Comprehensive estate plans often include precautionary measures that ensure your assets are protected and distributed according to your wishes. Many times, many of your assets will be distributed to your spouse. However, it is important to think ahead for every possible scenario when engaging in comprehensive estate planning to prevent…
Nearly seventy percent of Americans who reach age 65 will require some form of long-term care support. Many of these seniors will need care for a number of years. On average, women require 3.7 years of care while men require only 2.2 years. Decisions regarding this care should not be…
Few people think about what will happen to their business after they die and therefore rarely put together a plan. Fewer may even think that a family or closely held business should be considered a part of their estate plan. However, for many small business owners, their financial interest in…
Art pieces and collectibles can often be difficult to price. After all, the best and easiest way to price an item is to see what other items like it have sold for. But in these cases, art and collections can be one of a kind and have no comparison. When…
MONEY LEFT IN IRA AT TIME OF PASSING NOT SUBJECT TO NORMAL IRA RULES This blog previously discussed the Supreme Court case of Clark v. Rameker and the legal implications of money remaining in an IRA at death, that is in turn left to the heirs of an estate. Putting…
MODERN PROBLEM WITH ANCIENT ROOTS New York is one of approximately 19 states, along with the District of Columbia and the Virgin Islands to specifically adopt the Uniform Simultaneous Death Act in some significant form or another. The law was drafted in 1940 and amended through the decades, last time…
NOT CUT OFF FROM BIOLOGICAL PARENTS IN EVERY CASE It is not unheard of for adoptive children to seek out their biological parents and reestablish contact once they are old enough and understand the world much better. The drive to understand who your biological ancestors are, to know where they…
An earlier post on this blog provided an overview of using beneficiary designations as part of your estate plan. Recall that beneficiary designations are a way to transfer property automatically upon the death of the asset owner outside of the probate process. This post is part II of that discussion,…