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y02jex_b0o0-aaron-burdenMany people are procrastinators and afraid to face their own mortality. They often fail to properly plan for death, disability and retirement. Clients often tell me that if they knew estate planning was so easy, that they would have done it years ago. Estate planning is often neither complicated nor costly. However, failure to plan is very costly, complicated and stressful.

The New York Power of Attorney form, which is widely used to enable someone else to handle your financial and legal affairs when you are unable to, should be revamped by the New York State Legislature. This is the recommendation of the New York State Bar Association which feels that this complicated document needs to be simplified.

“New York State’s current Power of Attorney form is far too complex, expensive and inconvenient, leading to potential pitfalls, which may not become clear until the ill or incapacitated family member needs the help a Power of Attorney provides,” said New York State Bar Association President Claire P. Gutekunst. Continue Reading Power of Attorney Form Needs to be Simplified

Landlord rights  will be explained at my “How to Survive Legally as a New York Landlord” seminar on Thursday, May 4, 2017, from 6 PM – 9 PM at the Hyatt Place Buffalo, 5020 Main Street, Amherst, NY 14226 .

Drawing on thirty-eight years of experience representing landlords, I will explain how to successfully screen tenants without discriminating, purchase rental property,  draft leases, quickly evict bad  tenants and collect judgments.   Continue Reading Landlord Rights: 21 Most Common Mistakes

Are you concerned about protecting your assets if you need Medicaid for nursing home care  in New York?

Do you have questions about the Medicaid assets limits and the Medicaid look-back?

“14 Ways to Preserve Your Assets with the New York  Medicaid Laws” seminar will be presented for free  at the Clarence Senior Center, 4600 Thompson Rd, Clarence, NY 14031 on Thursday, April 6, 2017 at 1:30 PM .

Have your Medicaid questions answered by Robert Friedman, Attorney and Jeff Vastola, CLU of M&T Securities who will discuss: Continue Reading Medicaid Planning Seminar

After reading my last blog “10 Advantages to Cottage LLCs”, you may have decided to transfer your family vacation home into a New York LLC.

These are the eleven  steps to forming  a New York vacation home  LLC:

  1. Consult with an attorney with expertise in real estate, business  and estate planning law.
  2. Consult with an accountant regarding the gift, estate and income tax consequences and filing requirements of transferring, owning and renting the home.
  3. Check the New York Department of State (NYDOS) database search for name availability.
  4. File LLC articles of organization with the NYDOS.
  5.  Publish a legal notice for six weeks in a daily and a weekly newspaper.
  6. File a certificate of publication with the NYDOS.
  7. Issue membership share certificates.
  8. Draft a detailed operating agreement which will be discussed in a future blog.
  9.  Obtain a federal tax identification number from the IRS.
  10. Open a bank account  in the name of the LLC using the federal tax identification number.
  11.  File  a deed with the County Clerk transferring title into the name of the LLC.

A properly formed LLC will be instrumental in preserving your vacation home for all to enjoy.

Michael’s parents own a cottage on Lake Ontario in Wilson, New York which  has great sentimental value to him. He has fond memories of summers on the lake as a child. He wants to keep it in the family for his children, his brothers and future generations to enjoy.

Since his parents are in their 90s, he is worried that he will have to sell the cottage when they die. Michael is thinking about forming  a New York Limited Liability Company (LLC) for the cottage. Continue Reading 10 Advantages of Family Cottage LLCs

As part of your estate planning, you should have “A Playbook for Managing Problems In The Last Chapter of Your Life” as described here by Judith Graham in Kaiser Health News. You can take steps to avoid a crisis in the remaining years of  your life.

CHICAGO — At least once a day, Dr. Lee Ann Lindquist gets an urgent phone call.

“Mom fell and is in the hospital,” a concerned middle-aged son might report.

“Dad got lost with the car, and we need to stop him from driving,” a distraught middle-aged daughter may explain.

“We don’t know what to do.”

Lindquist, chief of geriatrics at Northwestern University’s Feinberg School of Medicine, wondered if people could become better prepared for such emergencies, and so she designed a research project to find out.

The result is a unique website, www.planyourlifespan.org, which helps older adults plan for predictable problems during what Lindquist calls the “last quarter of life” — roughly, from age 75 on.

Continue Reading Managing Problems: Last Chapter of Your Life

The soaring cost and prevalence of Alzheimer’s disease has a tremendous impact on our nation’s families and economy. This is according to a disturbing 2017 report released yesterday by the Alzheimer’s Association.

The statistics in the report emphasize the need for estate and Medicaid planning for disability.  390,000 New York residents 65 and older suffered from Alzheimer’s disease last year.

Total annual payments for health care, long-term care and hospice care for people with Alzheimer’s and other dementias exceed  a quarter of a trillion dollars. $175 billion of Continue Reading Devastating Costs of Alzheimer’s Dementia Care

“15 Ways to Avoid New York Probate” will be presented by Robert Friedman, Attorney and “How to Create Value by Investing & 1031 Exchanging” will be presented by Russell J Gullo, CCIM, CMIA, CEA at the Buffalo Investors & Exchangors Group meeting on Tuesday, March 21, 2017 at 7:00 PM at the Millennium Hotel, 2040 Walden Avenue, Cheektowaga, NY.

Drawing on over 38 years of estate planning experience, Mr. Friedman will explain: Continue Reading 15 Ways to Avoid New York Probate