The revocable living trust is a very useful estate planning tool, and these trusts are quite popular among those who understand the facts. When you maintain direct personal possession of your property, the property becomes probate property initially. Probate is a legal process that takes place under the supervision of the Surrogate's Court in the state of New York. This process is quite time-consuming, and the heirs to the estate do not receive their inheritances while the estate is being … [Read more...] about Revocable Living Trusts: Who Can Act as Trustee?
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When Does a Power of Attorney Become Effective?
Your estate plan should ideally be part of a comprehensive, long-term plan for aging. You certainly want to make sure that you facilitate effective asset transfers to your loved ones, but this is only part of the process. Incapacity planning is also important. People are living longer and longer lives. According to the United States Census Bureau, between 2000 and 2010 the segment of the population that was between 85 and 94 years of age grew faster than any other ten-year … [Read more...] about When Does a Power of Attorney Become Effective?
The Intersection of Legacy Contacts and Estate Planning
As more and more individuals get comfortable in the digital world, Estate Planning has changed to address the collection and transfer of digital assets. The widespread use of a legacy contact allows owners of digital content to determine what will happen with it after they die. Read on to learn more. … [Read more...] about The Intersection of Legacy Contacts and Estate Planning
Start 2022 the Right Way
The New Year gives us an opportunity to start fresh. If you don’t yet have an estate plan, now’s a great time to make an appointment with an Estate Planning attorney to talk about your goals and concerns. If you already have one, the New Year gives you an opportunity to review it to ensure that it still accomplishes your goals or to make any necessary changes. Read on to learn more … [Read more...] about Start 2022 the Right Way
It’s Better to Give Than to Receive
Most taxpayers understand that to receive the benefit of charitable deductions, they need to itemize their income tax deductions. However, in the wake of the pandemic, Congress passed legislation allowing even those who take the standard income tax deduction to benefit from a charitable income tax deduction. Read on to learn more. … [Read more...] about It’s Better to Give Than to Receive
