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When someone creates a last will and testament, he or she will need to name an executor to the estate to oversee dispersal of the assets and settling of debts. Once the last will and testament is created and the testator passes away, the will cannot be amended and probate…
Many areas of the law are constantly changing based on a variety of factors. Estate planning is no exception, especially given that there are potential changes coming to the United States tax policy under the current administration. One of those potential changes is the elimination or restructuring of the estate…
The number of Americans choosing to cohabitate in lieu of marriage is steadily increasing. While nontraditional approaches to relationships are becoming more common, the importance of traditional measures related to comprehensive estate planning remain just as important. In fact, for couples that cohabitate without entering a traditional marriage, comprehensive estate…
Creating a living trust is an excellent way to avoid having assets pass through probate courts and create showdowns for potentially messy challenges brought by individuals claiming to be “interested parties” to the estate. However, even living trusts must still settle up on certain types of debts incurred against the…
Growing older and the inevitability of death are unpleasant topics for most people. Often equally unpleasant is the thought of being alive but being unable to make important decisions for yourself. Part of a comprehensive and effective estate planning strategy includes ensuring that you have planned for the possibility of…
While many believe estate taxes only hamper the financial activity of very wealthy people, the truth is even middle class individuals can be subject to the burdens of state and federal estate taxes. For example, if you spent your whole life building a small business, the value of that asset…
Comprehensive estate planning is a responsible way to protect your assets. One of the primary ways you can utilize estate planning to protect your assets is by ensuring that your estate plan accurately reflects how you wish to have your assets distributed in the event of your death. Taking steps…
For New Yorkers over 60-years old, state and federal programs provide numerous benefits and community services to help cope with some of the hardships associated with aging. Every county in New York, with the exception of New York City, has a an Office for Aging aimed at helping seniors get…
Most individuals look forward to retirement for many years. The chance to enjoy the hard work you have put forth throughout your lifetime is appealing, and being able to do so without being tied down by work or other responsibilities often sweetens the potential possibilities that await you in retirement.…
As we age, we begin to think more and more about what we can pass on to the next generation and their families. One of the best ways to pass on wealth is to transfer ownership of a home or other real estate. Under the law, individuals utilize one of…