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Knowing when to update an estate plan is important to avoid estate planning errors and problems. Updating an estate plan as life changes is as important as ensuring the estate planner has all the components that an effective estate plan should have in place. As a...
Setting up a trust can be an important part of an effective estate plan. There are different types of trusts for estate planners to be familiar with which can help based on their unique situation and circumstances. One type of trust is a special needs trust for estate...
Sometimes, people in New York and other states see that assets that were acquired and maintained through years of hard work end up in state coffers after the death of the owner of those assets. Oftentimes, that happens due to inadequate estate planning. As many people...
An estate plan is not something that people should look at once and then tuck away for safe-keeping, only to be used after they pass away. An individual's estate plan should change just as their family does. It reflects their wishes and instructions for their family,...
A death in the family can be a terrible experience and it oftentimes takes a long time for the family to cope with the loss of the loved one. In addition to being a major emotional challenge, the death can also mean taking charge and making important decisions...
In addition to coping with the loss of a loved one, the surviving family members need to comply with certain legal and financial obligations related to the estate of the deceased individual. One such obligation is paying the taxes accrued against the estate of the...
Over the years, most New York residents accumulate numerous assets, and they often want to make sure that those assets get passed on to future generations. Commonly, people utilize estate planning in order to protect their assets and dictate how their property should...
Many New York residents may feel that leaving assets to their loved ones will give them a sense of presence and purpose in their family members' lives even after death. While wills can be used to distribute property, directly bequeathing assets may not be the best...
Unsurprisingly, over 30 percent of Americans polled would prefer to do almost anything else if doing so means avoiding a conversation about their wills or estate plans. While some older residents of New York may already have the legal documentation in order, others...
Far too often, aging New York residents reach what are supposed to be the golden years only to find themselves instead facing the need for long-term care that is prohibitively expensive. Since few have the necessary cash readily available to pay the high cost of this...
