There are many different tools in the estate planning toolkit, so there is an ideal solution for every situation that can arise. With this in mind, multiple different types of trusts can be established to satisfy advanced estate planning goals.We will look at two of them here, and we will elaborate with a second installment in the near future.Medicaid TrustsA lot of people go through life assuming that the Medicaid program will never be relevant to them. They have health insurance … [Read more...] about Digging Into the Estate Planning Toolkit
Joint tenancy is a commonly used form of ownership between two or more people. It can be an easy solution. However, it can have drawbacks. Read on to learn more.Joint Tenancy Pros and Cons … [Read more...] about Joint Tenancy Pros and Cons
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?
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
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
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.GuardianshipWhen 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?
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
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 AccountsThere are essentially two different … [Read more...] about The SECURE Act Can Impact Your Estate Plan
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
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