Header
Home http://www.mackenziehughes.com/

Beneficiary Designation Forms: A Good Estate Plan Is Not Complete Without A Review Of These As Well

Now that you are finally getting around to having your Will prepared or updated, or even considering adding a Revocable Trust to your planning documents, it is also important to plan for those assets that are subject to a document commonly referred to as a beneficiary designation form.  Most commonly, my clients inquire: Doesn’t my Will take care of these assets as well?  The answer is “no.”  Although in some cases you may desire that those assets be directed to your estate so that they pass through your Will, or even a trust you have created, you must do something to make that happen.  That something is done through your beneficiary designation forms.  This is of the utmost importance because the assets that pass by beneficiary designation may very well comprise a large percentage of your total assets.

more »

Social Security Retirement Planning If You Are Divorced

If you are divorced, you are entitled to receive benefits on your ex-spouse’s record (even if he or she has remarried) if:

1. Your ex-spouse is entitled to Social Security benefits. If your ex-spouse worked for ten years or more, then he or she is eligible to receive retirement benefits as early as age 62. Also, if your ex-spouse is receiving Social Security Disability benefits, you may qualify for benefits; and

more »

Is your family taking advantage of the New York State Nursing Home Assessment Credit?

New York Public Health Law §2807-d(2)(b) imposes an assessment on New York residential health care facilities of six percent (6%) of the receipts of the residential health care facility. In most cases, the nursing homes pass on this assessment to the residents. This assessment is shown as a separate line item on the nursing home monthly bill.

more »

For The Collectors Among Us

You may face an important gap in insurance coverage if you maintain a collection of items such as fine art, sports memorabilia, jewelry, guns, furs, antiques, stamps, coins, wine, dolls/toys, action figures or auto/movie memorabilia and rely on your homeowner’s policy to insure your collection. Without additional coverage, your collection will likely be lumped in with the remainder of your personal property if you experience a catastrophic loss due to fire, theft, etc.

more »

To Shovel, or Not to Shovel

Winter is upon us in Central New York, complicating our morning commutes and creating more work for us each morning as we clean off our cars and shovel our driveways. Recently, in the City of Syracuse, clearing snow from sidewalks has become a hot button issue as the Common Council contemplated whether to impose fines on landowners who fail to shovel their walks. Syracuse city counsilors recently decided not to impose fines on residents who do not clear their sidewalks, but this doesn’t necessarily mean the issue will not come up again. So, what is your obligation as a homeowner to keep a public sidewalk that abuts your property free from snow and ice?

more »