The process of estate planning is often looked upon as a purely financial endeavor. You create a will or trust to facilitate asset distributions, and the job is done. This is one way to look at it, and a basic estate plan is far better than no estate plan at all.However, if you would like to take a more comprehensive approach, you can engage in the process of legacy planning. When you carefully craft a legacy plan, you pass along things to your loved ones that can transcend mere dollars and … [Read more...]
The Questions of Estate Planning, Part I: Who
People often have questions on Estate Planning. This is the first in a series of articles addressing those questions. This first article addresses “who” should do Estate Planning. Read on to learn more.The Questions of Estate Planning, Part I: Who … [Read more...]
Your Estate May Be In Jeopardy
As estate planning lawyers, we advise clients about the legacy threats that exist so that they can take steps to keep their resources safe and sound. In this blog post, we will look at three of the sources of asset erosion that are out there. We will also explain some of the steps that you can take to preserve your resources for the benefit of your loved ones if any of these threats apply to you.Federal and State Estate TaxesThe federal estate tax can take a very significant bite out of the … [Read more...]
Inheritance Planning: Consider the Recipients
On the surface, inheritance planning can seem like an exercise in deciding how to split up a pie into slices that will be distributed among your heirs in the same manner. In fact, there is another facet to consider. There is a give, and there is a take, so you should think about the life situation of each person your inheritance list.You do not necessarily have to utilize the same asset transfer method to get bequests into the hands of each respective person. The right course of action for … [Read more...]
Living Trust Questions Answered
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...]
