It typically takes some time for the law to catch up to changes in technology and society. For many of us, we have online profiles, accounts, or bill payments that play a major part of our life. But how do we take care of these assets if we are incapacitated or transfer them after we die? It's a question that we need to address carefully when developing an estate plan. Part 1: Reviewing Your Online Existence. What do you have online? Is it a Facebook account or a Twitter account that you don't … [Read more...] about A Digital Legacy – Online Asset Estate Planning And You
Financial Planning
A Brief Checklist For Creating a Durable Power of Attorney For Finances
A durable power of attorney for finances lets you choose someone to take over your financial responsibilities when you become sick or otherwise unable to manage them. Your attorney can tell you what specific steps you need to take to create this important document, but you can get a head start on the process by reviewing our brief checklist. Preparation. Take some time to learn about powers of attorney and what they can do for you. Make a list of questions you have and ask your attorney for … [Read more...] about A Brief Checklist For Creating a Durable Power of Attorney For Finances
Post-Divorce Estate Planning: Part 3 of 3
Previously, we discussed the New York legislature's enactment of default post-divorce probate statutes. These rules help divorced residents who failed to revise their wills after divorcing their former spouses. If you bequeathed your property to your former spouse while you were married and before your divorce, New York law treats your former spouse as having predeceased you. In this case, the specific bequests to your spouse would fail by operation of law, and your next-of-kin or surviving heir … [Read more...] about Post-Divorce Estate Planning: Part 3 of 3
Post-Divorce Estate Planning: Part 2 of 3
Although New York law may revoke any prior bequests to your former spouse in an unchanged will, problems could arise if you failed to amend your other estate planning documents, including your trusts after you divorce your former spouse. You can call our office and schedule a consultation to help you understand your estate planning options after divorce. The New York legislature amended the probate laws dealing with revocable dispositions or testamentary substitutes. According to the new law, … [Read more...] about Post-Divorce Estate Planning: Part 2 of 3
Post-Divorce Estate Planning: Part 1 of 3
The U.S. Census Bureau reported that as of 2009, more than 50 percent of first marriages in this country ended in divorce. The divorce rates for second and third marriages were even higher, and almost 75 percent of third marriages ended in divorce. Unfortunately, divorcing spouses caught up in the turmoil of untangling their married lives during the divorce process may not consider their futures without their spouses, and few of them may think about their estate planning documents. Many … [Read more...] about Post-Divorce Estate Planning: Part 1 of 3
Special Needs Planning: Part III of III
Your estate planning attorney can help you draft a special needs trust for the benefit of your special needs child or other family member. After you select a trusted individual that will serve as your trustee, you need to make sure your special needs trust complies with New York State law. Your attorney must make sure that the trustee will use your assets within your special needs trust only for a limited purpose. Because you may not want your special needs trust property to pay for necessary … [Read more...] about Special Needs Planning: Part III of III
Special Needs Planning: Part II of III
Why would you want to draft a special needs trust for your disabled child? By creating a special needs trust or supplemental needs trust, you may be able to ensure that your dependent child or family member is able to avoid becoming inadvertently disqualified from receiving financial support from the state and federal governments. In other words, by creating a special needs trust, you can help your special needs child or family member continue receiving monetary and medical government benefits … [Read more...] about Special Needs Planning: Part II of III
Special Needs Planning: Part I of III
Special needs planning is often a part of a parent or other family member’s estate planning considerations. To ensure that you make adequate financial arrangements through proper estate planning to protect your loved ones with special needs, you may need to draft special estate planning documents. Because of the legal nuances involved in estate planning, setting up a time to discuss your estate plans with our office may be a wise investment. Setting up a special needs trust may be necessary … [Read more...] about Special Needs Planning: Part I of III
Avoid Predatory Living Trust Scams
Information from the National Consumer Law Center underlines the importance of avoiding predatory living trust scammers. Unfortunately, businesses purporting living trust document preparation services often target senior citizens. They may overinflate the importance of living trusts, overemphasize the time and expenses associated with probate and offer senior citizens with limited resources a way to dispose of their assets through coercive sales tactics. Before you pay money to a company that … [Read more...] about Avoid Predatory Living Trust Scams
Does a Reverse Mortgage Impact Your Estate Plan?
For many seniors the equity in their home is their largest asset, but it is unavailable for their needs unless they take out a home-equity loan – but that is money that must be paid back with interest. Reverse mortgages have been touted as a risk-free way of tapping into home equity, without creating monthly payments and without requiring the money to be paid back during a person's lifetime. Instead of making payments to a lender, the cash flow is reversed and the homeowner, who must be aged 62 … [Read more...] about Does a Reverse Mortgage Impact Your Estate Plan?
