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Estate Planning Archives

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.

Understanding how to account for cryptocurrency in an estate plan

As technology increases and different methods of accruing assets become more prominent, New Yorkers who have these assets in their portfolio should be aware of how to account for them in an estate plan. This is true even if these assets fluctuate in value, popularity and prominence. Shielding them might be viewed as complicated estate planning. Having legal assistance with these types of products can help to preserve assets regardless of their immediate value. Cryptocurrency falls into this category.

How estate planning documents should be adjusted as time passes

New Yorkers who are thinking about their estate plan or already have an estate plan will want to pay strict attention to potential changes to the law and other factors that could necessitate changes. Simply drafting estate planning documents does not mean that it is sacrosanct and could not or should not be altered as needed. With the new tax bill that was recently passed, it is imperative that people have a grasp on the tax implications from the law once it is implemented. There are certain factors that should be considered to properly address this and other issues.

When estate planning, can giving gifts avoid tax implications?

As New Yorkers take steps to plan their estate, there are many alternatives available that should be weighed and considered before jumping in with both feet. For those with substantial assets, a major concern will be how to protect their beneficiaries from a massive tax bill after the person dies. For those who would like to avoid the tax implications, it might be a wise step to consider giving gifts before death in lieu of wills and other common documents in an estate plan. Understanding the options with gifts is imperative.

Hugh Hefner's estate plan sought to keep heirs clean and sober

For New Yorkers who are drafting estate planning documents, their decisions on how best to distribute their assets to beneficiaries will hinge on multiple factors. Those who have significant assets and have certain desires for their loved ones and how they will live can place criteria in the estate plan. When creating trusts, it is possible to put requirements for the beneficiaries in the document. This is evident in the trust created by the late Playboy founder, Hugh Hefner.

Important estate planning documents beyond basic wills

New York State residents who take the necessary steps in drafting estate planning documents like wills might think they have done enough to handle most situations. However, that is frequently not the case. There are other documents that might be important and, depending on the strategies the person has in mind, could be even more vital than a will. Most people do not take their estate plan as seriously as they should and it can not only affect their loved ones, but it can affect the testator as many documents are related to end of life planning.

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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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