Family wealth has led to disputes over the years. Today, Hollywood also continues to make films like Knives Out that address what happens when families cannot agree on how an estate should be divided. Given that the Covi-19 pandemic has placed an increased amount of financial pressure on families, a…
For many years, life insurance played a critical role in estate planning to either pay off or avoid estate taxes. Due to the raising of exemptions to a sizable degree including both on a federal and New York state level, people now utilize life insurance to achieve various goals. This…
As the covid-19 pandemic continues throughout the country, many experts are gaining a better understanding that the pandemic left on older individuals, who are the demographic hit most devastatingly by Covid-19. New studies have provided some helpful insights. For example, data shows that older individuals residing in their own residences…
A variety of myths linger about estate planning. One of the most enduring of these myths is that estate planning is only for the wealthy. In reality, however, estate plans perform countless functions and all adults need them. Estate planning is not simply something that a person needs when they…
In May 2021, the Biden Administration announced its “Green Books” which includes a summary of the administration’s tax proposal. Even though this is just a proposal and not actual legislation, it’s critical to understand that the administration is focused on taxing high net worth individuals at a higher rate than…
If you’re planning on making the most of estate planning, you should focus on what your goals are as well as how you can best achieve them. Life insurance plays a critical role in the estate plans of many people. To make the most of life insurance, however, it’s a…
Whether it’s the internet or on television, estate planning strategies and offers are common to encounter. Whatever strategy you end up selecting, your intentions should be captured in your estate planning documents. It’s also a good idea that no one takes advantage of you and you do everything possible to…
Estate planning is a fundamental aspect of any thought-out financial plan, but when it’s your loved ones who need to create a plan, it can be challenging to discuss this issue. One reason it’s difficult to discuss estate planning with a loved one is that this often involves confronting sensitive…
Second marriages can help individuals cope with the pain associated with losing a spouse through death or divorce. If other beneficiaries are involved, you should consider what will happen to your assets after you pass away. You cannot guarantee that everyone in a blended family will be happy with the…
Transfer on death accounts pass on assets to an appointed beneficiary when the account holder passes away. When you establish a “transfer on death” account, assets pass directly to beneficiaries at the time of the account owner’s death. While assignments of this kind can help to avoid probate, account titling…