There is no one-size-fits-all, cookie-cutter estate plan that is right for everyone. This is why personalized attention is key, and this is exactly what you get when you engage our law firm. This being stated, there are certain rudimentary components that every estate plan will contain, and we will take a look at them from an overview in this blog post.Asset Transfer VehicleThe purpose of estate planning is to get your assets into the hands of your loved ones after you pass away, so an asset … [Read more...]
Is an Inherited IRA Taxable to the Beneficiary?
An individual retirement account can provide a financial foundation during your senior years if you pay into the account sufficiently throughout your working career. This being stated, if you ultimately do not need the money, it can be part of your estate plan. People often have questions about taxation and inherited individual retirement accounts, and we will provide some answers here.There are two different types of individual retirement accounts that are typically utilized: the … [Read more...]
How to Pick a Legal Guardian for Your Kids
Rochester estate planning attorneys provide assistance with the process of choosing a legal guardian for your children. This is one of many important steps that you need to take if you are a parent and you have a child who is depending upon you for care and support. While no parent likes to think about what could happen if they are not able to raise their child to adulthood as a result of incapacity or as a result of an untimely passing, it's imperative that every parent plan ahead for this … [Read more...]
Choice of Trustee Is Key
If you take the time to discuss your estate planning options with an attorney from our firm, you will understand why you may want to utilize a revocable living trust instead of a last will. When a will is used, it must be admitted to probate. This is a time-consuming and costly process, and there are limitations that go along with the utilization of a will.Things are very different with a revocable living trust. As the name suggests, you don’t have to worry about surrendering control of … [Read more...]
A Look at Legacy Planning
As Rochester estate planning lawyers, we help our clients arrange for effective postmortem asset transfers. However, in addition to the inheritance planning part of the equation, there is a larger picture to consider with regard to the lasting imprint you can leave behind.Legacy planning is very appealing to many people once they understand what it is all about. When you consciously shape your legacy, you can do things for others and pass along important knowledge. Let’s look at a few of the … [Read more...]
Naming a Trust as Beneficiary of an IRA
Whom should you name as the beneficiary of your IRA or Qualified Plan? Sometimes, it can be best to name a trust for your intended beneficiary. Read on to see the protections a trust can offer that a direct designation of the individual would not.Naming a Trust as Beneficiary of an IRA … [Read more...]
Why Do I Need an Estate Planning Lawyer?
A lot of people are interested in do-it-yourself projects, and in some cases, you can save money and enjoy a hobby if you roll up your sleeves to get some things done on your own. However, you have to know where to draw the line when it comes to the DIY phenomenon.Estate planning is an exercise in arranging for the transfer everything that you have earned throughout your life to the people that you love the most. It is risky business indeed to try to go it alone when you are dealing with a … [Read more...]
Q & A Session With a Rochester Estate Planning Lawyer
As Rochester estate planning lawyers, we speak with a lot of clients that ask us many of the same questions. In this blog post, we will look at a hypothetical question and answer session that we have constructed based on these conversations. When you read the give-and-take, you will come away with some very useful information.If you would like to experience the real thing, simply send us a message requesting a consultation appointment and we will get back in touch with you promptly.Doesn’t … [Read more...]
How Rochester Revocable Trusts Help Protect Privacy
Rochester revocable trusts can serve many important purposes. In fact, when you create a revocable living trust, it benefits and protects you during the course of your lifetime and it also benefits and protects your heirs or beneficiaries after you have passed away. Many people focus on the big, obvious benefits of a revocable living trust such as having someone take charge of managing trust assets immediately in case of incapacity and achieving cost savings associated with trust assets … [Read more...]
Estate Planning Is a Must for All Responsible Adults
There are typically three phases that you must pass through when you are on your way to preparing for the future. The first one is the simple recognition of the fact that it is important to work with an estate planning attorney to put a plan in place. Unfortunately, it takes many people far too long to get to this point.Understandably, a lot of otherwise responsible adults put the matter of estate planning on the back burner because it is not something that folks are especially anxious to … [Read more...]
