Tag Archives: estate planning
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 […]
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 […]
Powers of Attorney In New York
by Bryan Lane Berson, Esq. A power of attorney (“POA”) is an extremely powerful document. A principal uses it to authorize an agent to make financial or business decisions for the principal. A principal can authorize an agent to handle, among other things, (a) real estate, (b) goods and personal property, (c) bonds, stocks, and […]
Health Care Proxies and Living Wills
by Bryan Lane Berson, Esq. Health care proxies (“HCP”) and living wills are advance directives. They explain one’s wishes about medical decisions and treatment. A principal can revoke them up until the time the principal becomes incapacitated. Advance directives provide binding instructions about treatment. In the absence of an advance directive, the person’s wishes may […]
Berson Firm's Constructive Knowledge 