Tag: Charitable Giving

senior woman with home care worker and New York Medicaid application

Selecting a Medicaid Pooled Income Trust

Using a Pooled Income Trust to qualify for Medicaid coverage. Several of our clients are concerned about their ability to continue receiving care at home after depleting most of their assets. They have substantial income from Social Security, pensions, and annuities and are concerned that it will disqualify them from Medicaid eligibility. Income above a…
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young adult in interview for job with employee benefits

Employee Benefits and Financial Security

As your young adult embarks on their professional journey, it becomes imperative to guide them through crucial decisions regarding employee benefits, retirement savings, and insurance. Discussions about financial well-being are essential in this era of diverse employment structures and a growing desire for work-life balance. Employee Benefits Understanding Benefits Packages Discuss the advantages of being…
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Mother helping daughter learn about major financial decisions when moving away from home.

Navigating Major Financial Decisions

As young adults leave home, their two most important financial decisions will revolve around their largest expenses – housing and possibly transportation. Your task is to help your child understand how the finances affected by these two decisions will shape their lifestyle and ability to afford it. So, in this second part of our series,…
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father explains money management for young adults

Nurturing Financial Wisdom and Money Management

What Would You Tell Your Younger Self about Money Management? Whether your children are facing life’s financial journey as recent college graduates, starting their first job, or even in an established career, your experience can be a valuable guide. Give your child the benefit of your knowledge of the crucial financial topics that young adults…
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Undermining a POA Could Lead to Guardianship

Attorneys and Daily Money Managers (DMMs) encourage individuals (principals) to prepare estate plans. This process includes appointing an agent under Power of Attorney, well in advance of a possible loss of legal competency. The appointed POA will have the legal authority to take full responsibility for the principal’s financial affairs. One goal of this process…
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Pre-Planning to Avoid Guardianship

If a person is deemed incompetent, ideally, their agent under Power of Attorney (POA) or their trustee will handle their financial matters. If the person has not selected an agent or trustee, they may end up in guardianship. Under guardianship, an individual loses their legal rights, and their decision-making rights are restricted. The court-appointed guardian…
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Working with Professional Advisors

When helping a family member or friend with their personal finances, you may meet with their investment managers, accountants, attorneys, and other professionals. Comprehensive information and timely interaction with these advisors can lead to advantageous financial outcomes such as reduced tax liability, more robust insurance coverage, easier estate administration, and more. Over our years of…
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An Estate Executor’s Financial Challenges:
Estate Assets

As an executor, your responsibility is to identify all assets. One of your first priorities will be to locate and secure the belongings and finances of the deceased person to prevent any loss or damage. These assets may include bank accounts, real estate, investments, insurance policies, and valuable items such as jewelry and artwork. The…
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Tools and paperwork for handling estate's finances.

An Estate Executor’s Financial Challenges:
Debts, Bills & Banking

An estate executor is responsible for managing the estate’s finances. This includes opening a bank account specifically for the estate and collecting any money owed to the deceased, paying ongoing expenses like taxes, utilities, and property insurance, as well as debts, and keeping detailed records of all financial transactions. Here are some situations we’ve encountered…
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An Estate Executor’s Financial Challenges:
The Basics

If you’ve been appointed to be an estate executor, your job is to manage the estate’s financial affairs and carry out the deceased person’s final wishes. This a significant responsibility that involves a fair amount of organization, careful attention to detail, and good communication skills. For more than two decades, Eddy & Schein Group has…
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Analyzing tax return and creating budget on computer screen

What You Can Learn from Analyzing Your Tax Return

Now that your taxes are prepared and ready to file, consider one more valuable step… analyzing your tax return. It’s a good opportunity to let its numbers tell your story. While you’re most likely focused on receiving a refund or making a payment, analyzing the impact of your prior year’s financial behavior can help guide…
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Tax Liability on Real Estate Sales

Real estate ownership often represents an individual’s or couple’s largest asset, and its sale can significantly impact their tax liability. This is among the key reasons that clients seek our help. We help them by researching and gathering information related to expenses and coordinating with related professionals to help minimize that tax liability. What Impacts…
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