Jason Jones

Married couples often assume that because they share their lives, they should also have one trust. That is not necessarily the best answer. In New York, a married couple can use either one joint revocable trust or two separate revocable trusts. Both can provide a way to manage assets during life, plan for incapacity, and control what happens after death. The better choice depends on the couple's property, family circumstances, and what each spouse wants to happen to his or her assets. When a...

Huguette Clark died in 2011 at the age of 104, having spent her last two decades in a Manhattan hospital room while three extraordinary homes sat empty and cared for. Her estate is a useful planning example, and not only for its size. Nearly every condition that makes a plan vulnerable appeared at once: great age, deep isolation, dependence on a small circle of caregivers and advisers, two conflicting wills signed weeks apart, and beneficiaries who controlled access to her. A plan can become...

Planning for Long-Term Care in New York: Preserving Assets While Securing Care The cost of long-term care in New York is substantial and continues to rise. Private-pay nursing home rates can exceed six figures annually. For families with meaningful savings, real estate holdings, or investment portfolios, prolonged care can significantly erode lifetime accumulations if planning is not undertaken in advance. Long-term care planning is not simply about qualifying for Medicaid. It is about...