While estate planning can seem like an incredibly complicated and difficult subject, it's easier to understand it if you keep a few simple rules in mind. When you create an estate plan you won't be required to have a vast and comprehensive understanding of the field. All you have to do is leave it up to your attorney to explain what options are available to you, and do so in a way that allows you to make the best decisions possible. To help keep you focused on creating the best plan you can, you … [Read more...] about 5 Essential Estate Planning Rules
Blog
What You Should Know About Rochester Estate Planning and the Statute of Limitations
As someone visiting a Rochester estate planning lawyer for the first time, there are a lot of legal ideas, such as the statute of limitations, that you might’ve heard about but aren’t exactly sure how they work. When it comes to legal terms, concepts, and issues, it’s always best to speak to your estate planning attorney about any questions you have. Until then, we are going to take a look at what a statute of limitations is, how it works, and why you probably do not need to worry about … [Read more...] about What You Should Know About Rochester Estate Planning and the Statute of Limitations
What Is the Annual Gift Tax Exclusion?
Before we explain the annual gift tax exclusion, we should provide a bit of background information. The estate tax was established in 1916. At first, there was no gift tax. As a result, high net worth individuals gave gifts while they were living to avoid the estate tax. The tax man took notice, and a gift tax was enacted. It was briefly repealed, but it returned for good a couple of years later. These days, the gift tax is unified with the estate tax. Annual Gift Tax Exclusion Gifts … [Read more...] about What Is the Annual Gift Tax Exclusion?
What Is a Living Will?
Everyone has heard of the last will, and a lot of people have heard of living trusts. As a result, there can be some confusion with regard to the living will. A living will has nothing to do with the transfer of financial assets. This type of will is an advance directive for health care. Life Sustaining Measures In your living will you state your preferences regarding the utilization of life-sustaining measures. If you were to become incapacitated and unable to communicate while in a … [Read more...] about What Is a Living Will?
Should I Have a Durable Power of Attorney?
Estate planning is often thought of as an exercise in facilitating the distribution of monetary resources after you die. Without question, this is certainly a large part of the equation. However, there are other things to take into consideration. With this in mind, we would like to look at the value of the legal device called a durable power of attorney. Incapacity Planning It is not the most pleasant contingency to consider, but many elders do become incapacitated before passing away. … [Read more...] about Should I Have a Durable Power of Attorney?
