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Estate Planning

Friday, June 21, 2019

What Is a Living Will and How Does It Work?


A last will and testament allows you to designate how your assets will be dispersed after you pass away. A living will is put in place before your death and has no bearing on what happens after your death. Moreover, a living will allows you to determine what steps will be taken to care for you if an illness or injury causes you to be in a vegetative or otherwise incapacitated state. While this is something most people don't think about daily, it is essential to have a living will in place in case the unthinkable happens. Here’s what a living will is, and why it should be important to you.
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Monday, June 17, 2019

Estate Planning Protects Against Elder Abuse


Your retirement years, ideally, should be spent free of concern about your financial health or potential threats against your assets. Elder abuse is a particularly difficult problem for seniors who have worked hard and created a relatively comfortable nest egg. Many are vulnerable to fraud and other financial abuse at the hands of those intended to protect the very assets they often pilfer. Estate planning helps to protect seniors against such elder abuse. 

  

 

Seniors Face Many Threats

Senior citizens often face declining health and mobility as they grow older.
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Wednesday, June 12, 2019

How Does Inheritance Work?


Taxes are a part of life. They 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 of tax will be determined by the value of what is collected, whether it is cash, real estate, or any other item of value. Some gifts you receive may be eligible for tax exemptions that will significantly reduce or even eliminate the tax you may have otherwise had to pay.
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Sunday, June 2, 2019

Estate Planning for Dummies: Everything You Need to Know


Worldwide, every hour, 6,316 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 on this world ends.
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Thursday, May 30, 2019

How You Can Use Estate Planning as A Gift


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 the effort is because establishing an estate plan has the potential to resolve future conflicts and disorientation that your family may experience upon your departure. Estate Planning is a loving gift that you will give to reduce the emotional stress that is attached to your passing and it will provide direction for how your family will need to move on following your death.  

In this article, we are going help you understand the various components of an estate plan and show you how your thoughtfulness today will benefit your family for many tomorrows to come.
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Thursday, May 23, 2019

Why Estate Planning Should be a Top Priority for You


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 things like a will, trusts, living wills, healthcare proxies, powers of attorney, and even detailed instructions for how things should be handled after you pass away, and in some cases while you are still alive.

 

 

The Estate Plan Concept is for Everyone

When the word “estate” gets used some people immediately think of those with a lot of money or palatial property.


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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.


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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.


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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.


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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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