Trusts are arguably one of the most useful and versatile documents a person can add to an estate plan. They offer creative solutions to money management while offering efficient ways to provide for one's heirs. Most New York residents have heard a great deal about trust categories such as a revocable living trust or a testamentary trust. However, there exist under these trust types a veritable plethora of solutions to choose from in most American locations. By educating yourself about some of these legal documents, you can plan for any unique circumstances that may apply to you and your family.
Does your estate plan prevent future family disputes?
Your estate plan should be individually tailored to your wishes, your situation and your family. One thing you might want to consider about your estate plan is whether it is likely to prevent future family disputes or cause them. This is an especially appropriate consideration in light of International Day of Families, which is coming up on May 15.
Why to tell your children what they're going to inherit
While you're free to do whatever you want with your will, it's often best not to keep it a secret. You don't really want there to be any surprises for your children regarding what they're going to inherit--or, perhaps more importantly, what they're not going to get.
Representing families in New York guardianship cases
One of the harshest realities of life is the fact that not every adult is able to care for him- or herself. At some point in all of our lives, it is likely that we will need to rely on someone else for our health and well-being. In some cases, we may be so incapacitated, that we cannot even make decisions for ourselves with regard to our finances and health care.
Adding a list of property to your will
You may know that it's quite important to update your will. Despite the fact that most people don't do it often enough--one study found that a full 86 percent of people had not updated at all in the previous five years--you know that changing circumstances and assets have to be recorded. After all, a will that doesn't even address your new home or your divorce isn't going to fit very well with the reality of your circumstances.
Are you prepared for the probate process?
If someone you know has recently died, or if you have a loved one in the golden years of life, then probate processes are likely in your future. This is especially true if your loved one has asked you to be the executor of his or her will, which means you will have some specific estate administrate duties.
Speaking with your elders about long-term care planning
It is a topic few people embrace, but it is a necessary discussion all the same: Long-term care planning for your elder loved ones. Like estate planning, which many associate with the death of a family member, long-term care planning can be a difficult subject to broach. However, once the discussion has begun, it will likely flow better than you expected. In some cases, the elders in a family have already become preoccupied with thoughts of the future and the potential need for long term care.
Not all property can be covered by a will
When people tell you to write a will, they'll often suggest that you should at least have a document saying you leave everything that you own to your children, or something similar. While this can be helpful, it's important to note that such general wills aren't always the best way to go because all of your property may not be covered by the will.
Why some parents don't wait for death to pass on money
An inheritance is typically money given by a parent to a child when the parent passes away. This has been true forever, but some parents choose to buck the trend and give their children the money in advance.
How can estate planning benefit my business?
There are a lot of ways that a sound estate plan can benefit your business. In fact, getting things organized in this regard should be an essential part of your business strategy. This is because -- if you die unexpectedly -- the government can hit your business with estate taxes and/or death taxes, which could serve to lower the value of your business by half. So, in order to encourage New York business owners to set up an estate plan, let's take a look at the following benefits.
Miles Davis heirs very involved in feature film
The heirs of Miles Davis have been working to guard his legacy for years. It's not something the former music legend was explicit about, said Davis' son. The son said Davis trusted all of his heirs, and they believe he would want them to safeguard his music and other creative works.
