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...
A legacy of debt
Debt is a reality for most Americans. Even if your assets exceed your debt, it is likely that you owe some money on your house, car, credit card or as the result of a personal loan. In fact, nearly three-quarters of Americans have some debt when they pass away, with...What is a Medicaid “spend down”?
Long-term care in a nursing home or other facility, or even in-home care, is very expensive, so expensive that it can put an elderly or ill Rochester resident in dire financial straits. It is therefore important for Rochester residents, in the course of their...Lessons in High Profile Estate Planning: Nothing is Certain but Death and Taxes
This is part three of a three-part series There are so many things to consider when you begin planning your estate. You want to make sure that what you leave behind will be going to the people you want it to go to, in the amount that you have specified. You want...Learning from High Profile Mistakes – Keep Your Will Updated and in Writing
This is the second of a three-part series on the importance of wills. When an individual passes away, their will is only as concrete as their last updated version. Drawing up a valid will is only the first step in the process of making sure that your estate is handled...Lessons from the Rich & Foolish – Don’t Put Off Writing Your Will
Last year, when Prince died at the age of only 57, the iconic musician’s death took almost everyone by surprise – not least of his closest surviving family members, who were shocked to learn that the singer had never written a will. According to a Gallup...How courts could interpret New York wills
A previous post on this blog discussed how residents of Rochester, New York, can contest a will if they feel they have legal grounds to do so. Indeed, estate litigation, including will contests, can be very important when a person who has a right to an inheritance is...When probate issues threaten an estate, we can help
Although Rochester residents usually try to plan their estates carefully in order to prevent disputes between family members, the taxing authority or other parties who stand to benefit from an estate, sometimes estate litigation still emerges. It is also not at all...When does a New York resident have a right to property in a will?
In many estate planning scenarios, a person creates a will that designates certain pieces of property to go to one person or another. Then, during the course of their lifetime, the person disposes of the property. For example, they might sell it or even give it away...
