She lived at Sherrill Hill Senior Living in Knoxville from late January until her death June 28 after a five-year battle with early onset Alzheimer’s disease.

Read more @ USAToday.com

Ten Rules For Asset Protection Planning

There’s a gambling saying that goes something like, “If you want to be a winner, you have to walk away from the table a winner.” One time-honored method of reaching this result is to systematically take your chips off the table as you win them, so that your potential for losses stays small.

Asset protection planning is all about taking chips off the table in good times, so that you still can walk away from the table a winner no matter what happens in bad times. Those who worry the most about asset protection are those who are the most likely to get sued; think obstetricians and, more recently, real estate investors here. But average folks often get caught up in difficult situations, and thus if you have something to protect then the topic of asset protection should at least cross your mind.

Read more @ Forbes.com

 

What to Consider If You May Depend on Medicaid for Nursing Care

Live long enough, and you may face a difficult transition: You need nursing home care, but your assets will run out long before your life ends. If you have no assets, Medicaid will pay for nursing care, but only once you’ve used up most of your own resources.

Scrambling to qualify for Medicaid can be difficult and leave your spouse or heirs with less than you had hoped. That’s why the best time to plan for the possibility you will outlive you assets is years or even decades before your money runs out.

“You don’t want to wait until you know it’s going to happen,” says Drew Horter, president of Horter Investment Management in Cincinnati. “Planning should start while you’re still young.”

Nearly all Americans, no matter their income or assets, are eligible for Medicare to cover their health care in retirement. While Medicare covers doctor visits, treatments, hospitalization and drugs, it does not pay for long-term care. Medicare will cover a short-term stay in a nursing home for rehab, but it will not cover any type of long-term care.

 

Read more @ USANews.com

 

 

The Pros and Cons of a Special Needs Trust: Ensuring Your Child’s Future

A child’s financial future is daunting enough but adding in a child’s special needs can create additional anxiety.  Parents often wonder who will care for the child and how the child’s needs will be met once they the parents are no longer around.

Often times, parents of children with special needs consider a Special Needs Trust (SNT) to help ensure their child’s health and welfare needs are met.  When deciding whether or not to use a SNT to plan for your child’s future, there are many things to consider.  Most importantly, whether one is needed in the first place.

Read more @ FriendshipCircle.org

 

Who Gets The Family Bible And Coca-Cola Stock?

When a widow with incapacity issues and squabbling adult children died, the executor she named in her will rushed to her home and changed the locks just as one son showed up to take things left in her will to his siblings.

“Over and over, tangible personal property is the thing that pushes people over the edge; the beneficiaries are at odds, and the executor is trying to keep the peace,” says Carly Howard, a senior wealth strategist with Altantic Trust in Atlanta, Ga.

Read more @ Forbes.com

Medicaid Planning 101 by Top Brooklyn Estate Attorney

Asset Protection 101 by Top Brooklyn Estate Attorney

Zip line to Success

4 Key Things to Know about Trusts and Medicaid Planning

There are many types of trusts that can be helpful in protecting your assets while allowing you to qualify for Medicaid. This article is a brief overview of the things you need to know when setting up a trust.

Read more @ AgingCare.com

 

What is a Living Trust by New York Estate Attorney

Life is like an Ocean

Estate Planning 101 by Top Brooklyn Estate Attorney

Financial planning for your family

Asset Protection For The Business Owner

As a business owner, you probably realize that operating and owning a business can be fraught with pitfalls and risks. Turning a profit isn't enough; you must also protect your business from claims and lawsuits. Debts and mortgage obligations to third parties and vendors, claims for damages caused by your employees, product or professional liability and consumer-protection issues are just some of the risks you must deal with. If handled improperly, these risks could result in the disastrous loss of both business and personal assets. Knowing what risks you face and how to minimize or avoid the loss they can cause can give you the chance to run your business successfully. Read on to find out what they are.

Read more @ Investopedia.com

Digital Assets: Why They Need to Be Part of Your Estate Plan

What’s going to happen to your Facebook account when you die? Or all the songs you’ve downloaded from iTunes?

