In the most comprehensive study of its kind, scientists at Harvard and the University of Wisconsin determined that within the three month periods after a spouse dies, the odds that the other will pass away during this period is between 30 to 90 percent. As a result, each year, many…
While it would be nice if it were, estate planning is not a once and done process. Instead, it is important to routinely review the terms of your estate plan to make sure that it is capable of achieving your goals. Reviewing estate planning documents is particularly important nowadays, during…
Estate planning is vital if you want to leave a lasting legacy to your loved ones. Despite its importance, a survey by Caring.com, however, revealed that the number of adults in the United States than ever before are engaging in estate planning. The study found a 25% decrease in the…
While some people are still debating the outcome of the 2020 election, it is extremely likely that Joseph R Biden Jr. will be the next President of the United States. As President, Biden and his administration will likely attempt to pass new regulations that remove some estate planning opportunities to…
Elder Law Estate Planning is an area of law that helps us maintain control of our lives and assets in four basic areas. First, Elder Law is planning for disability which includes naming people who will make decisions for us if we become incapacitated. You choose the people who will…
In December 2019, the United States Treasury recently released guidelines in Subchapter Z of the Internal Revenue Code. the regulations play the vital role of clarifying earlier 2018 and 2019 regulations about financial opportunity zones. This article briefly reviews some of the most important lessons to be learned from this…
At first glance, inheriting real estate might seem like an entirely good thing. In reality, when taxation and other estate planning issues are considered, this inheritance also presents several burdens. While New York does not have an inheritance tax, other states do and it is critical to consider this…
Children and Estate Plans: Equality Is Not Required If you do not have an estate, at least one person you know has probably recommended that you create one as soon as possible. Among the various questions that the creation of an estate plan presents is how exactly to divide…
One of the most difficult parts about successful estate planning is that countless myths persist about how to plan for your future. One of these misconceptions is that young people do not need estate plans. Another common misconception is that once you create an estate plan, there is no need…
The estate tax in the United States is a tax placed on a person’s assets that transferred to beneficiaries after that person’s death. While only a certain category of assets is impacted by these taxes, they can have a profound impact on the administration of your estate plan. As a…