Estate planning lawyers help their clients create estate plans, meaning they often deal with questions about mortality, life, and death. Because of this, a lot of clients come to an estate planning attorney wanting to know what they can do after a family member or loved one has died. Even though estate planning is often about making choices in preparation of death, there are practical steps you can take if you are confronted with the death of someone close to you. Many of these practical … [Read more...] about When Someone Dies. Practical Steps to Take After a Death in the Family
Estate Planning
When Parents Resist Estate Planning
Some of the more difficult estate planning questions you might have to deal with don’t involve your plans at all. Instead, what many people find to be most difficult is bringing up the topic of estate plans with parents who have yet to begin their own efforts. In many situations, an aging parent can be very reluctant to look at estate planning, especially when a child begins the discussion. Though these conversations can be difficult, you need to speak to your parents about estate planning as … [Read more...] about When Parents Resist Estate Planning
Ohio Veteran’s Cautionary Power of Attorney Tale
John Potter, an Ohio veteran who fought in Alaska’s Aleutian Islands during World War II, has been fighting a new battle to regain the title to the home he had built with his own hands. The Ohio man recently fought a legal and Internet campaign against his daughter, the woman who had retitled the home’s deed to her name after she received general power of attorney from her father. The saga started in 2004 when Mr. Potter and his wife, who has subsequently passed away, gave their daughter … [Read more...] about Ohio Veteran’s Cautionary Power of Attorney Tale
If Estate Taxes Don’t Apply to You, You Still Need an Estate Plan
As a recent MarketWatch article points out, the federal estate tax exemption limit is a robust $5.25 million per person. That means that married couples won’t have to pay any estate taxes as long as they have estates worth less than $10.5 million. With such a high limit, many families in New York come to believe that they don’t need an estate plan at all. However, the New York estate tax exemption limit is only $1 million, so anyone with assets totaling $1 million or more will want to plan to … [Read more...] about If Estate Taxes Don’t Apply to You, You Still Need an Estate Plan
Why Estate Planning Mistakes Can Plague Everyone, Even the Famous
Even rich and famous celebrities can fall victim to a serious mistake planning mistakes. Whether they failed to get advice, make bad choices, or, like most people, fail to have a good plan in place, there are many celebrities who have had disastrous estate plans. Here are a few examples. Jim Morrison The lead singer of The Doors died young in 1971, leaving behind an estate and a legacy that still lives on today. He left the entirety of his estate to his girlfriend Pamela Courson. Courson … [Read more...] about Why Estate Planning Mistakes Can Plague Everyone, Even the Famous
Your Estate Plans and Your Fiduciaries
When you create an estate plan, part of the process involves selecting a number of people or organizations to act on your behalf. Whether you are choosing a trustee to manage your living trust, an attorney-in-fact to make medical or financial decisions for you, or an executor who will manage your estate, numerous people will be your fiduciaries. Here’s what you need to know about fiduciaries and fiduciary duties. Legal responsibility In everyone’s day-to-day life, you owe little to no duty … [Read more...] about Your Estate Plans and Your Fiduciaries
Elderly People Aren’t The Only Ones Who Need Estate Plans
If you ask the average person what estate planning is and who needs it, you’ll likely hear answers that involve elderly people. While it’s true that your need for an estate plan grows the older you become, the reality is that estate plans address choices that all capable adults can, and should, make. Elderly people aside, there are specific groups of people who need to create an estate plan as soon as possible. Single People If you are a young person living on your own, you definitely need … [Read more...] about Elderly People Aren’t The Only Ones Who Need Estate Plans
Practical Steps to Help You With Tangible Personal Property Problems
Many people in New York are asked to serve as a personal representative or executor over a relative’s estate. Even if the estate is not very large, you will likely have to deal with the problem of cataloging, valuing, and distributing all the pieces of tangible personal property the relative left behind. Here are some practical tips you can use to help you with that process. Find a helper. When you create an inventory of tangible personal property, it’s always a good idea to work with … [Read more...] about Practical Steps to Help You With Tangible Personal Property Problems
How Your Family Benefits From Your Estate Plan
They know what you want. One of the best benefits of creating an estate plan is sitting down to make choices that you know can benefit your family after you die. The choices you will have to make go far beyond deciding on inheritances, and will also include such topics as making medical decisions and choices about the kind of legacy you want to leave behind. If you don’t make such choices, you can often cause your family significant hardship by forcing them to try to determine what you would … [Read more...] about How Your Family Benefits From Your Estate Plan
Summer Vacation Plans Should Include Estate Planning
Summer starts on June 21, and with the summer comes summer vacations. Vacation planning is something a lot of people really enjoy, and something that you can use to your advantage if you remember to include estate planning as part of these preparations. As you prepare your vacation to do list, you might want to include some of the following items. Review your plan. Any time you go on vacation you want to be absolutely certain that your estate plan is up to date. If, for example, you’ve … [Read more...] about Summer Vacation Plans Should Include Estate Planning
