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?
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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?
Creating a Will – Prepare to Prepare
Creating a will is certainly not anyone’s idea of fun. But like any task, preparation is the key and can make the process go much more smoothly and results in the best product. There are several steps you can take to make this process easier not only on you, but your loved ones. 1. Determine your net worth by making a list of your assets, which is anything you own that has value. Include your home, vehicles, jewelry and other personal property. List your liabilities – anything you owe. … [Read more...] about Creating a Will – Prepare to Prepare
Home Care Services for Senior Citizens
Home care is an arrangement for providing personal or health care services for an individual in the comfort of their home. In the case of senior citizens, it helps them stay in the familiar comfort of their home rather than entering a long term care facility. Often the task for home care falls on a spouse or another family member. This can become stressful and exhausting for caregivers, and there are other options available. Seniors living independently in their own homes, or residing with … [Read more...] about Home Care Services for Senior Citizens
