Estate planning is something everyone should do as soon as they become an adult. With the right estate plan in place, you and your family will be prepared for situations and emergencies that, even though some are unlikely, can strike at any time. Unfortunately, a lot of people do not take the initiative to begin estate planning as soon as they should. When people without an estate plan are suddenly confronted with an emergency situation, they are often left scrambling in an attempt to address … [Read more...] about Estate Planning in an Emergency
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Mandi’s Favorite Holiday Tradition
Mandi's holiday tradition begins with cinnamon rolls. Each holiday we bake cinnamon rolls and our home fills with the delicious aroma. When our children, Bobby and Dani were young, they would wake to the smell of the cinnamon rolls and know that it was time to see what presents Santa had left under the tree. Even though our kids are in their 20s, we still bake cinnamon rolls and eat them together as we enjoy the holiday and reminisce about past holidays. … [Read more...] about Mandi’s Favorite Holiday Tradition
What does “Per Stirpes” Mean?
As you create your estate plan in New York, you might come across the term “per stirpes.” Though you’ve probably not come across this term before, you should have a basic understanding of what it means as it relates to your estate plan. Terms like “per stirpes” and its cousin “per capita” can play a significant role in determining how your inheritances are distributed to your descendants. Here are the basics. Per Stirpes Distribution When you create an estate plan, you’ll have to decide how … [Read more...] about What does “Per Stirpes” Mean?
Don’t Use a Living Trust to Replace a Last Will and Testament
A living trust is a very popular estate planning tool that can provide some significant benefits to you and your estate. However, like other estate planning tools, a living trust is not capable of serving all your estate planning needs. When people come to an estate planning lawyer and ask for help in creating a living trust, they sometimes ask if they still need to create a last will and testament. Though useful, a living trust is not a replacement for your will. You need to create both of … [Read more...] about Don’t Use a Living Trust to Replace a Last Will and Testament
What is a Right of Survivorship?
Some estate planning terminology, such as the right of survivorship, can be something that the average person doesn’t have much experience with. Nevertheless, these types of terms have specific meaning in your plan, and you need to be comfortable with them. Let’s take a closer look at the right of survivorship and how it can affect your estate plan. Jointly Owned Property People sometimes own property jointly with others. This jointly owned property primarily comes in one of two different … [Read more...] about What is a Right of Survivorship?
