Some of the legalese used in estate planning can sound like a foreign language, and in some cases it may be. Per Stirpes is one of the those terms. So, what does it mean? That may be one of the most common questions from clients when they review their estate planning documents. It's certainly a fair question, since it doesn't tend to come up in everyday conversation. This term is commonly used in estate planning, since writing out the actual meaning of the phrase would add another large … [Read more...] about What Does Per Stirpes Mean in Estate Planning?
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Naming Children as Life Insurance Beneficiaries
Life insurance can play an important role in estate planning. Many families purchase life insurance policies to provide for their children should one, or both parents, pass away unexpectedly when the children are still under the age of 18. Since many families buy the life insurance with the goal of providing for their children, they name their children as the beneficiaries of the insurance policy. But is this the best way to handle it? No, it's not. If a minor is named as a beneficiary of a … [Read more...] about Naming Children as Life Insurance Beneficiaries
Watch out for This Issue if you are a Trustee of a Special Needs Trust!
Did you know that April is Autism Awareness Month? While awareness of Autism and its challenges continues to increase, we need to also take a moment to focus on the estate planning challenges the families of those with Autism are facing. A special needs trust is a powerful estate planning tool for a family with an Autistic child. Funds are held by a trust and managed and distributed by a Trustee for the child’s needs without disrupting the public benefits they may require. But the Trustee … [Read more...] about Watch out for This Issue if you are a Trustee of a Special Needs Trust!
Five Signs you may Need a Living Trust
Many estates can benefit from a living trust, but how do you know if one is right for you? Here are just five of the signs a living trust may benefit your estate plan: 1. You want property to avoid probate. Probate is the legal process that settles an estate. In New York it takes place in Surrogate’s Court. The process is known to be time consuming and costly for larger estates. A living trust actually owns your property, therefore trust property avoids probate. 2. You … [Read more...] about Five Signs you may Need a Living Trust
The Federal Government’s Report on Guardianship and Elder Abuse
Guardianships may enter the lives of senior citizens who, due to health, senility or dementia issues, may no longer be able to make decisions regarding their personal or financial affairs on their own. Guardianships may be necessary if the person has no legal documents in place to appoint someone to handle their affairs should they no longer be able to. But a 2006 study by AARP and the American Bar Association (ABA) Commission on Law and Aging concluded that many courts are doing a poor job of … [Read more...] about The Federal Government’s Report on Guardianship and Elder Abuse
