Estate Planning Mistakes People Make Five Ways
The first half of your adult life is spent getting financial security, the second half trying to maintain it. Accordingly, many people spend substantial time and effort in their estate planning maximizing their legacy goals, ensuring their wishes are met. Providing your family through your life’s work is a gratifying feeling for you and your […]
A Creditor’s and a Probate’s Role
The use of legal techniques to avoid probate allows you to save taxes, keep your estate away from public scrutiny, and avoid having to obtain court approval each step of the way. You can save time, frustration, and in many cases, attorney and court fees. An executor, also known as your personal representative, is responsible […]
Your Estate Plan and Generational Wealth Transfer
Protecting your inheritable legacy so that it is passed on to future generations requires careful planning. In the world today, there are always differences of opinion among generations regarding how to live and act. As a result of climate change, pollution, over-harvesting nature’s resources, and wealth accumulation, to name a few, Millennials and Generation Xers […]
Is Your New York Estate Plan Updated?
To make sure they’re still good, you should check your estate planning documents every so often, especially with big life changes like births, marriages, divorces, and moving to another state. Children grow up, marriages dissolve, property gets sold, residences change. That’s why we recommend that you consult us for an estate-plan check-up every five years […]
How Does Life Insurance and Estate Planning Work Together?
At first thought, life insurance may not seem to have a bearing on how to dispose of your assets in your estate plan. However, life insurance can be an integral, indispensably important part of a well-thought-out estate plan. There are numerous other benefits to owning a life insurance policy aside from providing a large sum […]
The Importance of Understanding Co-Agents in New York
I can’t decide which of my two children should be my power of attorney when I need help paying my bills and talking to doctors. Can’t I just name them both? You can, but please don’t. You risk creating conflict or chaos if you name more than one child to serve simultaneously. Instead, pick one […]
How to Plan for the Growing Sandwich Generation
Anyone experiencing the struggle of simultaneously caring for children and aging parents is part of the sandwich generation. Although generation is part of the phrase, it does not refer to people born at a specific time. Typically, these “sandwich” family caregivers will be in the thirty to forty-year-old age range and balancing duties to provide […]
Why New York Estate Planning is Important for Entrepreneurs
Entrepreneurs share specific characteristics: motivation, creativity, persuasiveness, risk tolerance, versatility, vision, innovation, communication and collaboration, flexibility, and decisiveness. These individuals create new businesses bearing most of the risks and reaping most of the rewards if successful. Because of their innate attributes, an estate planning process can be markedly different from others because entrepreneurs often have […]
It’s Essential to Communicate Your Estate Plan Goals with Family
Preparing for a successful transfer of wealth to your loved ones begins with a comprehensive estate plan. However, many of us often overlook the crucial part of communicating our estate plan to family and heirs. Even with a thorough and up-to-date estate plan, your family may experience emotional or financial turmoil despite your best efforts. […]
How to Divide Assets Between Beneficiaries
The simplest option when it comes to leaving property to your children is to divide everything equally. That is the clear choice when all your children are doing equally well. But if not – if, for example, your son is a starving artist with mouths to feed and your childless daughter has made millions on […]