Weinstein & Randisi
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What An Estate Plan Can Achieve

Estate planning is about protecting your plans and your legacy. It is about safeguarding your future and putting your wishes on record. To be successful, an estate plan should do more than just account for all of your assets. The best estate plans take into account the reality of implementing them.

Executing A Will Calls For Rapid Action

Choosing an executor as part of your will is an often overlooked step. People naturally choose the oldest child or a sibling they are close to. They often fail to account for the reality of the role of executor. If you have never been in that position yourself, it is easy to underestimate its importance.

The Role Of Privacy In Estate Planning

A last will and testament is an important part of any estate plan. A will is one of the few estate planning tools that is useful for almost everyone. That said, there are things that a will cannot accomplish. Depending on your goals in leaving a legacy, you may want to combine a will with other devices.

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 their lifetimes. This well-intentioned act can have disastrous consequences for the surviving family members.

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 as the years went by, holding onto the property no longer seemed so important. When one spouse died, the property automatically transferred to the surviving spouse, but selling it always seemed like such a bother. Or in the case of a time share, selling it proved impossible. But holding onto it when there is no one in the family who wants it can result in a headache in probate court someday.

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 at all. Almost no one gets married with the intention of getting a divorce in the future. Whatever statistics say, people expect that their marriage will withstand the test of time. But like so many other things, it is best to think about the possibilities and take proper precautions before it is too late.

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 over inheritance. Recent statistics showing that parents with stepchildren are more likely to treat children unequally in their wills are unlikely to improve the situation.

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”).

A Good Time To Plan Ahead

The best time to create an estate plan is now. In general, people contemplate estate planning for weeks, months or even years before finally taking action. For some, it is a birthday, a life event or the start of a new year that finally inspires them to get started. If you are finally ready to put down in writing your plans for the future, you should speak to an experienced professional to make sure everything is done properly.

Hidden costs can derail an estate plan

The decision to retire can create a sense of relief, joy and hope for the future. It can also leave you feeling anxious and unsettled. Going forward without the traditional source of income you've relied upon for years, possibly decades can be an adjustment. Without careful planning, unexpected costs can be a calamity.

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Weinstein & Randisi
290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
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