Estate Planning for Families with Special Needs Children

Volkova Law Group PLLC on January 22, 2014

As parents we all wish to be there for our child. Always. And when you have a child with special needs, that desire becomes ever greater. One way to relieve some of that inevitable pressure about the future is to plan as much as you can. But with so many things to plan for, you can get lost in the jumble of details. Proper estate planning helps parents lessen some of their anxiety about the future by ensuring their child will have some financial security. In this article, I will explain some of the various ways a family with a Read More…


How Do I Know If I Need A Trust?

Volkova Law Group PLLC on November 19, 2013

A trust is not for everyone – but it is an important planning tool, so it makes sense to take some time to understand if it’s right for your family. There are many myths about what a trust is and what its purpose is. A majority of the people who come to us for a consultation believe they need some sort of trust as part of their estate plan. However, once we start to talk about their goals, it often becomes clear that the kind of trust planning they have in mind is not the right fit for them. To Read More…


Your Child, Your Money: Is Life Insurance Enough?

Volkova Law Group PLLC on October 10, 2013

Being a parent brings lots of responsibilities. One item that most parents do fairly quickly after having children is getting life insurance. It gives us peace of mind to sleep at night – and that’s important because we all know sleep is a precious commodity as a parent! Unfortunately, most of us still leave one very important base uncovered… The testamentary trust. This is a trust in your Will that takes care of the actual distribution of your estate to your minor children – which means how and when your child will receive those assets. When you get life insurance, Read More…


A Will Usually Isn’t Enough

Brian Wood on September 3, 2013

You should feel comfortable knowing your assets will go to the right people. Having a will is an incredibly important step in ensuring that happens. But it is critical to remember that having a will is not the only step. Even if you have a will, many assets may pass to your loved ones based on documents and information not contained in your will. These assets are commonly referred to as non-probate assets and some examples include: 401(k)s, Individual Retirement Arrangements (“IRAs”), 529 Plans, Payable on Death (POD) accounts, joint bank accounts and life-insurance policies. Here are some tips to Read More…


Tax Abatement for New York Co-op’s and Condos Held in Trust

Brian Wood and Zachary Grizotsky on September 3, 2013

For the last 17 years, New York residential property owners have been taking advantage of a tax abatement provision applicable to all co-op’s and condominiums. New legislation passed on January 2013 amended that tax abatement, limiting its availability to owners who use their co-op or condo as their primary residence. Unfortunately, this legislation terminated the abatement for people who transferred ownership of their primary residence into a trust. The good news is that on July 3, 2013, the Governor signed into law a new bill allowing owners to receive the tax abatement if they maintain a co-op or condo as Read More…


You Are Not Too Young to Plan Ahead

Elena Volkova on June 25, 2013

Recently, I presented two workshops: one on estate planning and another on choosing the right legal structure for your business. Different as these topics may seem, they are quite important for any small business owner, because estate planning provides for business continuity and business planning facilitates estate administration. Here are a few practical take-away points from our estate planning workshop: Even young and single people could benefit from having a simple estate plan in place. Having your documents prepared gives you dignity and peace of mind. Start with simple documents: Power of Attorney, Health Care Proxy and a Living Will; Read More…


New York City Recipients of Community-Based Long Term Care Begin Transition to Managed Long Term Care

Volkova Law Group PLLC on June 21, 2013

NYSBA Elder and Special Needs Law Journal | Spring 2013 | Vol. 23 | No. 2 The Medicaid Redesign Team (MRT), commissioned by Governor Cuomo by executive order on January 5, 2011, has already drastically changed the landscape of New York’s Medicaid program by expanding the enrollment to previously exempt populations. This fall, after the Center for Medicare and Medicaid Services (CMS) approved a “waiver,” dual eligible Medicare/Medicaid consumers in New York who receive long term care in the community for more than 120 days became another segment of the population that is being transitioned into managed care plans. Read More…


How to Protect Your Digital Assets for Your Heirs

Volkova Law Group PLLC on April 20, 2013

A sign of our times is that most of us keep important documents, including copies of signed agreements, bank statements, electronic books, music, family videos and photos, on the hard drives of our computers and on the drives of various internet service providers (the “cloud”). To access these digital assets, you need to have a username and password. Not a problem, usually, if you are alive and well. But if you are not around to share the username and password, how will your family and heirs get to your property? The solution is fairly simple: First, you need to figure Read More…


Advice to Young Families on Estate Planning

Volkova Law Group PLLC on July 1, 2012

The idea of drafting a personal will can be incredibly uncomfortable. The reluctance people feel when it comes to creating and signing a will is a very natural and human fear, especially for young families who do not want to confront the subject of mortality so early on in their lives. We, at Volkova Law Group PLLC, understand this fear and strive to guide young families through the will-drafting and estate-planning processes with sensitivity and care. Even if it is difficult to begin drafting a will, there cannot be enough emphasis placed upon the importance of having properly drafted wills, Read More…


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