For New Yorkers who are drafting estate planning documents, their decisions on how best to distribute their assets to beneficiaries will hinge on multiple factors. Those who have significant assets and have certain desires for their loved ones and how they will live...
Year: 2017
How is property distributed if there is no will?
When a person dies in New York, many heirs are surprised to find that the person did not leave a valid will. This is known as a dying intestate. Intestacy can be a problem for heirs as they will not get certain items from the estate they might have been promised or...
Legal help with estate administration after a loved one’s death
New Yorkers who are tasked with handling the estate administration of a loved one must know what they are dealing with. This is true with trust administration and estate administration. Since the issues surrounding these issues can be so complicated, having legal...
Key points to remember with estate administration
When a person is estate planning in New York, one of the most important aspects of the process is selecting the right person for the job of executor. It is not a simple responsibility and there are numerous traps involved with estate administration. The basics of...
Hidden costs can derail an estate plan
The decision to retire can create a sense of relief, joy and hope for the future. It can also leave you feeling anxious and unsettled. Going forward without the traditional source of income you've relied upon for years, possibly decades can be an adjustment. Without...
Important estate planning documents beyond basic wills
New York State residents who take the necessary steps in drafting estate planning documents like wills might think they have done enough to handle most situations. However, that is frequently not the case. There are other documents that might be important and,...
Long-term care can bleed an estate dry
It is easy to underestimate the cost of long-term care. Many people hope to remain in their homes and avoid the need for a nursing home or care facility. Some believe that their children, or friends or neighbors will be able to compensate for the things they lose to...
Why trusts are a wise step for New Yorkers’ estate plans
A mistake that people in New York and across the country will often make is to believe that a lack of major wealth means that formulating an estate plan is not a priority. The reality is that everyone can use a comprehensive and well-designed estate plan specifically...
What are the basic requirements for drafting wills in New York?
When a New Yorker decides to take the necessary steps to create an estate plan and craft a will, the basics will sometimes get lost in the process. However, it is imperative to remember that there are some baseline legal requirements for legal wills. The person who...
Will health care be out of reach soon?
Health care costs have continued to rise at an alarming rate. Health care needs often grow as we age. For many of us, the potential cost of health care for our later years is enough to cause us to lose sleep. Long-term care insurance is one of the solutions some are...