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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.

Long-term care can bleed an estate dry

It is easy to underestimate the cost of long-term care. Many people hope to remain in their homes and avoid the need for a nursing home or care facility. Some believe that their children, or friends or neighbors will be able to compensate for the things they lose to age. The truth is that health is an uncertain proposition the older we get. No one wants to suffer from dementia, loss of mobility, loss of cognitive function or other medical issues connected to getting older. That doesn't make those problems any less real.

Will health care be out of reach soon?

Health care costs have continued to rise at an alarming rate. Health care needs often grow as we age. For many of us, the potential cost of health care for our later years is enough to cause us to lose sleep. Long-term care insurance is one of the solutions some are turning to to address this situation.

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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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