Articles Posted in Asset Protection

Creating a thoughtful estate plan is one of the greatest gifts anyone can leave their loved ones. It is important to update your will when major changes occur. These might include marriage, divorce, opening or closing a business, buying or selling real estate, or birth or death of an heir.

 
Estate planning is a process that helps ensure that your desires for distribution of your property and assets at death are carried out. During life, to complete an estate plan, you should consider the following: 

•     Will: A will is the primary document that should be prepared while living, to be effective at death. A will is a written document expressing how you would like your estate to be distributed after death. Usually a will must be executed in the presence of two disinterested witness and be notarized. You must also have testamentary capacity (over the age of 18, of sound mind, and competent).

On August 15, 2019, the U.S. Food and Drug Administration (FDA) rolled out thirteen (13) proposed warnings in full-color utilizing graphics for rotation on cigarette packages, meant to encourage people to stop smoking or taking up the habit.

 
According to the U.S. Centers for Disease Control and Prevention, (CDC) the leading cause of preventable death in the U.S. is smoking.

• Nearly 480,000 people die in the U.S. each year from smoking-related illnesses.

Millions of people find themselves in a middle class bind as they enter the midpoint of their retirement period. A good eight (8) to ten (10) years into retirement, many individuals are able to physically continue to live in their home and afford the upkeep and maintenance of their home with their retirement savings

 
Especially if the individual’s home is single-story, as health problems mature, many individuals will be physically able to maneuver their way around their home with little assistance. Multi-story homes become more difficult because climbing stairs may be a problem. Individuals in the midpoint of their retirement are generally still able to care for themselves. Many of them even hold permanent part-time jobs.

 
The sources of income for individuals in retirement are the fixed income they receive from a pension, an individual retirement account (IRA), Social Security, and 401K savings. Variable income is received through part-time job wages and other financial instruments like an annuity and cash savings.

The present-day court structure was established in 1691, when the New York Assembly established the New York Supreme Court of Judicature with the same common law jurisdiction as the King’s Bench, Common Pleas and Exchequer of England. The court was granted jurisdiction in equity in 1846 by statute, taking over equity matters from the Court of Chancery, and became a court of general common law and equity jurisdiction.

 
The current court structure — made up of 11 separate trial courts with varying jurisdictions — is complex and costly. For example, the Surrogate’s Court, established in 1787, has jurisdiction in probate and administration of estates matters. There is a Surrogate’s Court in each of the sixty-two (62) counties in New York. The Surrogate’s Courts also have concurrent jurisdiction with the Family Courts, over guardianships of the person and property of infants and adoption proceedings. Each county has a separate Family Court. So, there are sixty-two (62) of the courts as well. It is easy to see why any legal proceeding is expensive and the challenge of understanding which court can help you solve a problem.

 
Like any government agency, the New York State court system has a top executive, the Chief Judge Janet DiFiore. In her February state of the judiciary address, she announced an objective to “modernize” the state’s court system. Since then, many organizations and groups from a wide range of New York life – government groups, advocates against domestic violence, legal service providers, bar associations, community groups, and even private citizens – have banded together to lobby for court simplification.

My doctors always advise me that medications are meant to help me live better not longer. I always walk away from the experience scratching my head a bit because most of my medications have made me live longer but worse than before. The worst part of taking medication daily is remembering to take medication daily. It seems like such a simple task, but part of my brain still fights that I even have to take medications in the first place.

 
The second worst part of taking daily medications to live better are the side effects, especially interactions with other drugs. Some of the news is easy to ignore, and to a certain extent makes me laugh. For every story I read about the harmful effects of drinking coffee daily, there is another one saying daily coffee consumption would kill me. What kills me, however, is skipping a cup, the headache is the worst.

 
There is news you should pay attention to and at least discuss with your doctor if it raises any concern with the management of any of your health conditions.