Many people think that a last will is the only logical choice as an estate planning vehicle of asset transfer if you are not extremely wealthy. In reality, this is not the case at all. A last will could be the right choice for someone with a straightforward family dynamic and very little to pass along. However, most people that have enjoyed even a moderate level of success would be better served through the utilization of a revocable living trust.Last Will Problems and LimitationsThere are … [Read more...]
Turning the Page on 2018 and Looking Forward to 2019
As we turn the page and bid farewell to 2018, we look forward to 2019. This article summarizes the major changes for 2019, both in the tax area and in other areas. Read on to learn more.Turning the Page on 2018 and Looking Forward to 2019 … [Read more...]
Why Would I Use an Irrevocable Trust?
There are different types of trusts that are used in the field of estate planning. A living trust is a commonly utilized device that can be revoked or rescinded by the person that establishes the trust at any time. It can be comforting to know that you maintain control of the assets that you convey into a trust, but there are reasons why you may want to use a trust that cannot be revoked. We will look at some situations that would call for the creation of an irrevocable trust in this … [Read more...]
Explore Estate Planning Options
A living trust is a very versatile, useful estate planning document that is actually the right choice for most people. Contrary to popular belief, a last will is not necessarily the simplest, most effective device for people that are not extraordinarily wealthy. The primary reason for this is the fact that a will must be admitted to probate. This is a costly and time-consuming process, and it is an open proceeding that allows the general public to find out the terms of the will.With a living … [Read more...]
The Anatomy of an Estate Plan
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...]
