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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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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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How Does a Trust Work?

Trusts are valuable estate planning tools if you want to ensure your children or other relatives receive their share of your estate. However, choosing whether to center your estate plan on a trust or a will can be tricky. Trusts can be independent from a last will and testament but often work hand-in-hand with them. Often, trusts are used to ensure that children or grandchildren have the funds they need to go to college, or

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

Estate planning in New York is a very involved process. 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 or an administrator.  Being the executor or administrator of

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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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Three Fundamentals of Estate Planning in NY

Estate planning law encompasses drafting of wills, trusts, guardianships and other documents that facilitate the transfer and management of property after death. In the absence of a plan, the distribution of a loved one’s assets after death can sometimes get very challenging! At New York Legacy Lawyers, our team of skilled New York estate planning lawyers’ goal is to help you to get ahead of these challenges by laying out the best possible plan for

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