As a resident of New York, you may have questions about how the assets in your estate will be handled upon your passing. High on the list of these queries is apt to be a question about what rights your existing creditors have in regard to your assets at the time of...
Do I have to wait five years for nursing home care?
On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Feb 1, 2021 | blog, Care Planning
Millions of Americans live in nursing homes. This is often the best option for those who need round-the-clock assistance. But how exactly do these people pay for this care? Most people in New York will be able to live in a nursing home because they are using Medicaid...
When should you update your estate plan?
On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jan 14, 2021 | blog, Estate Planning
Some New York residents may assume that once they have created an estate plan, their work planning for the future of their assets and their family is done. Even if you do not specifically think this, it can be easy to postpone reviewing and updating your estate plan....
Everyone needs a last will and testament in their estate plan
On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Nov 24, 2020 | blog, Estate Planning
Many people think the only individuals who need a last will and testament are those with significant wealth, but this is simply flawed thinking. An estate plan need not be extensive or elaborate to be valid and applicable. Any individual with clear assets or even...
Executing an estate plan
On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jun 30, 2020 | blog, Estate Planning
New Yorkers who do not already have an estate plan in place should strongly consider getting one, even if their assets are minimal. Having an estate plan ensures that everything a person owns, including family heirlooms of sentimental value, goes to the intended...
Ensuring a will and other estate planning documents are valid
On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jun 15, 2020 | blog, Estate Planning
Estate planning is an important aspect of being fully prepared for the future. New Yorkers who have yet to create a will and other estate planning documents should be aware of the steps necessary to ensure that the document is valid. Failure to follow these...
Avoid these errors in creating a will
On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jun 2, 2020 | blog, Trust & Probate Administration
When people in New York are writing a will, it is important to ensure that it is prepared correctly and that it does not contradict other elements of the estate plan. A will must pass through the probate process in most cases, but the process is usually faster than if...
3 questions you should ask your parents about estate planning
On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Apr 27, 2018 | blog
It is never easy to watch your parents get older. Facing the fact that your parents are aging may feel uncomfortable and intimidating. However, it is important to face this issue head-on and have some conversations with your parents about their finances and estate...
Choosing between a revocable or irrevocable trust
On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Apr 13, 2018 | blog
It is important that estate holders select the best tools to carry out their estate plans. For those estate holders with large or complex estates, trusts are often beneficial options to keep assets from being tied up in probate. There are different types of trusts,...
Does your estate plan include TOD- and POD-titled accounts?
On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Mar 13, 2018 | blog
Beneficiaries are a major focus in your estate-planning strategy, and you want to make sure that upon your death the transfer of assets to them will be handled smoothly. One simple way to transfer certain assets and avoid probate is to have TOD- or POD-titled...
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