Main Menu McMahon Law Firm, Attorneys and Counselors at Law

Toll Free


Free Initial Consultation
"Attorney Advertising"

March 2015 Archives

Protecting loved ones with estate planning preparation

Although some New York couples may equally share in the financial management of a household, in many cases, one partner tends to take primary responsibility for such matters. This can be a challenge with regard to estate planning due to the fact that a disconnected spouse might struggle in taking over such issues after a partner's death. However, a spouse who is aware of the challenges that a partner would face in knowing what to do after their death can enlist the help of an estate planning professional to minimize the difficulties of that transition.

Life insurance beneficiary mistakes to avoid

When buying life insurance in New York, it is a good idea to name a beneficiary. Failure to do so could force the proceeds of the policy to go through probate, which may create a situation where creditors have an opportunity to claim some or all of the money. By naming a beneficiary, the owner of the policy knows that the proceeds are passing to the intended recipient. In fact, it may be a good idea to name more than one person as a beneficiary.

Asset protection for seniors going to nursing homes

Seniors in New York often depend on Medicare for their health care needs. Medicare benefits, however, are limited if a person needs to enter a nursing home. Only a set number of days are allowed through Medicare to recover from a surgery or illness in a skilled nursing facility. When the time period expires, then the patient and his or her family must pay the costs, which can accumulate quickly and erode the finances of the patient and family members.

Trust administration for New York trusts

Trust administration involves multiple duties, all of which must be carefully followed by the trust's executor. In addition to distributing assets as outlined by the trust, the executor also serves as a fiduciary with duties owed to the beneficiaries.