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December 2013 Archives

End of the year estate tax planning considerations

Many New York residents work hard to earn a comfortable income and accrue assets. For many, smart investments throughout the years have allowed their personal wealth to grow at a healthy rate. As 2013 draws to a close, many of these individuals will assess their life and life goals. The end of the calendar year is also a great time to assess one's estate planning goals and take a second look at potential estate planning tax implications.

Tips on how to prevent fights over family heirlooms

Most people may think that the majority of estate disputes and will contests are waged over large amounts of assets and the division of real estate or property. In reality, the majority of disputes among surviving family members relate to who retains ownership of grandma's favorite picture or other treasured trinket.

Why it's wise to routinely review and update beneficiary designations

When it comes to estate planning, many people wrongly assume all they need is a last will and testament. In reality, however, estate planning is much more complex and failing to take note of this fact can have serious and unintentional implications.

Using a trust to incent favorable behavior

Growing up can be difficult and most children go through a rebellious period, particularly during their teenage years. It is during these formative years that parents aim to instill values in their children that will ultimately enable a child to make better choices and right a wayward path.

Gaining access to a deceased loved one's email often difficult

Many New York residents readily rely upon email to communicate about a variety of personal, professional and financial matters. Depending on the email provider and type of account, most email services require users to sign privacy agreements. Email providers also require users to select a secure password which must be used to access an email account.

Estate planning and planning for one's final arrangements

We've previously discussed in this blog, many important aspects of estate planning that require thought, attention and action. In some cases, however, an individual may fail to account for seemingly basic estate planning matters and details such as funeral arrangements. In some cases, this oversight can ignite a war between family members or other interested parties who may disagree over a loved one's final arrangements.

Using a trust to provide for a disabled loved one

According to recent statistics, an estimated 54 million Americans are living with a mental or physical disability that necessitates special care. In many cases, a family member ends up acting as a primary caregiver. Individuals with special needs often require medical attention and therapy as well as special equipment, all which can be costly. Add to this the fact that many individuals with special needs are unable to work and it's no wonder that finances are often an issue and concern.

Life events that necessitate estate planning changes

Change is a constant in life that cannot be stopped. As an individual ages, he or she is likely to experience and encounter many joys, sorrows and challenges that ultimately make for a full life. Changes in income, the birth of a child and marriage or divorce are all monumental events that can greatly impact an individual's responsibilities and financial status.

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Weinstein & Randisi
290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
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