Category: Estate Planning
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, you have already taken the effort and invested significant time to meet with an estate planning expert, so your family doesn’t have to. Why did you make this effort? The reason you made
Taxes are a part of life and if you live in New York and own a taxable estate, you’ll need to know the New York 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. Inheritance taxes must be paid for all gifts received as part of an inheritance or trust. The amount
Planning for death or incapacitation is something everybody needs to do. The fact of the matter is that if you don’t have a plan in place, you’ll leave your loved ones with the task of trying to pick up the pieces. Unfortunately, many people think that when it comes to estate planning, all you need to do is write out a will and buy some life insurance. But, there’s much more you may need to
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
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
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
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
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
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
At some point soon you will want to consider the future of your estate for after you pass away. You will have to decide how it will be divided up, which individuals to include in any plans you have for your assets, and how and if you want to leave a legacy, among many other items. The way you tie all these ideas, thoughts, and wishes together is an Estate Plan. An estate plan includes
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