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Regularly updating an estate plan is a good idea in general. Someone who has gone through a major change may need to review their documents. Removing certain people as beneficiaries or from positions of authority is sometimes necessary. Testators may also need to...
Building wealth takes time, effort and sacrifice. Naturally, you want to try to ensure your legacy continues to benefit your loved ones for generations to come. Intergenerational estate planning takes a long-term view, aiming to protect and distribute your assets...
In New York, parents working through their estate planning may struggle with determining a fair inheritance for each child, especially if they have a complex family situation or assets that warrant an unequal inheritance between siblings. The following scenarios...
According to AARP, only 34% of Americans have created an estate plan. It is not the most fun topic to discuss considering it requires you to think about life for your loved ones after you are gone. Such thoughts can certainly bring about mixed emotions. However, it is...
Having a solid estate plan is critical if you want to pass your wealth and legacy on to the next generation. Using a will, trust and/or advance health care directives can ensure your wishes are met after you pass away, or become incapacitated. Estate planning can also...
Estate planning is something every adult should take seriously. If you already have a plan created to protect your estate and your loved ones, you’re ahead of the game. However, there are good reasons to periodically update one or more of your estate planning...
New York residents often include trusts in their estate plans to avoid the lengthy and sometimes costly probate process. When assets are not placed into trusts, they cannot be distributed to beneficiaries after an individual dies until a probate court has validated...
When you choose an attorney-in-fact, also called a "power of attorney," you give this individual the right to make decisions on your behalf. These decisions typically regard your healthcare, finances and legal matters. Accordingly, you must choose your...
Every New York adult should plan for the future by having an estate plan. A last will and testament is one of the most basic parts. However, once the person is gone, and the circumstances regarding the creation of the will are fully known, the heirs may have valid...
If you have philanthropic aspirations in New York and want to give back as much as possible, charitable trusts come with a number of financial benefits that may be helpful to you. People use them to optimize their assets for their beneficiaries, charities and...
