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Creating an estate plan is a crucial element in caring for your family. In order to situate your loved ones on a successful path, it is important to understand what documents you should have in place. Although each estate plan is unique to the client’s particular...
Do your parents’ have an estate plan? Most people do not want to think about something happening to their parents, but it is something you need to think about and plan for, particularly with aging parents. According to Money Crashers, only 42% of Americans have a Last...
The complexities of estate planning can sometimes result in mistakes. For example, some people create a trust to provide for their heirs only to forget to fund the trust. If you fail to fund your trust with your assets, it will have nothing to distribute to your...
A well-crafted estate plan ensures that your final wishes are carried out and your estate distributed to the heirs you have chosen. However, mistakes can derail the best-laid plans. You may feel good about your Last Will & Testament, but you should also be...
Your estate plan is an ever-evolving work in progress. After you create it, you must constantly update it. Why? Because it needs to reflect your life at its current moment, and your life undergoes many changes throughout its course. But reviewing your entire plan can...
New Yorkers who want to establish a power of attorney, a popular estate planning tool, soon will be able to more easily. On June 13, a new law goes into effect, simplifying and improving New York’s power of attorney form. Most elder law advocates feel that having a...
Perhaps you are nearing retirement closing out a successful career, and you might be thinking about estate planning tools, especially trusts. There are various kinds of trusts suited to individual needs. For example, you may find that an irrevocable trust is a perfect...
Past posts on this blog touched upon the fact that a potential tax liability is an expense that you should include in your estate plans. Indeed, you could potentially face a tax liability from both the New York state government and the federal government. Like you,...
When you create your estate plan, you will focus on many different components at a given time. For example, your will and trust are two separate pieces that will require their own time and attention. One overall category of importance are the key figures in your will....
Planning for where your loved one will live in his or her last years is often a very fraught decision. One of the things that many families concern themselves with is how much a nursing home costs. Some Americans believe that Medicare will cover their nursing home...
