The revocable living trust is an estate planning device that is ideal for a wide range of different people, but many do not understand the benefits. In this post, we will explain them through the utilization of a hypothetical question and answer session between an inquisitive client and an estate planning attorney.Trusts are only for wealthy people, right?This is probably the biggest misconception that is held about estate planning. There are trusts that are used by very high net worth … [Read more...]
What Does a Probate Court Do?
If you have not looked into the subject to this point, you may have never heard anything about the process of probate. The court that handles probate matters in New York is the local Surrogate's Court.This court is charged with a number of different responsibilities, but we will focus on the elder law and estate planning facets in this blog post.Adult GuardianshipIn many cases, people who reach an advanced age become unable to make sound decisions on their own. If there are no incapacity … [Read more...]
A QTIP Trust Can Provide Protection
There are many different acronyms used in the field of estate planning to shorten somewhat wordy legal terms. One of them is QTIP, and it is something that sounds familiar, but most people have not heard it used in this context. In our area of the law, it stands for a qualified terminable interest property trust.Remarriage ProtectionsIf you are getting remarried as a parent, you may have some estate planning concerns. This can be especially relevant if you have significant financial … [Read more...]
Make Your Own Plan
Planning is important. If you don’t plan, your assets go pursuant to the state’s default plan, which may be very different from what you want. If you plan, you can be sure your assets go exactly to whom you want and in a manner that can benefit them the most.Make Your Own Plan … [Read more...]
Is Joint Tenancy a Good Estate Planning Solution?
Probate is a legal process that gets your attention in a negative way when you understand what it is all about. If you maintain direct possession of personal property and arrange for its transfer through the terms of a will, the document would be admitted to probate. The executor would be in charge of the hands-on tasks, and the Surrogate’s Court would do its part from a supervisory standpoint.Though this process serves a purpose, it can present hassles and expenses for the rightful heirs to … [Read more...]
Planning for the Unexpected
It’s important to have a plan. If you don’t have a plan, your state law dictates who gets your property and makes decisions for you. Read on to learn more about the prevalence of unexpected deaths and an example of what can happen without planning.Planning for the Unexpected … [Read more...]
529 Plans: Planning for Education with a Tax and Asset Protection Bonus
Planning is important when providing for your children or grandchildren. But planning for their education has special importance and may have special advantages. This article looks at how 529 plans may have tax advantages when providing for education. Further, the article looks at how such a plan may provide asset protection in bankruptcy, as well.529 Plans: Planning for Education with a Tax and Asset Protection Bonus … [Read more...]
Planning for Education Expenses
Planning is important when providing for your children or grandchildren. But planning for their education has special importance and may have special advantages. This article looks at how a trust can be used to provide for your child or grandchild’s education. The article looks at how a trust can protect those funds.Planning for Education Expenses … [Read more...]
How Much is Too Much?
This article looks at the question of how much is too much to leave your children. Many people have pledged to give the majority of their wealth to charity. If you won’t leave all your assets to your children, the article provides resources for vetting worthwhile charities.How Much is Too Much? … [Read more...]
Planning for Special Needs Children
Planning is important when providing for any of your children. But planning is even more important for special needs children. Without proper planning, an inheritance can jeopardize a special needs child’s needs-based benefits, such as SSI or Medicaid. Read on to learn more about planning for special needs children.Planning for Special Needs Children … [Read more...]
