Estate planning is normally something people like to avoid. Nobody likes to think of what could happen should they lose the capacity to make their own decisions or to think what’s going to happen to their family after they pass. In reality, estate planning allows you to maintain control of many aspects of your life, as well as your passing. 1. Controlling Medical Decisions One aspect of estate planning is the preparation of advance medical directives. These documents allow you to specify … [Read more...] about Three Ways Estate Planning Allows You to Maintain Control
Estate Planning
Joint Tenancy and How it Relates to Estate Planning
Joint tenancy is a legal term that means co-ownership. When a married couple purchases property, unless you specify otherwise, it generally means each of you is considered a joint tenant and has co-ownership. When one of you dies, the other joint tenant immediately owns it all, regardless of what either of you put in your will. While joint tenancy can be a useful way to transfer property, as jointly owned property passes outside of probate to the survivor when one owner dies, it does have … [Read more...] about Joint Tenancy and How it Relates to Estate Planning
529 Plans – Gifts with a Goal
A 529 plan is a tax-advantaged savings plan designed to encourage savings for future college costs. 529 plans, also called qualified tuition plans, are sponsored by states, state agencies or educational institutions. There are two types of 529 plans, pre-paid tuition plans and college savings plans. We will focus on the 529 college savings plans and how they can reduce your taxable estate. A 529 account, named for Section 529 of the IRS tax code, allows you to reduce your taxable estate while … [Read more...] about 529 Plans – Gifts with a Goal
Senior Citizen Resources
One resource that may be overlooked when considering the well-being of senior citizens is the use of community services. While estate planning tools, along with retirement planning and incapacitation planning, help with a senior citizen’s needs later in life, many seniors are unaware that there are also community services that can address issues of the elderly. For instance, in New York, each county government has an Office for the Aging which works to enrich the lives of those 60 and older, … [Read more...] about Senior Citizen Resources
Senior Citizen Housing Options
As we age, our housing and care needs change. While in the past, housing options were somewhat limited for senior citizens, typically nursing homes, living with family members or living independently were the only options, there are now more options available for seniors. Continuing Care Retirement Communities Continuing Care Retirement Communities (CCRC’s) are a relatively new concept that offer a continuum of care for senior citizens. A CCRC offers independent living options, normally with … [Read more...] about Senior Citizen Housing Options
Estate Planning for Parents
Many parents with young children overlook the important process of estate planning. They often consider themselves too young, too busy, too healthy or too cash-strapped to begin this essential task. The important decisions that come with estate planning can also paralyze them, for who can imagine their children being raised by another person should the unthinkable occur? But the problem is…the unthinkable can occur, and parents should certainly hope for the best, but plan for the worst. … [Read more...] about Estate Planning for Parents
How can Life Insurance fit into an Estate Plan?
Many people purchase life insurance through an employer sponsored insurance plan, and they do so almost as an afterthought. But what people may not realize is that life insurance can play an important role in estate planning, and is just one piece of the puzzle in a comprehensive estate plan. While many plan for the proceeds of a life insurance policy to replace the income of the deceased, there are other financial considerations and objectives that can be accomplished with a life insurance … [Read more...] about How can Life Insurance fit into an Estate Plan?
The New York Probate Process
Probate is the legal process which administers the estate of a deceased person and transfers ownership of their assets. Probate law varies from state to state, as does the process of probating a will or estate, so let’s focus on the particulars of probate in New York. Probate takes place in probate court upon the death of an individual. In New York, this court is known as the Surrogate’s Court. The New York probate process is considered somewhat less burdensome than many other states, but … [Read more...] about The New York Probate Process
Why Would I Need a Trust?
A trust is a valuable estate planning tool, but many don’t realize how their estate can benefit by creating a trust. First, let’s look at how a trust operates. A trust repositions assets to an artificial entity (the trust) to hold and manage, normally for the benefit of your heirs. Assets that can be titled to a trust include, but are certainly not limited to: Real estate; Stocks and bonds; Certificates of Deposit; Art and other valuable personal property; Businesses; and Life … [Read more...] about Why Would I Need a Trust?
Disinheriting a Child
The choice to disinherit a child is never an easy one. Disinheriting or failing to provide for a child in your Will, sends a clear signal about your feelings towards that child. Perhaps they cannot hold a steady job, are addicted to drugs and alcohol or are prone to criminal acts or violence; perhaps they are of financial means great enough that they do not need an inheritance as much as your other children. Whatever the reason, you risk creating a strong rift in the family if all of your … [Read more...] about Disinheriting a Child
