Adults in a variety of personal circumstances can benefit from putting together estate plans. Some people draft documents that protect them later in life instead of just testamentary documents that take effect when they die. Advance directives, sometimes referred to...
Estate Planning
Can adults disinherit family members if they initiate probate litigation?
When an adult commits the time and consideration necessary to draft an estate plan, they do so with the expectation that others will respect their wishes. After all, much of the estate planning process is for the comfort and support of the testator's loved ones....
Why retiring adults may benefit from durable powers of attorney
As people in New York age, they may feel more pressure to establish estate plans. Younger adults may procrastinate or may keep things as simple as possible by drafting only a will. Those approaching retirement age often need to think about their finances and their...
Protecting an adult child’s inheritance from a possible divorce
People in different circumstances have different priorities regarding their estate plans. In some cases, the most important consideration is tax minimization. Other times, people worry about their support needs later in life or the protection of their assets after...
The many uses of trusts during the estate planning process
People who are unfamiliar with trusts are often unsure about their purpose. People frequently think of trusts as a solution for incredibly wealthy people trying to structure an inheritance for their children or grandchildren. Certainly, trusts have historically served...
Creating an estate plan that disinherits a family member
For many people, the main objective during estate planning is to ensure that specific people receive certain assets from their estates. They may want their children to share ownership of the family vacation home or a family friend to inherit their classic car. But,...
What people need to know about estate planning after a divorce
Few personal situations change someone's finances and future plans more abruptly than divorce. The resources in someone's name, their standard of living and even their obligations to others typically shift dramatically during divorce proceedings. Often, they need to...
2 instances when it’s crucial to update your estate plan
As life evolves, so should your estate plan. Otherwise, the documents that you’ve put in place may not accurately reflect your wishes upon your incapacity or death. Major life events such as marriage, divorce or a new addition to your family can drastically change...
How future health issues can influence the estate planning process
Someone who is creating an estate plan often focuses on the people they love more than on themselves. They want their children, spouse or other loved ones to receive financial support and also an inheritance that reminds their loved ones of the relationship that they...
Why do people add transfer-on-death designations to accounts?
Estate planning can involve a variety of different tools and tactics. Someone's goals for their personal legacy and the nature of the assets they have accumulated will influence how they manage the process. Some people rely on a trust to keep their biggest resources...