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...
Preserving & Protecting Your Family’s Assets & Legacy
Estate Planning
Oral claim for one-third of an estate hits snag in court
The passing of a loved one is not an easy transition and many experience financial troubles on top of the grief. While family members are the usual people dealing with this stressful period, close friends and companions are just as susceptible. In the event that these...
What should I know about a pour-over will?
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...
Avoid these mistakes with your important records
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...
Three documents you should have in your estate plan
An estate plan offers people a way of protecting their wishes when they are no longer able to act on their own behalf. With proper planning, an estate plan can keep your loved ones from guessing what you wanted after your passing and also prevent any disputes over...
Are you considering reviewing your estate plan?
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 law makes establishing a power of attorney easier
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...
Why an irrevocable trust can be a great estate planning tool
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...
Planning for estate taxes
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,...
Who are the key figures in your estate plan?
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....