In most cases, people are happy to receive whatever is bequeathed to them in a will. Whether that is a family home, vacation property or personal keepsakes to help them remember a loved one, they are willing to accept the inheritance according to the wishes of the decedent. While that is the most common result, there are exceptions.
Tax implications can be mitigated with proper estate planning
As New Yorkers address their needs for a comprehensive estate plan, those with significant assets must pay strict attention to tax implications and how their heirs will be shielded from onerous and unexpected expenses. Much has been said in the media as to how the new tax laws will impact them. For those who are trying to address these concerns when they are drafting estate planning documents, it is important to know how to mitigate these costs while adhering to the law.
Lawyers, judges & officers bake for domestic violence awareness
What is a guardianship for the intellectually disabled?
For many New Yorkers, future planning must include strategies to protect those who are unable to protect themselves. This can be a complicated as many are completely unaware of what steps need to be taken to ensure that a vulnerable loved one is fully shielded from risks they are neither prepared for nor equipped to deal with. Some of the most at-risk people are those who are intellectually or developmentally disabled.
Handing off your small business
Running a small business takes hard work and determination. As a small business owner, you have never backed down from challenges, and now you can enjoy the fruits of your labor in the form of a strong, successful business entity. Any business owner knows that proper planning is a cornerstone to succeeding and having a plan for your successor is no different.
Understanding living trusts and the options available
There are many estate planning devices available for New Yorkers. The individual goals and necessary strategies to achieve them dictate whether wills, trusts or other alternatives will suit the person's purposes. One option that might be useful is a living trust. Knowing when the living trust is suitable toward the individual's needs and desires and other facts about it is crucial when making the decision.
Preserving a legacy in an estate plan requires legal advice
Since New York is a state with such a vast array of people with different lifestyles, goals and interests, an estate plan must address the individual's needs in a similar way. For some, the estate plan requires strategies for legacy planning. With a legacy plan, the person who creates the estate plan - the testator - has it in mind to pass more than their bank accounts, property and other items in a portfolio to loved ones. Understanding how to ensure a legacy plan suits the individual's needs is one of the key factors in its success. Legal assistance toward that end is a must.
The Intersection Of Divorce And Taxes
For many people who have never gone through the process, divorce might seem like it should be as simple as getting married. In practice, the two events have almost nothing in common. They both come with legal consequences, but that is where the similarity ends.
The Power Of Trusts In The Spotlight
It is nearly unheard of for the death of a celebrity to lead to positive headlines about estate planning. The typical news that follows is about who has been disinherited and what feuds arose out of the proceedings. There are several reasons why celebrity cases should not be used to present the merits of estate planning. Perhaps the primary reason is that even when a famous person executes a perfect estate plan and everything proceeds as it should, the headlines will still present it as a drama-filled debacle.
