AARP agrees that utilizing a revocable living trust is the new thing! Revocable living trusts provide savings opportunities, save probate expenses, and provide other advantages over a will.
What is a revocable living trust?
It is a relationship established between three parties:
- The creator of the trust;
- The trustee who manages the property within the trust and distributes proceeds to beneficiaries; and
- The beneficiaries who receive the property according to the terms of the trust.
A revocable living trust allows assets within the trust as well as income generated by those assets to be managed and distributed by the trustee. The trust income and property are then distributed in accordance with the terms and conditions of the trust. This type of trust is referred to as a living trust because it is established during the life of the creator.
How does one benefit from a revocable living trust?
A revocable living trust provides numerous benefits to the creator. If the creator becomes incapacitated, the trustee is typically authorized to manage all of the assets within the trust as well as any obligations in accordance with the terms of the trust without court intervention. A revocable living trust will also provide financial assistance to family members if the creator becomes incapacitated. Upon the death of the creator, the trust transfers assets outside of the estate and outside of probating a Will. A living revocable trust can also be structured to minimize federal or state tax consequences. A revocable living trust also allows the creator to act as trustee, either with their spouse or without their spouse, or even revoke or modify the trust prior to death.
How does a revocable living trust compare to a will?
Both a revocable living trust and a will are tools that provide a method of passing property and other assets to family members and loved ones. However, a revocable living trust avoids the probate process, whereas a will does not. Unlike a will, a revocable living trust does not need to be administered by a probate court. By avoiding probate, an estate can essentially save numerous costs and assets will be distributed faster to family members and loved ones. In addition, a revocable living trust protects the privacy of the decedent as well as their finances. While court documents and the probate process are a matter of public record, a revocable living trust is handled outside of probate and is therefore kept private.
The attorneys at Hobson-Williams, P.C. are skilled in all aspects of elder law and are dedicated to representing clients with diligence and compassion during emotional times. Contact the experienced New York elder law attorneys at Hobson-Williams, P.C. for a consultation by calling them at 866-825-1LAW or vising them at www.thobsonwilliamslaw.com.
According to the Center for Disease Control (CDC), up to 70% of nursing home residents are prescribed antibiotics during the course of any given year, ranging in cost between $38 million to $137 million per year. Recently, the Journal of American Medical Association (JAMA) released the results of a study that linked the high usage of antibiotics in nursing homes to many health problems such as gastroenteritis, clostridium difficile, and resistance to superbugs, drug-resistant germs.
The study, which concentrated on a sample of 110,656 patients in 607 nursing homes in Ontario, Canada, found that the residents had a high percentage of antibiotic use. The most commonly prescribed antibiotics were penicillin and second-generation fluoroquinolones. Despite the fact that some elderly residents did not take the antibiotics, they were still at an increased risk of antibiotic-related harm.
As noted by the CDC, the over-prescription of antibiotics contributes to the development and sustainability of superbugs, one of the world’s leading health threats. Physicians are advised to only prescribe antibiotics if, based on evaluation, their patient has a bacterial infection. According to the JAMA study, it is estimated that 56% of inappropriately prescribed antibiotics are to treat suspected urinary tract infections, and up to one-third of these are for nursing home residents with asymptomatic bacteriuria, bacteria in the urinary tract. However, this bacteria is usually safe and does not require antibiotic treatment.
According to the CDC, nursing home residents are highly susceptible to to drug-resistant germs due to the possibility of the bacteria “colonizing,” residing without producing symptoms, on their skin.
If you or your loved one is in a nursing home and has been subjected to misuse or overuse of antibiotics, contact an experienced elder law attorney at the New York Elder Law Firm Hobson-Williams, P.C. at (718) 210-4744.
On March 18, 2016, U.S. District Court Judge Gary Sharpe ruled that the Cuomo administration and New York’s Justice Center must disclose records related to the abuse of disabled and mentally ill patients in the State’s care. Disability Rights New York (DRNY) has requested records involving disabled youths and adults who were allegedly abused, on multiple occasions but all of the requests were denied.
The plaintiff, DRNY, is an organization that advocates for the protection of the civil and legal rights of people in New York with disabilities. They have the obligation to investigate the abuse of individuals with mental illness and developmental disabilities. To fulfil that obligation, DRNY wanted to see the full investigative reports that New York Justice Center completed, including the names of staff accused of committing abuse or neglect, names of those who filed complaints, and clinical records. The Justice Center is a New York State run state agency established to protect people with special needs from mistreatment, and often investigates abuse allegations throughout the state.
During the trial, the Justice Center argued that it should be allowed to redact information such as names and details in clinical records before handing over records. The Judge disagreed, and stated that if the Justice Center did not turn over the records or provided records that were redacted information, DRNY’s mandate to advocate for disabled New Yorkers would be impeded.
Taking proper care of the disabled and elderly in our society who depend on us is of the utmost importance. If you have questions about the care of a disabled or elderly loved one, contact an experienced New York elder law attorney who can help. For more information, contact Hobson-Williams, P.C. at (718) 210-4744 for the quality representation that you deserve.
