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Most people should have a will. Wills are the legal mechanism for distributing property, naming guardians for children and exceptional individuals, and cancelling out debts, among other tasks. Having a will guarantees that you, rather than New York State, decide who gets your property and how your affairs would be…
There are a number of myths that persist about estate planning. To perform successful estate planning, however, it is critical to learn which of these myths are incorrect. Unfortunately, one of the truths of estate planning is that errors have the potential to result in complications with the administration of…
Every week it seems there is a new health alert about a new study of a common food item that directly contradicts nutritional norms. The latest to catch my attention was a story in USA Today linking hot tea to esophageal cancer. It starts with the headline, “Drink Hot Tea…
There are several common myths about estate planning. One of these myths is that people who have small estates do not need estate plans. In reality, everyone has an estate. This means that even if you do not believe so or if you only have a small number of possession,…
Estate planning is never an easy process. Not only does estate planning force a person to face that they will inevitably pass away some day, the estate planning process also requires a person to meet a number of requirements. Even though they are the most common type of estate…
On April 5, 2019, Kathy Lee Gifford, the co-host of the fourth hour of the Today Show retired after 25-years working in daytime television. In an interview in AARP Magazine, she reflects on loss and loneliness. She states, “If you’re not careful, what you’ve lost in life can define you.…
There are a number of threats that can change or even destroy estate plans. Three of the biggest current threats to estate plans include family conflict, market changes, and tax laws. These threats were articulated after a survey was conducted by TD Wealth at the annual Heckerling Institute on Estate…
Being left out of your parent’s will is a difficult pill to swallow. People are free to dispose of their property through a will as they see fit. Only spouses have some statutory protection against being cut-off from the other spouse’s will. If you are the child that has been…
Estate planning serves a valuable purpose. Done correctly, estate planning can include all of a person’s end of life goals. If mistakes are made during the estate planning process, however, an individual can end up facing countless obstacles including paying more taxes and uncertainties about beneficiaries. In an effort…
The AARP reports that 64 percent of Americans do not have estate planning documents. While “do it yourself” estate planning documents might seem attractive if you do not have an end of life plan, they are not without risks. The advantages of “do it yourself” estate planning are clear.…