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...
Make it a practice to update your estate plan
Every New York resident should make it a practice to review his or her estate plans each January. Indeed, life circumstances can change throughout the year, and the best way to ensure those changes do not conflict with your existing estate plan is to perform an annual...Let a lawyer refamiliarize you with living trusts
The term “living trust” has fallen by the wayside in recent years, but this type of estate planning document is still relevant. What is a living trust? It is a type of trust you establish during your lifetime instead of a will or other legal document that...Age plays a huge role in the need for long-term care planning
When trying to decide what to do about long-term care planning, one of the most important factors to look at is simply your age. The statistics show that risks for many diseases and ailments–such as cancer–go up quickly as you grow older. Here’s one...Putting a will in place can help your heirs know what you want
Putting a will together can be a long process if you don’t have an attorney to help you. Your will needs to be able to stand up to scrutiny and be water tight if your heirs decide to contest it. You may want to contact an estate-planning law firm like Weinstein...Is estate planning important if you’re broke?
Think that estate planning is just for the rich? While passing along assets may not matter as much if you don’t have a lot, there are still very important estate planning steps that you need to take in New York. First, you may still have assets, even if your...Estate planning for your $1.4 billion Power Ball win
It’s a blessing to win the lottery, but it can also be a curse. Winnings need to be managed carefully if you want them to last the rest of your life and provide for your family when you’re gone. So, while we’re all hoping that we win a billion-dollar...How a will focuses on protecting your kids
As a parent, you constantly think about protecting your kids. It’s one of the most important things you do on a daily basis, and it has probably been that way since the day your first child was born. What you should know, then, is that making a will is just one...Planning for estate taxes in New York
Tax consequences are something that all New York residents need to consider when planning their estates. Indeed, if you do nothing to limit your estate tax liabilities, the inheritance you plan to leave to your heirs could be much smaller than you think it is. Federal...Heirs in legal battle over 85-year-old song lyrics
Last month, we discussed the importance of including all possible assets in your estate plan — including online assets such as your Facebook account. Creative and social assets are things you might have a personal interest in controlling, and you might want them...
