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January 2014 Archives

Estate planning essentials for baby boomers: part I

With the aging of the populous baby boomer generation, more New York families are dealing with figuring out how to provide for the care and wellbeing of an aging parent or loved one. Individuals over the age of 65 are more likely to be impacted by a serious illness or medical condition that could ultimately result in an individual requiring hospitalization or long-term care.

Unique families require unique estate planning solutions

Fifty years ago, the typical American family consisted of a man, woman and 2.5 children. In contrast, today’s American families readily include same-sex couples, divorced spouses, step-children and half-siblings. A more complex familial structure requires individuals to view and approach estate planning differently.

Portability could aid New Yorkers in estate planning

Throughout one's lifetime, the average man or woman will likely accumulate some amount of wealth. Upon one's death, depending on how this wealth was handled and distributed, it could be taxed or it could be tax-free. Proper estate planning can assist New York residents in protecting their assets for future generations.

Health care power of attorney part of long term care planning

Almost no one in New York or anywhere else wants to talk about their end-of-life issues and how they should be dealt with. It's a situation few people are comfortable with and even fewer are equipped to handle. Regardless of the discomfort it causes to discuss, a health care power of attorney can be an invaluable component of long term care planning -- providing an action plan of sorts for others to follow on the maker's behalf.

Lawsuits over $300M estate continue

When an individual dies, his or her assets and debts must be distributed and paid. In most cases, estate planning documents such as a will or trust help direct loved ones in determining how assets and possessions are to be distributed. Sometimes, however, a will may be contested or other financial and estate planning matters disputed.

How to provide for Fido or Fluffy from the grave

During 2012, nearly 70 percent of U.S. households had a pet. The most commonly owned and beloved pets are cats and dogs and an increasing number of pet owners are taking steps to ensure and provide for their pet's future wellbeing. We've likely all witnessed pet owners who treat their pets much like a family member or child. For some pet owners; trips to the groomer, daycare provider or pet psychologist are routine and considered necessary.

Accomplishing estate planning goals more challenging for unmarried couples

We frequently discuss how estate planning matters pertain to married individuals and couples. Of course all individuals, regardless of marital status, would be wise to take steps to set up an estate plan and plan for end of life matters. For couples who choose not to marry, extra steps must often be taken to ensure a partner has certain rights and inherits intended assets and property.

Providing for a child or adult with special needs

Parents raising a child with special needs are often overcome by the daily tasks associated with providing for a child’s care and wellbeing. Children with physical or mental disabilities often require special medical care and benefit from additional counseling or treatment. Not only is providing care to a special needs child physically and emotionally taxing, but it can also be financially taxing.

Estate planning documents to help plan for the unexpected

Life can be unpredictable and is full of surprises, both good and bad. While there is often no way to anticipate or predict when an individual may be adversely impacted by an illness or accident, there are steps one can take to control what happens next.

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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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