Simple Ways to Utilize Your Local Bank To Distribute Your Assets

Corey Lederman on October 14, 2015

Life is full of surprises. It’s never too soon to start thinking about the future, and more precisely, how your family will be taken care of. There are many ways to transfer assets when you die, some more involved than others. Luckily, many of our local banks make it very easy to take care of transferring the contents of basic bank accounts. If you die intestate, that is-without a will, your assets will be divided in accordance with the state laws of intestacy. This is a cumbersome and time-consuming process, and best avoided, if possible. A will and/or trust are Read More…


Sending Your Child Off To College: Part 2: Estate Planning: Why Does Your College-Bound Child Need It?

Michael Feinfeld, Esq. on July 14, 2015

Upon turning 18 years old, children in most states are considered adults. Therefore, as their parents, you will no longer have the ability to make financial or legal healthcare decisions for them. As they go off to college, you want to ensure that, in the event of an emergency, you’re able to access their healthcare records and have enabled yourself to care for them and make decisions on their behalf. Indispensable Estate Planning Documents For Your Child 1. Power of Attorney Allows an agent (such as yourself) to conduct financial and business affairs on behalf of your child. It can Read More…


Sending Your Child Off To College: Part 1: Need-Based Financial Aid Planning, College Planning, And Asset Protection

Michael Feinfeld., Esq. and Corey Lederman on July 14, 2015

Here we’ll explore how your assets and income affect your child’s ability to receive financial aid and strategies to maximize the amount of financial aid offered. COLLEGE PLANNING There are two primary tax privileged college savings vehicles: the 529 plan and the Coverdell ESA. The 529 College Savings Plan (“529 Plan”) This college savings plan provides some of the most generous tax benefits for parents and students. It’s very powerful because an individual can give up to $70,000.00, per beneficiary, either gradually or all at once in a lump sum (couples can give double this amount, i.e., up to $140,000 Read More…


Breaking Disability Law News

Michael J. Feinfeld on April 20, 2015

Do you have a disabled relative receiving government benefits but not enough money to set up a supplemental needs trust? Relief may be coming later this year. At the end of 2014, President Obama signed into law new legislation allowing the parents or relatives of disabled individuals receiving government benefits, such as Medicaid or SSI benefits, to establish a tax deferred 529 plan to pay for certain expenses, a so called “529 ABLE account.” The new law, which only allows for the establishment of one account per disabled individual, is slated to be enacted by individual states later this year Read More…


Ensuring the Hand That Feeds: Estate Planning for Your Pet

Michael J. Feinfeld on April 20, 2015

A client recently came to our office with concerns about how to properly plan her estate to include taking care of her pets in the event of her incapacity or death – an issue frequently raised by single, widowed, divorced or elderly clients with pets. She was rightly concerned that her family members or social networks would not be able to step in quickly enough to take care of her pets. While non-pet owners, individuals with large immediate families or people who view pets simply as property may minimize such concerns, pet owners in New York State do have several Read More…


Guardianship 101: What to Consider When Planing for Young Children

Michael J. Feinfeld on February 3, 2015

Unless you are blessed with lots of close family members, choosing a person to act as the guardian for your children upon your death (or incapacity) is a difficult matter to think about, let alone talk about. And it’s not just determining who will be responsible for raising your children and caring for them. You also have to decide how your assets and possessions are to be managed and held for their benefit. Daunting problems to say the least. In fact, fears over how to make these decisions often keep parents from planning for the future. Perhaps you do not Read More…


Legal Checklist for Expecting Parents

Volkova Law Group PLLC on August 21, 2014

Picking out names, books and tiny clothes in preparation for bringing a baby into your life is exciting and joyful. However, welcoming a new addition to your family can also be overwhelming and stressful. Not only do you have to think about the ways in which this new member of your family will affect your work, your income, your social life and your family dynamic, there are also very important financial and legal implications of child-rearing and parenting that need to be addressed. So as not to feel overwhelmed once your baby is here, we have set up a legal Read More…


Estate Planning For Your Long Term Care Needs: How a Financial Advisor Can Help

Volkova Law Group PLLC on June 24, 2014

Do you know how I spend a good deal of my time? I meet and talk to financial advisors. And not because I have millions of dollars to invest. I talk to them because we share a common goal: protecting the financial future of our clients. In addition to having a solid estate plan, it is absolutely essential that you have a financial planner on your advisory team. You will run into so many blind spots in financial planning if you try to do it yourself. It really does take years of training and experience to be able to advise Read More…


Taking Care of Your Elders and How to Avoid Guardianship

Volkova Law Group PLLC on May 29, 2014

This last week has been a bit of whirlwind for me. I taught a continuing legal education class at Pace Law School, funded a trust, and tackled a complicated estate plan for a busy professional. Most importantly, I got appointed as a guardian to a mentally ill elderly person. This is a professional and personal milestone for me: I know I can do it, and I feel grateful that we live in a state that has decent safeguards in place to protect the interests of those who can’t make competent decisions for themselves. The system is by no means perfect. Read More…


Why Single & Divorced Parents Need an Estate Plan

Volkova Law Group PLLC on March 7, 2014

My 4-year-old son is trying to figure out who he wants to be when he grows up. Artist is currently at the top of his list – which is perfect for the tiny budding painter. In the meantime, he is also grappling with what Mommy does. I explained to him that as a lawyer I help people solve problems. And one problem I would prefer for my clients to never have is the problem of not having an estate plan, which includes… a Will a Health Care Proxy a Durable Power of Attorney a Living Will An estate plan is Read More…


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