Category Estate Planning

Estate Planning for Young People with Special Needs: Article 17A Guardianships and Special Needs Trusts

by Bryan Lane Berson, Esq. Download PDF: Article 17A Guardianships and SNTs in NY Article 17A Guardianships New York has established different guardianships for people in need of supervision (sometime referred to as “incapacitated persons,” “IPs,” or “wards”). Under a guardianship, a court appoints a guardian to assist an IP who lacks sufficient capacity to […]

Are You and Your Business Prepared to Handle Long-Term Disability?

by Bryan Lane Berson, Esq. Disability of a key executive can destroy a business. Disability of any worker can strain a family. Before age 65, one is much more likely to suffer a long-term disability (“LTD”) for six months or longer than one is to die. Fortunately, this risk can be insured. A company or […]

Incorporating Long-Term Care Insurance into an Elder Law Plan in NY

by Bryan Lane Berson, Esq. As life spans have increased, so have chronic ailments associated with aging and the demand for personal care. Alzheimer’s disease and organic cognitive impairment (senility) are the leading causes for personal care needs. Costs for this care are exorbitant. The New York State median cost for a private room in […]

Avoiding Estate and Gift Taxes with Life Insurance Trusts

by Bryan Lane Berson, Esq. Contrary to what many people think, the proceeds of life insurance policies are not tax free. That does not necessarily mean that an estate will have to pay tax on the proceeds though. An irrevocable life insurance trust (ILIT) is a useful estate planning tool to reduce tax liabilities. ILITs […]

Incapacity and Guardianships in New York

by Bryan Lane Berson, Esq. If you become physically or mentally incapacitated due to injury or illness, who will act on your behalf? Without a health care proxy (HCP), who will consent to surgical procedures for you? Without a living will, how will your doctor know your preferences with regard to end of life decisions? […]

Elder Law and Medicaid Planning for Nursing Care in NY

by Bryan Lane Berson, Esq. A. Introduction An estate plan implements documents to administer and transfer property and delegate decision-making authority. In other columns, I discussed trusts, wills, powers of attorney, health care proxies, and living wills. Elder law and Medicaid planning are a special form of estate planning. In New York, 58 separate districts […]

Choosing Fiduciaries for Estate Plans

by Bryan Lane Berson, Esq. Typically, an estate plan contains several documents.  Wills, trusts, powers of attorney (“POA”), and health care proxies (“HCP”) fulfill different functions.  They appoint one or more people to carry out different responsibilities.  Collectively, these people are known as “fiduciaries.”  A fiduciary has a legal duty to act for the benefit […]