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Estate Planning & Elder Law Blog

Tuesday, May 21, 2019

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 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 contended. 

To draft a great will, there is a lot of information that is collected up front.  Figuring out testators, beneficiaries, assets, debts, and so many more things are essential to transferring the details of your estate when the time comes.


Read more . . .


Friday, April 26, 2019

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


The good news is that people are living longer. The average age of Americans is getting older.

The downside is that there are more Americans facing dementia than ever before.


Read more . . .


Wednesday, April 24, 2019

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!

As an estate planning law firm, our goal is to help you to get ahead of these challenges by laying out the best possible plan for managing your assets in life and transferring them in death or incapacitation.

Please continue reading to see how Wills, Guardianships, & Trusts form the essentials of any estate plan.

 

 

Estate Plan Fundamental #1: Draft a Last Will and Testament

 

A Will is a legal document used to outline your preferences regarding how your estate should be handled after your death. A will is very important to your heirs as it eases the transfer of property quickly and helps the survivors avoid unfair tax burdens.


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Sunday, April 21, 2019

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


Estate planning is the processes of anticipating and arranging for the distribution of an Estate. Your estate is anything you own including: physical assets, intellectual property, investments, vehicles, business interests, real estate, and more.

The estate planning process is how we help clients minimize or plan for various uncertainties over the administration of their estate while maximizing the of what they will be able to pass on to their heirs.  Essentially, reducing potential taxes, court costs, and many other foreseeable expenses. 

Planning ahead for how to manage your estate in life, and in passing has several benefits.


Read more . . .


Friday, April 19, 2019

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


If you choose not to make any plans to transfer your assets prior to your own death or incapacitation, you are essentially giving up control of who will inherit your estate and making them pay for it from their inheritance.

There are a lot of ways to avoid this very common situation.  However, avoidance tomorrow requires a planning today.  One critical part of that (estate) plan is establishing a trust.

In this article we cover the general information you’ll want to know about trusts, and we provide you a couple next steps you can take to start incorporating them into your estate plan.


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Wednesday, April 17, 2019

Estate Tax for Beginner: 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 the tax you pay 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?

Here's a simple guide to this little understood, and yet controversial tax.

 

 

You May Have No Estate Tax at All.


Read more . . .


Sunday, April 14, 2019

Do I Need to Hire an Estate Planning Attorney?


 A significant step in life is to set up an estate plan.

If you are in the process of taking this crucial step, you may be wondering if it is necessary to hire an estate planning attorney.

You do not have to hire an attorney; however, having an estate planning attorney will ensure that you are following the laws and will also relieve some of the stress of doing it yourself.

Let us take a look at what an estate planning attorney can do for you.

 

 

What an Estate Planning Attorney Does

 

An estate planning attorney doesn’t only set up your last will and testament, they also set up power of attorney, name your beneficiaries for your assets, and ensure that your wishes are followed.


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Friday, April 12, 2019

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 key part of this phrase is “durable.”  Regardless of the type of power of attorney, the durable part signals that the POA stays in effect even after the subject of the POA becomes incapacitated.

In the following article, we’re going to break down how a durable power of attorney affects Financial & Healthcare obligations of the person in need of POA.

 

Financial Power of Attorney

 

A financial power of attorney names someone to oversee your finances.


Read more . . .


Wednesday, February 27, 2019

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.


Read more . . .


Tuesday, February 26, 2019

Living Trust vs. Will: What's the Difference? Which Is Right for You?


Planning for death or incapacitation can be a difficult subject to discuss. If you have young children or a non-traditional family, it's one conversation you can't afford to avoid.

A will or living trust makes arrangements for your estate and medical concerns in the event you cannot manage them yourself (death or incapacity). 

So, which do you need?  Can they work together?  Is one better than another for your situation?

 

Complexity

Living trusts and wills do not have to be terribly complicated. In many states, 


Read more . . .


Sunday, February 24, 2019

Protect Your Assets: 5 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 


Read more . . .





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