Your estate plan can protect your family after you are gone by distributing your assets in the manner you see fit. Living wills are components of estate plans that protect you while you are still alive. Because they play such an important role, you must create a...
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Estate Planning
The Basics of Estate Planning
For many people, the term estate planning refers to a somewhat vague concept that deals with individuals who have great wealth. In reality, though, estate planning benefits nearly all families and refers to the precise legal administration of a person's assets in life...
Tips for preventing family disputes during estate planning
Putting together your estate plan can help you protect your interests and make your wishes known regarding your assets. But many people have yet to take this important life step. According to a survey conducted by Caring.com, only 4 out of 10 people in the U.S. have...
How can you avoid common estate planning mistakes?
Regardless of your age or financial status, you must have a solid, legally binding estate plan in place. According to Kiplinger, it is equally important to avoid certain estate planning mistakes when making decisions. Keep in mind, your estate plan not only protects...
What if I am party to the will of someone outside of New York?
As you are keenly aware, there is no more worldly location nor important hub of travel and commerce than the State of New York. Not everyone who conducts significant business or forms lasting relationships in the Empire State remains here. By definition, New York is a...
Will you owe estate taxes?
The potential of having to pay estate taxes may hang over your estate plans in New York. Yet should they? While most assume that everyone must pay estate taxes, that is not the case. Both the state of New York and the federal government offer opportunities to limit...
Can you contest a living will?
Planning for end-of-life care and emergency medical procedures can be difficult. After all, when a person is healthy, serious illnesses and injuries can seem like abstract concepts. Still, creating a living will is one of the more effective ways to maintain control...
How can I avoid common estate planning mistakes?
Having a comprehensive estate plan is crucial. Wills and other estate planning tools ensure your heirs receive your assets after you are gone. They can also help you minimize taxes when developed strategically. While it is crucial that you have an estate plan in...
What are the two different types of a living trust?
Even if you do not currently have a last will and testament, it is likely that you are familiar with the purpose of the document. Many people, however, are less aware of living trusts and the role that they can play in a robust estate plan. Living trusts have a number...
How can I avoid estate planning mistakes?
You probably already know how crucial an estate plan is for your assets and family. Develop a solid and legally binding plan is equally important, as this will prevent family members from contesting it. According to Kiplinger, certain estate planning mistakes are...