Americans are confused. They're confused about estate planning and rightfully so, it's a diverse topic. Should you create a will, a trust or both? It depends because they serve different purposes, but both can be beneficial to form a complete estate plan. Will and...
Single people also need to focus on estate planning
Estate planning largely revolves around creating wills and passing assets on to family members. Children and spouses are given money, investments, property and more. This makes single people often think they don’t need to do any estate planning. After all, if...Court battle may be looming over Paul Newman’s charities
A legal battle over late movie actor Paul Newman’s charitable foundation now appears imminent according to statements his eldest daughter has made recently regarding the handling of her father’s estate. The late actor, who enjoyed tremendous success...Estate planning fatigue: A real problem
The wealthiest individuals in the United States tend to be well-educated and have a great deal of business savvy, but this does not seem to be helping complete the basic elements of estate planning. According to the CNBC Millionaire Survey, 38 percent of individuals...How can I protect my assets from estate taxes when I die?
The estate tax seems somewhat unfair when put into perspective. Basically, the estate tax is the federal government’s ability to tax you for the right to transfer your property when you die. This can very disappointing for individuals who have spent their entire...Sibling rivalry plays a huge role in estate administration
When doing estate planning in New York, there are many factors you have to keep in mind, but one thing that often goes overlooked is sibling rivalry. No parent wants to think that his or her children are going to fight over money or property. However, this is...Getting an attorney to help craft your will is a good idea
Having a will in place can be a true blessing. Knowing what will happen when you are gone and can no longer voice your preferences can be such a good thing. Your will can see that your property and assets are left to the people or organizations that you want them to...Challenging a trustee’s breach of fiduciary duties
A central component of any well-considered estate planning is choosing an individual or an organization to represent your interests after you are deceased. For example, many people elect to choose their estate planning attorney as the executor of their wills. Others...Blended family estate planning strategies
In cases where one or more spouse has children from a prior marriage, estate planning can get more complicated. It does not matter how well a family gets along now, there could be conflicts after a death when it comes to inheritances. For this reason, New York estate...What you need to know about long-term care insurance
Nearly everyone wants to live independently for as long as possible. Unfortunately, medical problems associated with advanced age often force even the most fiercely independent people to rely on help from others as they get older. Some families are better situated...