As digital assets become more common for all of us, it’s important to incorporate them into estate plans. Unfortunately, as was recently explored in a Denver Business Journal article featuring WealthCounsel, that’s not always easy to do. 

According to a 2013 McAfee study, the average person has roughly $35,000 worth of assets stored on digital devices. That value includes purchased movies, books, music and games as well as personal memories, communications, personal records, hobbies and career information. Of those surveyed by the study, 55 percent said they store assets that would be impossible to recreate, re-download or repurchase.

Read more @ EstatePlannin.com

 

5 Estate Planning Strategies to Keep Your Money in the Family

The inheritance you leave could still be eaten away by taxes and expenses. Here are five strategies to avoid that.

If you’re single, you can have up to $5.45 million in assets before your heirs have to worry about paying a penny in estate taxes.

Knowing that, you might assume only the super wealthy need to worry about estate planning. However, financial planners say you’d be wrong to think planning is only necessary for the 1 percent.

Read more @ USNews.com

No Kids? You Still Need an Estate Plan

As the adage goes, you can’t take it with you. Whether you want to spend your last dime or leave it all behind when you go, creating a comprehensive plan for your estate begins earlier than you might think. If you don’t have children or obvious heirs, documenting your wishes and making them accessible will help ensure those wishes are fulfilled should something happen to you. 

“If today were your last day on earth, who would get your stuff?” says Jean-Luc Bourdon, a certified public accountant in Santa Barbara, California, and a member of American Institute of Certified Public Accountants’ personal financial planning executive committee. It’s a question he poses to all of his clients, especially those without kids. While parents may think their children are the answer, Bourdon says people without children need to plan more carefully.

 

Read more @ USNews.com

 

 

Five Steps To Create An Estate Plan

For many people, creating an estate plan is a task that routinely gets pushed to the bottom of the pile. Some assume that estate plans are only for the wealthy. Others may simply want to avoid thinking about some of the tough topics estate planning entails. Whatever the reason, the majority of Americans—some 64 percent—don’t even have a basic will.

Yet, most everyone should have an estate plan.

Read more @ Forbes.com

5 Things Prince's Family, And You, Should Know About Estate Planning

Millions mourned the loss of Prince, but those of us in the financial field were astounded when Prince’s sister filed documents indicating that he never executed a will. Prince had a reputation in the legal world of being very hands on in his legal affairs. He went through numerous lawyers handling his affairs. Because of the hands-on nature of Prince’s previous business affairs, it is quite the surprise that he died without having executed a will. Dying without a will can have severe consequences. It might mean a family battle will ensue as siblings and half-siblings try to allocate the legends substantial wealth.

Read more @ Forbes.com

How to Draw Up a Special Needs Trust for a Child With Disabilities

Who will be the trustee? Because the rules of managing a trust are so complex, most lawyers advise contracting with an expert. Fees average 1 to 1.5 percent, Williams says.

 

Will a family member act as co-trustee or guardian? This option lets a family member approve the trust accounting and make the requests for a person with disabilities who can't do it himself.

Where will the child live? Money from a special needs trust can't be used for housing or food if the person with disabilities received government benefits. If the $733 a month in SSI payments won't cover housing, and the person can't work, it's important to explore other options.

Are other documents needed? In the eyes of the law, a person 18 and older is considered an adult. If a parent or other relative needs to make decisions, documents providing for guardianship, health care surrogate, power of attorney or other functions may be required.

Is a new ABLE account a better choice? Legislation signed in late 2014 established accounts similar to 529 college savings plans for people with certain disabilities diagnosed before age 26. The federal government and state governments are still establishing the extra rules, though the accounts should be available in many states by the end of the year. In general, family members can contribute up to $14,000 a year to the accounts tax-free, and recipients could keep their government benefits until the accounts exceed $100,000. After that, they would lose SSI but remain eligible for Medicaid. These accounts would be less restrictive than a special needs trust, though experts say some people with disabilities may need both options.

