Entries tagged: elder law

Grandchild’s College Expenses

By: Martin Glass, Esq.

Posted: April 20th, 2015

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Now that my kids are out of college, it’s time to start thinking about trying to help out my (future) grandchildren’s education.  Who knows how expensive that’s going to be in twenty-plus years?  It’s actually fairly common that grandparents want to help with college expenses for their grandchildren.  And most grandparents want to do so […]

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Communicating with Parents Is Not Easy

By: Martin Glass, Esq.

Posted: March 18th, 2015

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Our parents have survived a lot.  In addition to raising us, they’ve gone through great depressions, great recessions, and numerous wars.   Now, as they enter their golden years, many of us are being confronted with an uncomfortable role reversal as Mom and Dad become the ones who need care. Just as kids are eager to […]

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Gifts: Is There a Tax?

By: Martin Glass, Esq.

Posted: February 25th, 2015

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The answer is one of my great attorney answers: “It depends.”  In general terms, there is no gift tax in New York.  So for the remaining part of the discussion, we will be focusing on federal gift and estate taxes. It’s actually what’s referred to as a uniform gift and estate tax.  That means you […]

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Do Your Debts Vanish with Your Death?

By: Martin Glass, Esq.

Posted: December 9th, 2014

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Are your heirs, family or friends responsible for your debts after you die?  I’d like to say no, but the answer really depends on a number of factors. When you take out a credit card in your name, you’re agreeing to repay whatever you borrow.  Whether you’re alive or dead, that obligation doesn’t normally extend […]

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Problems with Joint Bank Accounts

By: Martin Glass, Esq.

Posted: November 24th, 2014

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Most of my senior clients want to be able to transfer their assets to their children in the simplest and quickest way possible.  The way they usually want to do this is by adding their child’s name to one or more of their bank accounts.    If you don’t think about it too hard, the […]

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Women Need an Estate Plan

By: Martin Glass, Esq.

Posted: October 9th, 2014

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I hate to break the news to the guys reading this, but we’re probably going to die before our wives.  First off, older women (65+) have a life expectancy of 20.3 years whereas older men only have an expectancy of 17.7 years, according to the CDC.  Add that to the fact that most women marry […]

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Protecting Your Assets – Part II

By: Martin Glass, Esq.

Posted: June 9th, 2014

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Last month I started a discussion about how to protect our assets so we actually have something to pass to our heirs upon our death. I mainly talked about how the government tries to reduce our estate by way of taxes. This month the discussion moves to the cost of long term care, and how […]

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Protecting Your Assets

By: Martin Glass, Esq.

Posted: May 9th, 2014

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Over the course of my career, I’ve found that there are really two parts to being an estate planning attorney. The first part is to actually create and execute a plan for my clients. The plan usually consists of a Will or a trust, along with a Power of Attorney, Health Care Proxy and Living […]

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Everyone Needs a Will, But No One Wants to Do It

By: Martin Glass, Esq.

Posted: April 27th, 2014

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I think this is something that I’ve known even before I started practicing as an Estate Planning attorney. Matter of fact, it probably predates my practice by decades, if not centuries. What am I talking about? I’m talking about the tendency to hesitate (if not complete avoid) writing a Will. Both in my practice and […]

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Can You Revoke An Irrevocable Trust?

By: Martin Glass, Esq.

Posted: March 27th, 2014

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The simple, knee-jerk answer to that question should be no, as that’s the point of an irrevocable trust. But, believe it or not, if you said that, you’d be wrong. There are actually several different ways to revoke an irrevocable trust. It’s not a simple procedure, but there are certain times that it makes sense […]

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