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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…
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…
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…
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…
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…
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…