When it comes to estate planning, the Internet is both a wonderful resource and a significant hazard. There is a lot on the Internet, and not all of it is useful, helpful or even correct. While you should take the time to use the Internet to your advantage, you shouldn't solely rely on it, or use it as a substitute for the advice that only an experienced attorney can provide. Benefit: Education. The Internet is home to more information than any law library in the world. Your state's … [Read more...] about A Danger, and a Benefit, of Online Estate Planning
Estate Planning
Why Don’t You Have An Estate Plan? 2 Key Personal Reasons
About half of the population has no kind of estate plan. This means they haven't created anything from a last will and testament, to a trust for their children, or an advance directive that sets out their health care wishes. Why not? There are numerous reasons, but for many people, the reason they haven't started any estate planning efforts comes down to very personal and often difficult to discuss reasons. Reason 1: You find it boring, or worse, hard to understand. Estate planning, at … [Read more...] about Why Don’t You Have An Estate Plan? 2 Key Personal Reasons
Your Estate Planning Trip: A 4-Step Roadmap
Direction 1: Choose your destination. Each of us has our own desires and needs. Whether you want to ensure your adult children share equally from your estate or you want to leave a lot of property to charity, only you can determine what it is you want your plan to accomplish. Sit down, think about what you want and write your goals down. Don't try to edit yourself at first, just write down your goals as they come to you. Direction 2: Draw your map. Once you've got your destination, it's … [Read more...] about Your Estate Planning Trip: A 4-Step Roadmap
MLK Estate Files New Lawsuit
The perils that can arise from an incomplete, or nonexistent estate plan continue to plague the legacy of one of the most revered figures in American history. After his assassination in 1968, Dr. Martin Luther King's children struggled with conflicts about how to properly administer their late father's estate. With no will to direct the inheritance, his heirs formed a corporation, The Estate of Dr. Martin Luther King, Jr., Inc., to protect estate interests. Recently, the corporation filed a … [Read more...] about MLK Estate Files New Lawsuit
Who Will Take Care of Your Funeral Arrangements?
Tip 1: Make your wishes clear. Many of us have very specific desires about our funerals and how our remains are to be handled after we die. However, often we never get around to talking about it, and may even avoid thinking about such difficult topics. Ignoring the situation will only make it harder for your family to handle the funeral arrangements, and will do so at a time when they are emotionally compromised. Take the time to sit down and talk about your wishes with your family as soon as … [Read more...] about Who Will Take Care of Your Funeral Arrangements?
4 Estate Planning Mistakes To Avoid
Mistake 1: Never giving it any thought. A lot of people don't have any kind of estate plan because they assume that they either don't need one or that they don't have enough property for an estate plan to be cost effective. Even if this is true, your property isn't the only issue your estate plan covers. It also encompasses your medical care should you get sick or injured, something everyone may one day face. Mistake 2: Doing it yourself. While some self-help aids and DIY materials are … [Read more...] about 4 Estate Planning Mistakes To Avoid
Executors Removed From Heiress’s Estate
The co-executors of Huguette Clark's $400 million estate have recently been removed by the New York Surrogate's Court after allegations arose claiming the two men had committed tax fraud in their handling of the estate. Manhattan Surrogate's Court Surrogate Kristen Booth Glen removed the two men and left the managing of the estate to attorneys working for the Office of The Public Administrator of New York County, whom she had previously appointed as a third estate administrator. The … [Read more...] about Executors Removed From Heiress’s Estate
3 Reasons Why Women Need An Estate Plan
As a recent article in Forbes points out, everyone can benefit from creating a good estate plan, but women may be in a greater need than men. If you're a woman and haven't begun your estate planning efforts yet, there are several reasons you should consider starting soon. Women live longer. The lifespan of the average woman is about 5.3 years longer than a man's. Further, women have a higher tendency to marry men who are older than they are, meaning there is a good chance that your … [Read more...] about 3 Reasons Why Women Need An Estate Plan
3 Facts About New York Health Care Proxies
In New York you can create a health care proxy that allows you to appoint someone else to make medical decisions if you ever lose your ability to do so. The person you appoint becomes your health care agent, and has the legal right to make sure your doctors and health care providers do what you want them to. Fact 1: You can make one whenever you wish. As long as you are 18 and mentally capable of making decisions, you can create a health care proxy whenever you wish. Of course, you also … [Read more...] about 3 Facts About New York Health Care Proxies
Millionaire Heiress’s Executors In Hot Water Over Alleged Tax Fraud
The drama surrounding the estate of millionaire heiress Hugette Clark continues to unfold as now come allegations of fraud on the part of the estate executors. The New York County Office of the Public Administrator recently alleged that the two estate administrators, attorney Wallace “Wally” Bock and accountant Irving Kamsler, named as executors by Ms. Clark, have committed tax fraud in their representation of Ms. Clark and her estate. The allegations claim that the two administrators failed in … [Read more...] about Millionaire Heiress’s Executors In Hot Water Over Alleged Tax Fraud
