According to the United States Census Bureau, just over 10% of the population in the Rochester area is 65 years of age or older. Clearly, estate planning is very important for people in this group. Actually, it should be viewed as a basic responsibility for adults of all ages, especially if you have children. This being stated, it is an absolute must for people that have attained senior citizen status.There are some things to think about that may fly under the radar when it comes to estate … [Read more...]
Living Trusts Provide Flexibility
Studies that are conducted consistently show that most people do not give estate planning a second thought until they are senior citizens. Because so many procrastinate for so long, they wind up making uninformed choices when they finally do take action. They put together a last will on their own using some type of do-it-yourself download, and they hope for the best.The psychology behind this is understandable, but it is something to be transcended. Yes, you will not be around to see the … [Read more...]
Important Estate Planning Questions Answered
Studies that are conducted on a periodic basis consistently find that the majority of Americans are unprepared from an estate planning perspective. In many instances, the inaction is caused by misconceptions. A lot of folks think that you can simply draw up a last will when you are old and gray, and the matter is closed.In fact, there are multiple facets to take into consideration. In this blog post, we will use a hypothetical question and answer session to provide some solid foundational … [Read more...]
A Look at Common Estate Planning Documents
There are many different types of documents used in the field of estate planning. If you are not intimately familiar with this area of legal specialization, there is no reason why you would understand most of them. As a response, we will provide a basic overview of several different estate planning documents in this blog post.Last WillA will is the most commonly utilized legal device in the field of estate planning. Just about everyone is aware of the fact that you can use a will to state … [Read more...]
Estate Planning Is an Ongoing Process
Statistics consistently show that the majority of people are unprepared from an estate planning perspective. Clearly, younger adults typically feel as though they have plenty of time to take this action, but surprisingly, a significant percentage of people that are in their 50s and 60s have no inheritance planning documents in place.Because there is so much procrastination, in many cases, someone who finally takes action will stash the documents somewhere for safekeeping and forget about the … [Read more...]
Inheritance Planning: A Responsibility to Your Loved Ones
Inheritance planning is one of the core responsibilities of adulthood. You should definitely have a plan in place to preserve your legacy and protect your loved ones, regardless of your age. There are multiple components to consider, and there are different approaches that can be taken. Personalized attention is key, and this is exactly what you receive when you work with our firm.Last Wills & Living TrustsWhen you plan your estate, you arrange for the distribution of your assets to your … [Read more...]
Things to Consider When You Are Planning Your Estate
When you decide that you are going to dig into the estate planning process in earnest, it can be hard to know where to begin. Of course, you are well aware of the fact that you must state your wishes in writing with regard to the distribution of your resources after you are gone. But how should you go about it, and is there anything else to consider?We fully understand this dynamic, and we will share a basic outline in this post to provide some clarity.Inventory Your AssetsThe first … [Read more...]
Nongrantor Trusts Can Be Very Useful in Certain Situations
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a nongrantor trust and situations in which it might be useful.Nongrantor Trusts Can Be Very Useful in Certain Situations … [Read more...]
Prevent Estate Disputes Among Siblings
When you are planning your estate, you are doing so with the knowledge that you will not be around to see how things unfold when the assets are being distributed. This being stated, you should certainly consider the consequences of your decisions. If your estate plan allows for uneven distributions among siblings, it can cause serious problems that damage relationships.Communication is key on this level. Some people find it difficult to discuss very sensitive topics, and this is … [Read more...]
Grantor Trusts Provide Flexibility and Ease
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a grantor trust and situations in which it might be useful.Grantor Trusts Provide Flexibility and Ease … [Read more...]