According to documents obtained by People Magazine, Prince did not have a Last Will and Testament. Prince’s sister Tyka Nelson filed an Emergency Petition in a Minnesota Court seeking the appointment of a Special Administrator.
Sources report Prince’s sister as stating, “I do not know of the existence of a Will and have no reason to believe that the Decedent executed testamentary documents in any form,” states the document, which was filed in Carver County Minnesota.
An Administrator is appointed to settle an estate after a person has died. A petition must be filed with the court and a personal representative must be appointed. The personal representative is responsible for the following:
- Collection, inventory, and appraisal of assets of the person who has died.
- Protection of the estate’s assets.
- Payment of decedent’s debts.
- Distribution of the remaining assets to the proper parties as provided by law.
According to a survey conducted by FindLaw.com, 35% of those surveyed had a Will but individuals over the age of 65 did execute a Will. Without a Will, property passes according to the State’s intestacy laws.
Some sources believe that Prince’s current estate is valued at over $300 million dollars. The failure to execute a Will may result in his property being distributed in a manner contrary to what he may have wanted during his life.
If you or a loved one needs a Last Will and Testament or other Advanced Directives, contact the experienced attorneys at Hobson-Williams, P.C. at (718) 210-4744 to ensure that your property passes to those you choose and not according to the laws of intestacy.
The U.S. Immigration and Customs Enforcement and the Customs and Border Protection Agency are working together to combat a new trend of drug traffickers who fool seniors into becoming international drug mules. Traffickers either forge a relationship with seniors or promise inheritance or other monetary incentives. In targeting the elderly, traffickers hope that the drugs pass through security undetected. This scheme has worked to some degree because eighty-three U.S. citizens who fell victim to drug trafficking tricks have been arrested in foreign countries since 2013.
Operation Cocoon, an initiative to identify seniors before leaving the U.S. as drug mules, has been successful in preventing some seniors from boarding international flights and facing jail time in a foreign country. According to the New York Times, approximately 272 kilograms of methamphetamine, 209 kilograms of cocaine, 4 kilograms of ecstasy, and 11 kilograms of heroin have been confiscated under Operation Cocoon.
Some seniors, though, have not been so lucky. One such man, J. Bryon Martin, is now serving a six-year jail term abroad for smuggling almost 2 kilograms of cocaine. Mr. Martin, a seventy-seven-year-old retired pastor from Maine, met an individual he knew as “Joy,” who eventually asked for his help in transporting what he thought were real estate papers. Mr. Martin trusted “Joy” because they had an online relationship for about five years before she asked him to travel to Peru and then onto London. During Mr. Martin’s layover in Spain, authorities opened up the packages thought to contain paperwork, and found the drugs.
Operation Cocoon has helped prevent many seniors from traveling abroad as drug mules, but there is still progress that needs to be made. One challenge for authorities is the fact that drug traffickers are not typically located within U.S. borders. Traffickers are also savvy and seem to know ways in avoiding detection.
The initiative must start at home: caring for our elderly and choosing the best care specialists is essential in preventing our older loved ones from being victimized. The Law Offices of Hobson-Williams, P.C., help clients protect their loved ones and are experienced in handling other elder law and guardianship issues. The attorneys at Hobson-Williams, P.C. are available for consultation by calling 866-825-1529.
Federal and State law provide a number of programs to help a person with disabilities. Such programs include. Security Income and Medicaid. Supplemental Security Income, or SSI, is a federal program that provides monthly cash payments to people in need. SSI is for individuals who are 65 or older, as well as for blind or disabled people of any age, including children.
However, to qualify for SSI and Medicaid an applicant must own less than $2,000 in assets. The value of your home does not count if you live in it. Usually, the value of your car does not count and the value of certain other resources, such as personal items or a burial plot, may not count either. Continue reading “Special Needs Trust Can Provide Effective Financial Relief for the Disabled Elderly.”
As many individuals begin to plan for their future and the future of their estate, they are shocked by how many options there are. Many people are familiar with the term “will” and its significance, but too often individuals are also unfamiliar with any other estate planning instruments.
If you have started the process of looking into protecting your assets, an estate planning attorney may have recommended that you create a revocable living trust as the key document in your estate plan, rather than a will. A revocable living trust, if done correctly, will allow your estate to bypass the probate process, as well as keep your information private. Wills become a part of the public record after your death, whereas trusts do not. Continue reading “Pour Over Wills”
On April 8th and 15th, 2011, the State Commissioner of Health sent all CHHA administrators two directives reminding them that state law does not allow CHHAs to reduce home health aide services that were previously authorized, without doctor’s orders and notice and hearing rights. Similarly, if a CHHA client is hospitalized, or in temporary short-term rehabilitation, these changes do not allow the CHHA to abandon them — the CHHA must reinstate the same home health services after the hospital or rehab stay is over, if the client continues to need the services as prescribed by his/her treating physician.