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...
What is a power of attorney?
As an important part of estate planning in New York, individuals may prepare a document in anticipation of possible incapacity and the need for another person to make important legal and financial decisions on their behalf. Under a power of attorney, a mentally...What is a living will?
The last thing a Rochester area resident wants to think about is what would happen if they become incapacitated. But for many people this is a reality. A living will is an estate planning document that lets loved ones know valuable medical information. A living will...Formulating an estate plan with business succession in New York
Those who have a business in New York need to make certain that their estate plan addresses it. This is similar in importance to the various personal assets that will come to the forefront in these situations. Often, it is more important. The last thing a person who...What are the duties of the executor of an estate?
While being chosen as the executor of a loved one’s estate might be considered an honor, it can also be confusing, particularly for those who have not been the executor of an estate before. It is still important to have a basic idea about what the executor of an...The importance of business succession planning
More than three-quarters of family businesses lack a robust succession plan, according to PricewaterhouseCoopers. Of these, nearly half are worried about entrusting their businesses to the next generation. The rest have simply not taken the time to work out the...Important considerations when estate planning
Rochester residents who are thinking about their estate plan might wonder how various changes to the political climate and other variable factors might affect them and their families. Tax implications, attempts to preserve assets, and the details that go into drafting...Hybrid policies may be an option for long-term care
We live in an age where medical advancements and health awareness means that people in New York and nationwide are living longer than ever. While this is a good thing, it highlights the importance for people to give some thought and make plans as to how they will care...Even young people in Rochester can benefit from estate planning
Some people in Rochester may believe creating a will, trust or other estate planning document is only an issue once they reach their old age. In fact, nothing could be further from the truth. Young adults can benefit from having an estate plan, especially if they have...
