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The Best Gift To Your Family (and it doesn’t cost a thing)
There is one gift you can easily assemble in under ten minutes, at no cost, that will someday be greatly appreciated by your loved ones. A letter of instruction can provide great comfort and relief to your family when you are not available to provide guidance in person.
Read moreFiduciary Access to Digital Assets
On September 29, 2016, Governor Cuomo signed into law a new statute amending the New York Estates Powers and Trusts Law in relation to the administration of digital assets.
Read moreEstate Planning – Much More Than Signing a Will
In the age of the internet, there is a growing trend amongst the American populace who decide they need a Will to avoid the cost of a lawyer and use a legal services website like Legal Zoom® or use some free Will form found on the internet. However, there are many dynamics that go into…
Read moreFederal And New York State Tax Advantages Of Long Term Care Insurance
If you have looked into purchasing long term care insurance, you know that it is an expensive proposition. However, there are some tax advantages related to the premium payments for long term care insurance. If you are an employee and itemize your deductions you can deduct a portion of your long term care insurance premium…
Read moreA Living Will is Not a Will (But No Less Important)
Lawyers are occasionally guilty of speaking legal jargon that a non-lawyer has no idea what the lawyer is talking about. For example, an estate planning lawyer (or perhaps an estate planning website you found) may suggest that you execute a living will in addition to a will, health care proxy and power of attorney. You…
Read moreWhat it Means to be a Trustee – Part 1
Flattered to be named a trustee? Curious as to what it all means? Great, we will do a number of blog posts on the duties and powers of a trustee. This is the first such blog post. Trusts are used for a multitude of purposes. Estate planning, charitable gifts, disability planning, tax reduction and avoidance…
Read moreSocial Security, Medicaid Income And Resource Levels And The Regional Rates For Calculating A Penalty Period For 2016
The Social Security and Supplemental Security Income (SSI) benefits did not increase for 2016, and remain the same as in 2015. There is also no increase in the spousal impoverishment standards for 2016. The community spouse Minimum Monthly Maintenance Needs Allowance (MMMNA) remains at $2,980.50. This is the amount of monthly income a spouse who…
Read moreTrust Planning and its Interplay with Asset Protection – An Overview
Asset protection planning is the development of legal planning techniques to place the client’s assets beyond the reach of future (not present or known) creditors. Many individuals have the potential for future creditor problems, whether it be through divorce, malpractice claims, tax liens, business claims, long term care expenses or other catastrophic expenses. Therefore, it…
Read moreBusiness Update: A Seminar for Clients and Friends of the Firm
Mackenzie Hughes attorneys strongly believe in keeping their clients informed on the latest developments in law and business.
Read moreWhat it means to be an Executor
This blog answers questions we frequently are asked by persons named as Executor in a decedent’s Last Will and Testament. The decedent’s Will appoints me as executor. What’s next? Is my appointment automatic? No. You will be appointed executor by the Surrogate Court after the Will has been accepted for probate. The Court will issue…
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