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Nobody likes thinking about serious illness, especially a serious illness that could lead to death. Unfortunately, such illnesses can cause massive financial difficulties for friends and loved ones which can in turn significantly deplete the assets you had been planning to leave to your heirs. The moral of the story…
While comprehensive estate planning can certainly be a difficult process, there are some things that remain rather constant. Most parents will choose to leave the bulk of their estate to their surviving spouse and/or their children, with the surviving spouse typically leaving the remainder of the estate to children. However,…
Typically, many people tend to think an estate plan only includes your Will. In today’s day and age, however, most people have a much more diversified estate plan than they realize. Your estate plan is far more than just your Will and includes things like trusts, investments, retirement accounts, and…
According to the Council on Elder Abuse, as few as one in 24-cases of elder abuse go reported to the proper authorities, an unfortunate reality that many across the state and country are actively trying to change. To fulfil the goal of eliminating elder abuse, June is Elder Abuse Awareness…
Most individuals recognize the importance of comprehensive estate planning, although they may still choose to avoid it. One important part of your estate plan is your power of attorney (“POA”). Basically, a POA is a document that nominates an individual to make legal decisions for you in the event that…
When someone passes away without creating a last will and testament or trust, the individual passes away in intestate, meaning his or her assets will be distributed to heirs based on a line of succession under New York state probate laws. While most of us plan for the time after…
Once an individual decides to engage in comprehensive estate planning, several concerns may arise. One of those concerns often involves leaving a large sum of money to an heir that may be facing financial difficulty or may not yet have the ability to budget in a responsible manner. In such…
We have written several aspects about the role IRAs can play in your comprehensive estate planning strategy, as well as several concerns that accompany them. Here, we will address the two common choices facing non-spousal individuals listed as heirs for an IRA account that is not slated to go to…
All grandparents want the best for their children and grandchildren and many take the initiative to set aside part of an estate to help future generations get a head start in life. Forward thinking grandparents should also be aware there are certain tax and entitlement benefits rules seniors need to…
The current makeup of the federal government makes it very likely that some type of tax reform will happen within the next couple of years. Many individuals that have comprehensive estate plans in place or are considering engaging in creating a comprehensive strategy may have questions about how such tax…