New Yorkers will undoubtedly have a great deal on their plate when a loved one dies. Between the emotional impact and the need to plan for a funeral, many will believe that legal issues should take a backseat. However, while grieving is unavoidable and a natural human response, it remains necessary to maintain vigilance and prepare for probate. Often, people will forget the importance of navigating the decedent's finances. This can lead to mistakes that can be costly. Having legal assistance with probate administration is essential.
What you should know before you plan that big gift
As part of your estate plan, you may have considered making a large gift to a loved one while you are still alive. There are many reasons to do this. Perhaps you want to help someone in need, invest in a loved one’s business or just enjoy their enjoyment of a piece of property. Some property is easier to transfer now than making your family put it through probate. Before you make that big gift, however, you should know a few things about the federal gift tax and its exemption.
An estate plan is not just for older, married people
There are certain aspects of life that New Yorkers will prioritize based on their age and current life situation. For example, a person with a family who is established in his or her career will likely place a greater emphasis on having all the essentials in place. That includes health insurance, a stable home, a stable job and an estate plan. For younger people - especially millennials - these might take a backseat toward becoming established and enjoying life with a freewheeling attitude. However, the failure to take the necessary steps in drafting estate planning documents is something these individuals regret every day. For millennials, understanding what documents are important and why is key to having a viable estate plan.
If you wish to contest the choice for executor of an estate
If a loved one died and appointed an executor that you do not believe is up to the task, it can be difficult to speak up. However, as a beneficiary you have a right to contest the choice of executor in order to protect the estate.
Tax implications and estate planning for the unmarried
While crafting a comprehensive estate plan is often framed as a safety mechanism for family members, not every New Yorker is married. This could lead to a perception that they do not need to move expeditiously in creating an estate plan. However, it is important for everyone to have an estate plan and this combines with the new Trump Administration tax laws should be factored in when creating or updating it. For single people, it is wise to understand how to prepare an estate plan with the new tax laws in mind.
Updating an estate plan is a forgotten necessity for New Yorkers
New Yorkers should be fully aware of the importance of drafting estate planning documents. There are a seeming endless number of reasons why this is a good idea. Often, however, people who have an estate plan will not update it as needed. Simply having the estate plan is rarely enough. Knowing when and why it is essential to update the plan can avoid long-term problems and regret.
Could a special needs trust help your loved one?
Creating your estate plan can be complicated, and if you have a disabled loved one, your plan can be even more complicated. One option you have available to you in New York is the special needs trust, also referred to as a supplemental needs trust. The special needs trust allows you to care for a disabled family member without jeopardizing the Medicaid benefits they rely on.
