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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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Planning for Incapacity FAQs

What is a Durable Power of Attorney? A Durable Power of Attorney is a document that empowers another individual to carry on your financial affairs in the event you become disabled or incapacitated. Without a Durable Power of Attorney, it may be necessary for one of your loved ones, including your wife or adult child to petition a court to be appointed guardian or conservator in order to make decisions for you when you are

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Why Estate Planning Should be a Top Priority for You

Considering how our estates should be managed and distributed after our death is an important decision we must make throughout our lives. This involves deciding on the distribution of assets, selecting beneficiaries, and determining if and how you wish to leave a legacy. An estate plan is a tool that consolidates these decisions, incorporating elements such as a will, trusts, living wills, healthcare proxies, powers of attorney, and specific guidelines for managing your affairs after

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Estate of Affairs: A Handy and Essential Guide to New York Estate Tax

If you have a taxable estate, you can expect to pay one-sixth of its value in federal estate taxes. But what about New York State? How are New York State inheritance taxes different? What is the New York estate tax rate?  If you live in New York and own a taxable estate, you’ll need to know the current New York state estate tax rules as well as the New York state estate tax exemption. At

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Respect Your Elders: 4 Important Reasons to Hire an Elder Law Attorney in New York

As our population continues to age, it becomes increasingly important to recognize and respect the unique legal needs of our elders. In the bustling city of New York, where millions of seniors call home, navigating the complex realm of elder law can be a daunting task. That’s where the expertise of an elder law attorney comes in. In this article, we will explore four reasons why hiring an elder law attorney in New York is

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Reasons Why Having a Will is Important

A Last Will & Testament is a valuable document that your family will benefit from when you die or if you become incapacitated at some point. Your will can communicate how you wish your family to be taken care of, your assets to be managed/distributed, and even which charities will benefit from your long years of responsible planning. In navigating the complexities of estate planning in New York, it’s crucial to have a knowledgeable and

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Estate Planning for Dummies: Everything You Need to Know

Worldwide, every minute, 120 people pass away. Death is not something we like to think about, but it is a certainty in all our lives. We don’t get to choose when our time in this world ends. One minute you’re there, and the next, someone has to carry on without you. How can you help your family, friends, and loved ones carry on after you pass? The answer: establish an estate plan today. Don’t wait

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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. Making a will is a smart idea no matter your age or current health situation, but it becomes vital when nearing the end of life. Think about the

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Matters of Trust: What Is a Living Trust and Do You Need One?

Although death is a difficult subject to discuss, it’s also a part of your financial planning obligations. You must prepare for the inevitable. Part of planning for the future means having a proper estate plan in place. Doing so minimizes financial difficulties for your family in your absence. 78% of young adults 18-36 and 64% of Generation X—aged 37 to 52—do not have wills. Be it lack of financial affluence or miseducation; both peer groups

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Wills, Trusts, & The Estate Planning Process in New York

Estate planning involves the preparation and strategic organization of your assets for their orderly distribution. It involves all your possessions, such as tangible assets, intellectual property, investments, automobiles, business interests, real estate properties, and more. The role of an estate planning lawyer is crucial in helping you minimize uncertainties related to estate management while maximizing the value retained for your heirs. This includes reducing potential taxes, legal fees, and other expenses that could diminish the

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