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Estate Tax for Beginners: An Easy to Read Guide to Estate Taxes

Many politicians use the words “death tax” to refer to a tax on your estate. This tax is used to transfer your estate to your heirs upon your death. It’s a highly contested political issue many Americans don’t completely understand.  So, will you have to pay estate taxes? If so, how much? What does it mean for your heirs? Understanding the challenges of estate taxes can be daunting, but with the guidance of an experienced

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Protect Your Assets: 6 Important Things to Remember When Writing a Will

Everyone knows the importance of writing a will to protect their assets after they pass on. Fewer people actually do anything about it. A survey conducted by Caring.com in 2017 found that 60% of U.S. adults have no will or another form of estate planning in place. Writing a will is a wise decision for anyone, regardless of age or health status, but it’s particularly important as you approach later life stages. Consider the people

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Three Fundamentals of Estate Planning in NY

Estate planning law involves creating wills, trusts, guardianships, and other documents to assist in the transfer and management of property after death. Without such a plan, the distribution of a loved one’s assets after death can sometimes get very challenging. At New York Legacy Lawyers, our skilled New York estate planning lawyers are dedicated to helping you overcome these challenges by laying out the best possible plan for managing your assets during your lifetime and

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What You Need to Know About a Durable Power of Attorney in New York

You may have heard the phrase durable power of attorney. The critical aspect of a durable power of attorney is its enduring nature. Regardless of the type of power of attorney, the term “durable” indicates that the POA remains valid even if the individual it concerns becomes incapacitated. In this article, we will explore the implications of a durable power of attorney on the financial and healthcare responsibilities of the person requiring a POA. It

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Here’s What You Should Know About a Trust & How to Set One Up

Without proper planning for the transfer of your assets before your death or incapacitation, you relinquish control over who inherits your estate, potentially causing your loved ones to bear the financial burden. Fortunately, there are several strategies to prevent this all-too-common scenario, and one vital component of a well-rounded estate plan is setting up a trust. In this article, we discuss essential information about trusts and offer guidance on incorporating them into your estate planning.

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Top Mistakes in Estate Planning

Estate planning is a crucial process that can have a significant impact on the financial well-being of loved ones. It helps ensure that hard-earned assets are distributed in accordance with personal wishes, while also minimizing tax liabilities. Even for young adults, estate planning can provide peace of mind and ensure that their assets will be distributed as they desire in the event of unexpected illness, accidents, or death. By engaging in this process, individuals can

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Do I Need to Hire an Estate Planning Attorney?

Estate planning is a critical process that involves making important decisions about the management and distribution of your assets after your passing. While some individuals may attempt to handle estate planning on their own, navigating the complexities of legal documents, tax implications, and ensuring the fulfillment of your wishes can be overwhelming. This begs the question: Do you need to hire an estate planning attorney? In this article, we will explore the key considerations involved

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How You Can Use Estate Planning as A Gift

What happens to all your belongings when you die? Where will your finances go? Who will be in charge of carrying out your last wishes, and who will take care of you before you pass away?  Estate planning is a gift. Consider this, you have already taken the effort and invested significant time to meet with an estate planning professional, so your family doesn’t have to. Why did you make this effort? The reason you

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Planning for Incapacity FAQs

Facing the possibility of incapacity can be daunting, but being prepared is essential for protecting your family and your wishes. Our “Planning for Incapacity FAQs” provides clear answers to guide you through this complex area of estate planning. For tailored advice, contact New York Legacy Lawyers at (718) 713-8080, our dedicated team of New York estate planning lawyers is ready to assist you in planning for your future. What is a Durable Power of Attorney?

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Understanding the Different Types of Wills

In the basic sense of the term, a will is a document that is made up by a person, or several people, to spell out how final affairs should be taken care of once they have passed away. Each will must meet a set standard that is determined by the state in which a person lives. And if poorly crafted, the will may not be useful in a court of law, especially if contested.  To

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