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Estate Planning Archives

Late chef's estate plan shows how he distributed various assets

When celebrities die, there is frequently a significant amount of attention paid to how their estate plan was formulated. Often, there is surprise at how much or even how little the person had in terms of assets. The structure of the estate plan will tell how they prepared for the future and positives and negatives should be taken from that plan and adapted to anyone who is moving forward with estate planning.

The importance of altering an estate plan post-divorce

New Yorkers who are creating or have already created an estate plan will undoubtedly believe that the document is sound for the future even if minor tweaks need to be made. However, when there are major life changes, such as a divorce, the entire estate plan could be affected. When a married person is drafting estate planning documents and that marriage ends in divorce, making changes to the estate plan is imperative for the future of the entire family.

Proper estate planning can avoid family disputes

It goes without saying that everyone in New York can use some type of estate plan. For those who are facing the prospect of a significant tax bill because they have major assets, it is not enough to have an estate plan. It is also necessary to have a grasp on how the family situation might complicate matters. For the testator, it is imperative to understand how family disagreements and potential sticking points can be problematic and take the necessary steps to avoid them.

Updating an estate plan regularly can avoid common errors

Regardless of their net worth and assets, New Yorkers can always benefit from having a comprehensive and well-drafted estate plan. However, there are mistakes that can upend any estate plan, no matter how much forethought the testator puts into it. This is true no matter whether it is a large estate or one of more modest means. Failure to be an active participant when the estate plan is drafted often leaves the person unaware of what is in it. Finding an estate planner who will explain to the testator exactly how the document will benefit the beneficiaries is key.

A common estate planning mistake is not updating beneficiaries

New Yorkers who create an estate plan are doing so with the interests of their loved ones in mind. This is an act of kindness to ensure that all the issues that need to be settled when a person dies can be done with relative simplicity. However, there are often mistakes that can come up and it is important to recognize them and take the necessary steps to avoid them. One that is frequently overlooked is the beneficiary designations.

Important strategies to ensure your estate plan remains viable

New Yorkers who have created an estate plan should not sit back while time passes without making changes to that plan. While this might seem to be an arduous chore, it is a key part of having estate planning documents that address all issues. Fortunately, estate planning documents can be changed as the need arises. Recognizing the gaps is the first step toward filling them.

An estate plan can address caring for pets

In New York, it seems more common for people to have pets than to not have pets. A concern for caring pet owners is what will happen to their pet after the owner dies. Many might not be aware that it is possible to take estate planning steps to address these issues. However, more and more people are including their pets in their estate plans. It can be any kind of a pet and not just a dog or a cat. Birds, snakes, lizards, fish - any pet can be stipulated for care in an estate plan. The important part is knowing how to go about it.

Probate can be avoided with a smart estate plan

New Yorkers will take many steps to prepare for the future by crafting estate planning documents. However, there are always factors they might miss that can be costly to their heirs. Knowing how to prevent common mistakes requires taking the preemptive steps to avoid them. One such issue is probate. Knowing how and if to avoid probate can be useful to the person and the heirs.

Mistakes with a power of attorney can be damaging and costly

Conscientious New Yorkers who understand the importance of estate planning should know various mistakes that have been made in the past that can have a negative impact on even the most comprehensive estate plan. One document that is beneficial is a power of attorney. However, there are certain issues that should be understood before functioning under the belief that the document is airtight. Taking steps to mitigate potential problems can ensure that it covers everything.

New tax law should be considered when estate planning

As the reality of the new tax laws hit home, it is important to think about how they will affect estate planning. New Yorkers who have significant assets should be aware of certain ways to take advantage of the changes to the law. Often, people who have already taken the necessary steps to craft an estate plan will be reluctant to change the document. Understanding the new tax laws might alter that view.

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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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