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Planning for Incapacity FAQs

Facing the possibility of incapacity can be daunting, but taking steps to prepare for it is a critical component of comprehensive estate planning. It’s not just about safeguarding your assets; it’s also about providing clear directions and support for your family during such a challenging time. Planning ahead allows you to articulate your wishes regarding asset management and medical treatment, helping ensure that your preferences are respected and followed, even if you’re unable to communicate

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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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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, the matter of handling multiple legal documents, tax implications, and ensuring the fulfillment of your wishes can be overwhelming. This raises the question: Do you need to hire an estate planning attorney?  An estate planning attorney can guide you throughout the

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Executor vs Administrator: What Is the Difference in New York?

Estate planning is not an easy undertaking and requires a deep understanding of the fundamentals of NY estate planning. When an individual passes away, their estate would have to pass through a court process before the beneficiaries can have access to their inheritance. Overseeing the inventory, verification, and division of the individual’s estate is not an easy undertaking. Managing the estate through probate or administration is a very important role fulfilled by either an executor

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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 is increasingly important to recognize and respect the unique legal needs of our elders. In the bustling city of New York, which millions of seniors call home, understanding elder law can be a daunting task. That’s where the assistance of an elder law attorney comes in. Hiring an elder law attorney in New York is not only beneficial but also essential for ensuring the well-being and protection of

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How You Can Use Estate Planning As A Gift

Estate planning often brings to mind the technical aspects of asset management and legal documentation. However, it represents far more than just the division of assets; it’s a profound way to express care and consideration for your loved ones’ futures. By establishing an estate plan, you are providing a thoughtful gift that ensures peace of mind, minimizes potential conflicts, and preserves your legacy according to your wishes. This process not only simplifies the administrative burdens

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Q & A: 5 Frequently Asked Questions About Special Needs Trusts

Are you considering providing financial support to a loved one with special needs? It’s common for individuals to name their loved ones as beneficiaries in a will, but this approach can unintentionally lead to financial turmoil. By doing so, you could inadvertently disqualify them from crucial government programs, causing them to lose vital financial and medical assistance. In this post, we’ll walk you through the ins and outs of special needs trusts, answering the top

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How Does Inheritance Tax Work?

Taxes are a part of life and if you live in New York and own a taxable estate, you’ll need to know New York’s estate tax rules. Taxes are also a part of death. And frustratingly, if we’re not careful in life, we can pass them on to our loved ones in death through inheritance taxes. In New York, while there is no inheritance tax on gifts received as part of an inheritance or trust,

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Estate Planning For Young Adults

When it comes to estate planning, most people think it is about what happens to our stuff when we get older. Few people understand that it is also about what happens to ourselves while we are still young.  As soon as we turn 18, we are considered legally responsible for our own decisions in terms of finances and health. This means that parents of young adults lose their legal authority over their child and are

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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 part of your financial planning obligations. You must prepare for the inevitable. Planning for the future includes having a proper estate plan in place, which minimizes financial difficulties for your family in your absence. 78% of young adults (ages 18-36) and 64% of Generation X (ages 37-52) do not have wills. This can be attributed to various factors, including a lack of financial resources or

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