New York Medicaid beneficiaries might be aware of the 21st Century Cures Act (CCA), which came into effect on Jan. 1. The law changes the wording of the Omnibus Budget Reconciliation Act of 1993, which was written to exclude people with disabilities from creating...
Using irrevocable trusts to protect assets
On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jul 25, 2017 | Estate Planning
When New York residents have worked hard all of their lives to provide for their families, they want to ensure that they protect the assets that they have obtained. However, many residents who start the estate planning process still want to maintain some form of...
Finding the right trustee
On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jul 19, 2017 | Estate Planning
Trusts can be an important part of estate planning that help benefactors take care of their heirs. However, the good intentions of a grantor sometimes turn disastrous when the wrong person serves as a trustee. Trustees must manage assets in a trust, so the right...
3 important issues to discuss with aging parents
On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jul 17, 2017 | blog
Coming to terms with the fact that your parents are aging is hard. You might be uncomfortable thinking about it, and your parents might be uncomfortable talking about it. While there may be valid concerns, there are still benefits to discussing important end-of-life...
Trustee duties under an irrevocable life insurance trust
On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jul 14, 2017 | Trust & Probate Administration
A New York resident who is appointed trustee of an irrevocable life insurance trust has a number of duties and responsibilities. Above all, a trustee has a fiduciary duty, and this means there is a legal obligation to administer the trust competently for the benefit...
DIY will vs. lawyer: Which will save you money?
On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jul 12, 2017 | blog
As you help your parents with their estate plans, you are probably using the internet as your primary source of information. You will also find plenty of free or low-cost legal forms you can fill out, such as wills and advance health directives. Going that route may...
Advantages of trusts for charitable giving
On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jul 3, 2017 | Estate Planning
New York residents who would like to give to charity and provide for their loved ones in their estate plan can do both with a charitable trust. There are two types of charitable trusts. With a charitable remainder trust, a person places assets in the trust and then...
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