As the reality of the new tax laws hit home, it is important to think about how they will affect estate planning. New Yorkers who have significant assets should be aware of certain ways to take advantage of the changes to the law. Often, people who have already taken the necessary steps to craft an estate plan will be reluctant to change the document. Understanding the new tax laws might alter that view.
Estate litigation continuous since famed singer's death
Issues with estate plans and their aftermath following the death of the testator happen relatively frequently in New York and across the nation. While many do not reach the level where they are discussed in the public sphere and reported in the news, it is useful to look at situations in which there is a legal dispute regarding the estate plan of a famous or prominent person. Some of the same circumstances that led to the court battle can apply to anyone. Such is the case with the late performer James Brown.
Predatory Guardians Are A Growing Problem
For many people, there comes a point in life where it becomes difficult or impossible to make sound personal decisions. For people with special needs, illnesses that affect mental capacity, and minor children, a guardian may be appointed to make those decisions. When done correctly, a guardianship provides a necessary level of safety and protection for the vulnerable person (called the “ward”).
Understanding how to account for cryptocurrency in an estate plan
As technology increases and different methods of accruing assets become more prominent, New Yorkers who have these assets in their portfolio should be aware of how to account for them in an estate plan. This is true even if these assets fluctuate in value, popularity and prominence. Shielding them might be viewed as complicated estate planning. Having legal assistance with these types of products can help to preserve assets regardless of their immediate value. Cryptocurrency falls into this category.
What should I know about probate in New York?
The death of a loved one is a difficult situation to deal with for people throughout New York. One issue that many do not want to think about is how the decedent's assets will be handled after they have died. But, the distribution of assets and probate administration is an important part of wrapping up the person's affairs. Understanding probate is a key part of that and should not be ignored.
