In our last blog post, we discussed the benefits of designating a power of attorney when planning for future financial needs and security. We also looked at how family members can gain conservatorship rights in cases where a loved one has failed to designate a POA. In...
With the aging of the populous baby boomer generation, more New York families are dealing with figuring out how to provide for the care and wellbeing of an aging parent or loved one. Individuals over the age of 65 are more likely to be impacted by a serious illness or...
Fifty years ago, the typical American family consisted of a man, woman and 2.5 children. In contrast, today’s American families readily include same-sex couples, divorced spouses, step-children and half-siblings. A more complex familial structure requires...
Throughout one's lifetime, the average man or woman will likely accumulate some amount of wealth. Upon one's death, depending on how this wealth was handled and distributed, it could be taxed or it could be tax-free. Proper estate planning can assist New York...
We frequently discuss how estate planning matters pertain to married individuals and couples. Of course all individuals, regardless of marital status, would be wise to take steps to set up an estate plan and plan for end of life matters. For couples who choose not to...
Life can be unpredictable and is full of surprises, both good and bad. While there is often no way to anticipate or predict when an individual may be adversely impacted by an illness or accident, there are steps one can take to control what happens next. Every...
Many people in New York and throughout the country prefer to give some of their money away to family and other loved ones while they are still alive rather than bequeathing it to them in a will. However, there are potential tax implications when you give someone a...
Federal law demands that very wealthy people who wish to leave money to their children pay gift or estate taxes of up to 40 percent on those assets. Many of America's wealthy are getting around that tax mandate through means of a loophole that Congress didn't mean to...
Many New York residents work hard to earn a comfortable income and accrue assets. For many, smart investments throughout the years have allowed their personal wealth to grow at a healthy rate. As 2013 draws to a close, many of these individuals will assess their life...
When it comes to estate planning, many people wrongly assume all they need is a last will and testament. In reality, however, estate planning is much more complex and failing to take note of this fact can have serious and unintentional implications. We've previously...