Read more @ USNews.com

No, You Don't Have to Disinherit a Child With Special Needs

Over the past 20 years, the number of students with disabilities has increased at a faster rate than both the general population and school enrollment.

In 2010, approximately 2.8 million school-age children were reported to have a disability. (The Individuals with Disabilities Education Act (IDEA) defines “disability” as: “mental retardation, hearing impairments (including deafness), speech or language impairments, visual impairments (including blindness), serious emotional disturbance… and who, by reason thereof, need special education and related services.”

Of course those statistics only include children with disabilities who are students; some number of children are unable to enroll in school because the nature of their disability is too severe.

Many people assume they will have to, in effect, disinherit a child with disabilities because if they leave them money… they’ll lose the government benefits they are entitled to.

Wrong.

Read more @ Forbes.com

 

Will You Go Down With Your Business?

Maritime tradition holds that captains go down with their sinking ships, but ships need not go down when their captains expire . . . unless the “ships” are businesses whose captains/owners have not prepared their businesses to sail without them.

Read more @ Forbes.com

Your Will And Trusts Aren't Enough: Using Beneficiary Designations As An Estate Plan

There are several methods of transferring property at death. A transfer of probate property by a valid will or a deed of transfer will generally involve the assistance and advice of an attorney. While transferring property through probate is unavoidable in certain cases, this does have its downsides. As the probate court becomes involved, the transfer of property can become more costly and delays can occur. Some of the largest transfers of wealth made by Americans are directed by beneficiary designations and outside of probate. Unfortunately, the beneficiary designation is sometimes made without a great deal of thought, almost no advice and in a hurry. We always tell our estate planning students that a beneficiary designation is an estate plan because it provides a mechanism for wealth transfer. However, beneficiary designations should be thoughtfully made in accordance with other estate planning documents, as the decision can have both intended and, perhaps, unintended consequences.

Read more @ Forbes.com

 

Five Ways Business Owners Can Avoid Probate Problems

Probate is the legal process to establish the validity of a will. Probate court is where you go when there are disputes over a will’s validity. Probate judges make the final call. Simple enough, right?

If you’ve been in business for long, chances are you’ve heard at least a few tales of probate problems plaguing family members, would-be successors or remaining business partners.

Open court battles, lengthy delays and outrageous expenses – all part of the lore of the evil nature of probate. In many cases, however, the root cause is a messed up estate plan. In and of itself, probate doesn’t have to be contentious, lengthy or expensive. Problems arise when a decedent leaves a jumble of difficulties for the probate court to untangle.

Your business interest holds a number of tangible and intangible property rights, and these rights may be a mystery to a probate judge. Leaving the disposition of your business and its assets to the probate court is like leaving your kids with an unknown babysitter. You get what you get.

Read more @ Forbes.com

 

Prince had no will, says his sister

Prince's sister has filed legal documents stating the late superstar did not have a will.

Tyka Nelson on Tuesday filed court documents to open a probate case in Minnesota's Carver County, which is where her brother's Paisley Park estate is located. 

In the filing, she states that "I do not know of the existence of a Will and have no reason to believe that the Decedent executed testamentary documents in any form." 

Prince was worth $300 million according to various estimates, including one from Celebrity Net Worth. And his estate is expected to grow as sales of his music have exploded since his death. 

Tyka Nelson is the only full sibling of Prince, who died last week at the age of 57. Prince was not married and had no living children or parents who could potentially inherit the millions to come from his estate.

Read more @ CNN Money

How an Adult Guardianship, or Conservatorship, Works

If the person in your care is in good health, you may not be thinking about her possible need for a conservatorship, or adult guardianship. But if you're considering this step, you're not alone. The unfortunate truth is that many older adults have long periods toward the end of life when they're not able to make decisions for themselves -- due to Alzheimer's or other forms of dementia, a stroke, an accident, or some other serious medical condition. If the person has an advance health care directive , the decision-making about her medical care, if she becomes incapacitated, may already be provided for. If she has a durable power of attorney for finances , there will be someone to take care of money matters. 

