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The Difference Between a Living Will and a Last Will and Testament

Living Will

A living will is a medical directive outlining how a person wishes to be treated in the event that he or she becomes incapacitated and can no longer make decisions for themselves. A living will may address situations involving:

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Executor Ineligibility

A testator has the ability to name anyone as executor of his or her estate. The executor is responsible for carrying out the administrative process of an estate and is not required to have prior experience or knowledge in the field. In New York State, the court usually honors the nomination of an executor selected […]

Don’t Forget to Sign a Spousal Refusal

To be eligible for Medicaid, which is a need-based program, certain income and asset requirements must be met. Oftentimes, one spouse will require care in a skilled nursing facility, while the other spouse continues to reside in the community home. More often than not, the spouse residing in the community home depends largely on joint […]

Elderly Population and Financial Abuse

Recent reports have found that elder financial abuse is on the rise and almost one million elderly people will be targeted this year. The elderly population in America is most vulnerable to financial abuse, scams, and investment fraud. Fifty-five percent of these cases involve family members or caregivers.

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Stretch Benefit For Retirement Assets

Today, many individuals have retirement assets in the form of a 401K, Traditional IRA, or 403(b). In terms of retirement assets, it is important that the best interests of the designated beneficiary be taken into consideration, especially when the named beneficiary is a minor child or grandchild. It is important to never directly name a […]

Deducting Long-Term Care Costs On Income Tax Return

Long-term care includes the ongoing medical and social services that address the needs of those living with a chronic illness, disability or lack of mental capacity, such as Alzheimer’s disease. Long-term care involves assistance with daily tasks, such as bathing, dressing or eating. It may also include assistance with daily living activities, such as house […]

Will a Divorce Affect My Last Will and Testament?

After an individual executes a Last Will and Testament, there may be changes in their life that could affect the way their assets are distributed under their last will and testament. One of the more common changes that may affect a Will is a divorce. A divorce can be an overwhelming experience, and often times, […]

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