People who are creating an estate plan shouldn’t become so focused on passing down assets to their beneficiaries that they forget other consequential estate planning issues. One of these involves setting up plans that will go into effect in the event of medical...
Estate Planning
3 ways to address personal debts in an estate plan
Debt is part of modern life. The average person has multiple credit cards and finances their biggest investments. People use mortgages to buy homes and student loans to obtain a college education. They then spend years paying off their debts. In some cases, people die...
3 reasons for adults to draft advance medical directives
Adults in a variety of personal circumstances can benefit from putting together estate plans. Some people draft documents that protect them later in life instead of just testamentary documents that take effect when they die. Advance directives, sometimes referred to...
Can adults disinherit family members if they initiate probate litigation?
When an adult commits the time and consideration necessary to draft an estate plan, they do so with the expectation that others will respect their wishes. After all, much of the estate planning process is for the comfort and support of the testator's loved ones....
Why retiring adults may benefit from durable powers of attorney
As people in New York age, they may feel more pressure to establish estate plans. Younger adults may procrastinate or may keep things as simple as possible by drafting only a will. Those approaching retirement age often need to think about their finances and their...
Protecting an adult child’s inheritance from a possible divorce
People in different circumstances have different priorities regarding their estate plans. In some cases, the most important consideration is tax minimization. Other times, people worry about their support needs later in life or the protection of their assets after...
The many uses of trusts during the estate planning process
People who are unfamiliar with trusts are often unsure about their purpose. People frequently think of trusts as a solution for incredibly wealthy people trying to structure an inheritance for their children or grandchildren. Certainly, trusts have historically served...
Creating an estate plan that disinherits a family member
For many people, the main objective during estate planning is to ensure that specific people receive certain assets from their estates. They may want their children to share ownership of the family vacation home or a family friend to inherit their classic car. But,...
What people need to know about estate planning after a divorce
Few personal situations change someone's finances and future plans more abruptly than divorce. The resources in someone's name, their standard of living and even their obligations to others typically shift dramatically during divorce proceedings. Often, they need to...
2 instances when it’s crucial to update your estate plan
As life evolves, so should your estate plan. Otherwise, the documents that you’ve put in place may not accurately reflect your wishes upon your incapacity or death. Major life events such as marriage, divorce or a new addition to your family can drastically change...