Read more @ Caring.com

 

Family feuds erupt over unequal bequests

It's true – mom really did love your brother best. The proof is in the will. 

Equal splits among siblings are still the norm in estate planning, yet a new study finds that more parents are writing wills that favor some of their children more than others. Experts say that's a recipe for discord. 

The number of parents who treat their children unequally in wills more than doubled from 1995 to 2010, according to an October 2015 working paper from the National Bureau of Economic Research. By the latest numbers, almost 35 percent of parents plan to give their children unequal bequests. 

Read more @ CNBC.com

 

Don’t Let Divorce Derail Your Retirement Plans

Divorce is never easy, but the divorce of a long-married couple can be especially hard, particularly when it comes to retirement and estate plans.

Assets, including retirement accounts, can be hard to divide, and the presence of children—and possibly grandchildren—can require the wholesale revision of existing estate plans.

If you’re divorcing or moving on to a second marriage, it’s important to work toward the fair and accurate division of assets, including retirement funds, so you don’t wind up facing a shortfall later in life. You’ll also need to update estate plans to make sure your wishes—no matter what your marital status—will be honored when you pass. 

Read more @ EstatePlanning.com

 

10 Estate Planning Must-Dos Before You Travel

Having your estate plan in order is always a good idea, but if you will be traveling, it is essential. Should anything happen to you during your trip, your loved ones would already be thrown into a difficult and emotional time. Wouldn't you prefer to minimize the stress for them in such a situation? You can. By having your affairs in order before you go.

Read more @ LegalZoom.com

 

8 Estate-Planning Documents You Need Right Now

Do you want to be remembered fondly by loved ones? Then tackle your estate-planning tasks. Your heirs will bless you for not leaving a mess for them to clean up.

Many of us want to get going but don't know where to start. Following is information about eight documents that can help you get your affairs in order. If that sounds like a lot of paperwork, don't worry: You probably won't need every document.

Read more @ DailyFinance.com

 

It's All About Income - In Retirement Planning

What is retirement planning? It has many definitions. In my world, retirement planning is defining how your ideal life looks after you no longer have to work, and then making a plan to get to this ideal. However, there are a few key points in this definition.

Read more @ Forbes.com

5 Ways To Keep Your Kids From Fighting Over Your Will

It is your worst nightmare. You’ve passed away, and now your adult children no longer speak to each other. Circumstances around your death have destroyed the family you spent your life building.

But this terrible scenario is preventable, if you plan properly.

Read more @ Forbes.com

Attorney Inna Fershteyn has been actively involved with NYU Langone Pediatrics Medical center for the last 3 years helping with families with children with disabilities.

She recently joined NYU Langone Pediatrics SALA Institute in Management capacity as well.  Her goal is to assist children and families going through difficult times. Feel free to call our office for any advice related to Special Needs planning and any other aspects of your estate planning needs.  Free phone consultation will be given to families with disabled children.  You can reach us at 718-333-2394

Attorney Inna Fershteyn was a classical concert pianist before opening her law practice in 2001

Here she is performing Chopin Fantasy-Impromptu in Herzlia Israel.

8 Reasons to Revise Your Estate Plan Today

If you have an estate plan in place, you’re in the minority: 51% of Americans age 55 to 64 don’t even have a Will, according to this survey.

But having an estate plan doesn’t mean that the job of protecting your family’s future (and present) ends. Chances are your personal and financial situation will change as time passes. The next step is to periodically review your estate to make sure it reflects your current goals and requirements.

Read more @ Forbes.com

 

A Guide to Asset Protection Planning

A Guide to Medicaid Fraud Investigation Process

A Guide to Estate Planning

Estate Planning For Single People

While discussions for estate planning often focus on married couples, estate planning for a single person is equally as important. In many instances, a single person may need to do things differently and the consequences of not having a well-coordinated plan can create real problems.

Read more @ Forbes.com

A guide to Asset Protection Planning

What is asset protection? Who needs asset protection? How can Asset Protection help people who are planning to retire? When Asset Protection should be done? Watch this short video guide to find answers to these questions. For more information, call our office at 718-333-2394.