Most people think about estate planning but never follow through and create one. Unfortunately, when there's no clear plan, probate or administration in New York becomes a likely reality for those left behind. Like a box of chocolates, these court processes are full of surprises—some good, some bad, and some that leave a bitter taste. Some estates move through the legal system fairly smoothly, with assets reaching heirs without major issues. Others, however, get stuck in a web of court procedures, legal fees, and family disputes that drag [...]

Have you ever thought about what would happen if you couldn’t make your own medical decisions? It’s not something most of us like to consider, but planning ahead is essential. In New York, the legal document that allows you to designate a trusted person to make medical choices for you is called a Health Care Proxy. Think about it—you wouldn’t leave your financial decisions to chance, so why risk having your medical choices made by someone who doesn’t know your wishes? By appointing a health care agent, you [...]

Why do people avoid estate planning? Most people know they should do it, but they put it off for one reason or another. Some don't want to think about their mortality, others feel overwhelmed by the process, and many believe they have plenty of time to figure it out later. Avoiding estate planning might seem harmless now, but it can create significant headaches later. Without a plan, your family may face legal complications, financial burdens, and potential conflicts over your assets. If you've been putting off estate planning, [...]

Divorce is not only an emotional and personal transition but also a significant legal and financial turning point. Amid the many changes accompanying the end of a marriage, if you are going through a divorce, revisiting your estate plan is a crucial step that you should consider. An outdated estate plan may no longer reflect your wishes and could inadvertently benefit your ex-spouse or fail to protect your loved ones. To ensure your estate plan aligns with your new life circumstances, consider the following essential steps: 1. Update [...]

Estate planning is a crucial step in securing your family's future, but it's not a one-time task. Life changes, such as marriage, divorce, the birth of a child, or significant financial shifts, can impact your estate plan. Regular updates ensure that your documents reflect your current wishes and circumstances. Key Reasons to Update Your Estate Plan Life Events: Major life changes, such as marriage, divorce, the birth or adoption of a child, or the death of a beneficiary, necessitate a review and update of your estate plan. Financial [...]

Understanding the scope and limitations of a durable power of attorney (DPOA) is crucial for both principals and their appointed agents. A common misconception is that the authority a DPOA grants continues beyond the life of the principal. However, it's important to understand that a durable power of attorney is no longer valid upon the principal's death. What is a Durable Power of Attorney? A durable power of attorney is a legal instrument that allows you to designate someone you trust, your "agent," with the authority to make [...]

As the cost of long-term care in New York City continues to increase, understanding Medicaid eligibility becomes crucial for residents who wish to plan for future healthcare costs and needs. Many people believe they must deplete their assets and savings before they can qualify for Medicaid coverage, especially when they need long-term nursing home care. You may have heard the idea of giving away your assets to family members floated as a potential solution. But does this really work? This strategy can be more complex and nuanced than [...]

Parents often think about transferring their homes to their adult children. As a parent, transferring property to your children is a significant decision with potential benefits and drawbacks. Let's examine some possible pros and cons of making such a transfer. Potential Benefits of Transferring Your House Before You Pass Away Avoiding Probate: A significant advantage of transferring property before death is circumventing the probate process, which can be lengthy, public, and costly. Transferring your home to children while you are alive can ensure a relatively quick transition of [...]

Estate planning is a critical step in managing your assets and securing your family's future. While a do-it-yourself (DIY) approach may seem appealing and cost-effective, it's important to understand the potential pitfalls. Here are five key pitfalls of DIY estate planning that you need to keep in mind. 1. State-Specific Legal Nuances: Each state has unique laws that govern estate planning. These legal differences can significantly impact the validity of your estate plan. Without specialized legal knowledge, you might inadvertently create a plan that doesn't comply with your state's [...]

National Estate Planning Awareness Week is here, and at the Law Offices of Tracy R. Field PLLC, we are dedicated to helping you secure your family's future and protect your legacy. During this special week, we want to emphasize the importance of estate planning and share valuable insights with you. Understanding Estate Planning:  Estate planning is often misunderstood as something only the wealthy need to worry about. In reality, it's crucial for individuals and families of all financial backgrounds. Estate planning involves creating a legal plan to distribute [...]