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...
Debt And Late In Life Asset Transfers
If given a choice, most people would prefer to see their assets go to their children and other loved ones rather than creditors. In an effort to dodge creditors, or even just the inconvenience of probate, some older people try to transfer property to children during...Important strategies to ensure your estate plan remains viable
New Yorkers who have created an estate plan should not sit back while time passes without making changes to that plan. While this might seem to be an arduous chore, it is a key part of having estate planning documents that address all issues. Fortunately, estate...An estate plan can address caring for pets
In New York, it seems more common for people to have pets than to not have pets. A concern for caring pet owners is what will happen to their pet after the owner dies. Many might not be aware that it is possible to take estate planning steps to address these issues....Probate can be avoided with a smart estate plan
New Yorkers will take many steps to prepare for the future by crafting estate planning documents. However, there are always factors they might miss that can be costly to their heirs. Knowing how to prevent common mistakes requires taking the preemptive steps to avoid...Dealing with out-of-state property upon your husband’s death
As years go by in a marriage, it is not unusual to find married couples holding title to recreational property in another state. Perhaps it was a cabin in Vermont the family enjoyed while the kids were young. Or it might have been a condo for wintering in Tampa. But...Mistakes with a power of attorney can be damaging and costly
Conscientious New Yorkers who understand the importance of estate planning should know various mistakes that have been made in the past that can have a negative impact on even the most comprehensive estate plan. One document that is beneficial is a power of attorney....Planning for divorce, before you get married?
Most people could benefit from financial planning long before it occurs to them to look into it. Estate planning is another area where people often wait too long to get started, to their detriment. Divorce, however, is something people generally don’t plan for...Estate planning in blended families
Blended families face a number of challenges in building and maintaining harmony. Step-parent, step-child relationships are fraught with the potential for conflict. When one of the parents involved passes away, the result is often a contentious, even bitter battle...
