Someone who is creating an estate plan often focuses on the people they love more than on themselves. They want their children, spouse or other loved ones to receive financial support and also an inheritance that reminds their loved ones of the relationship that they...
Estate Planning
Why do people add transfer-on-death designations to accounts?
Estate planning can involve a variety of different tools and tactics. Someone's goals for their personal legacy and the nature of the assets they have accumulated will influence how they manage the process. Some people rely on a trust to keep their biggest resources...
Tips for leaving an uneven inheritance for children or grandkids
Estate planning often entails someone setting aside resources for the next generation. An individual may choose to leave property for their children and grandchildren. Oftentimes, families expect that a testator will divide resources evenly among beneficiaries or at...
3 reasons unmarried adults in New York need an estate plan
People can very easily find reasons to indefinitely delay creating an estate plan. Those who have not yet married often tell themselves that they don't need an estate plan until they have family members who depend on them. What unmarried individuals may overlook is...
3 assets people handle improperly when updating estate plans
Those who make a point of including all of their most valuable assets in a will or trust can reduce the likelihood of loved ones fighting when they die. Occasionally, testators need to revisit their estate plans to remove liquidated assets, add new beneficiaries or...
How medical costs and end-of-life care affect estate planning
Someone who is putting together an estate plan in New York has to think about what they want to leave for their loved ones when they die and also what needs they will have as they continue to age. An estate plan can address incapacity and future medical expenses in...
Leaving a meaningful inheritance for children requires planning
Those with children and grandchildren usually intend to leave assets behind when they die to support their loved ones. Children and other descendants are often the primary beneficiaries of modern estate plans, as testators frequently want to provide as many resources...
3 smart steps to take while preparing to make your estate plan
If there is just one step that people need to take when thinking about what happens after they die, it is committing to actually creating an estate plan. Frequently, adults procrastinate making this effort despite knowing how important estate planning is for their own...
Tips for new parents as they make an estate plan
When a couple becomes parents, it’s often a great time for them to start working on an estate plan. Technically, anyone can make a plan after they turn 18. But many people don’t think about it until some sort of life event occurs that shows them how important it may...
How to keep loved ones involved in the estate planning process
It can be embarrassing or emotional to discuss financial matters with loved ones. Some people simply don't like the idea of talking in depth about their personal wealth or their legacy wishes. Others have complicated family circumstances and are concerned that their...