Most of us have an idea whom we’d choose to receive our assets at our death. But often we don’t contemplate what should happen if the people whom we’ve selected die before us. Read on to learn more about contingent beneficiaries. Whom Do You Want to Get Your Assets? … [Read more...] about Whom Do You Want to Get Your Assets?
Estate Planning
Preparing for Coronavirus
The novel coronavirus, COVID-19, is spreading in the United States and across the globe. Learn what steps you can take to prepare yourself and help prevent its spread. Read on to learn more. … [Read more...] about Preparing for Coronavirus
Estate Planning Basics Explained
Since we speak to so many people that have questions about various facets of the estate planning process, we know what you are probably wondering about if you are looking for basic information. With this in mind, we will share a hypothetical conversation between a client and an estate planning attorney here. It will provide an instructive general overview, so you can absorb some very useful information that is delivered in a concise manner. What would happen if I die without any estate … [Read more...] about Estate Planning Basics Explained
What Is the Purpose of Probate?
As estate planning attorneys, we often have interactions with the Surrogates’s Court, which is the court that handles probate matters in New York. Many people decide to implement probate avoidance strategies, and there are good reasons for doing so. We will get to them in this post, but along the way, we will explain some of the reasons why probate exists, and why it is necessary. Guardianship When you think about the concept of guardianship as it applies to estate planning, you are naturally … [Read more...] about What Is the Purpose of Probate?
Planning for the Sandwich Generation
The Sandwich Generation is torn between caretaking responsibilities for their minor children and their elderly parents. But first, they need to make sure they take care of themselves. Read on to learn more. Planning for the Sandwich Generation … [Read more...] about Planning for the Sandwich Generation
The SECURE Act Can Impact Your Estate Plan
Estate planning and retirement planning go hand-in-hand in a way, because one thing leads to another. Individual retirement accounts are part of this equation, and at the end of 2019, a piece of legislation was enacted that changed the rules governing these accounts in some significant ways. Before we look at the updates, we should provide some background information about individual retirement accounts in general. Individual Retirement Accounts There are essentially two different … [Read more...] about The SECURE Act Can Impact Your Estate Plan
Beneficiary Designations and Other Non-Probate Transfers
Many of us are surprised that our assets may not go to those named in our Will. However, if you have assets controlled by beneficiary designations or other non-probate transfers, that’s the case. Read on to learn how a Will might not control all your assets. Read on to learn more. … [Read more...] about Beneficiary Designations and Other Non-Probate Transfers
Estate Tax Exclusion Updates for 2020
Each year, there are updates to certain figures that are relevant to estate planning because adjustments are made to account for inflation. Now that we are in a new year, there has been a relatively minor increase in the amount of the federal estate tax exclusion. The exclusion is an amount that can be transferred before this death tax would be imposed on the remainder of an estate before it is transferred to the heirs. It was essentially doubled when the tax laws were changed for the 2018 … [Read more...] about Estate Tax Exclusion Updates for 2020
The SECURE Act and What It Means for You
The SECURE Act passed in late December. The SECURE Act changes some lifetime rules, but the biggest change concerns rules for beneficiaries. Read on to learn more. … [Read more...] about The SECURE Act and What It Means for You
Kobe Bryant Tragedy Underscores the Importance of Planning
The sporting community and others around the country were stunned to hear about the untimely deaths of basketball great Kobe Bryant, his daughter Gianna, and seven others. Passing away is inevitable for everyone, but it is especially jarring when it happens to younger people. Nothing is certain, and these incidents remind us of this harsh reality. As estate planning attorneys, we try to emphasize this point whenever we can. Far too many people think that estate planning is something that they … [Read more...] about Kobe Bryant Tragedy Underscores the Importance of Planning
