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Estate Planning Archives

Understanding living trusts and the options available

There are many estate planning devices available for New Yorkers. The individual goals and necessary strategies to achieve them dictate whether wills, trusts or other alternatives will suit the person's purposes. One option that might be useful is a living trust. Knowing when the living trust is suitable toward the individual's needs and desires and other facts about it is crucial when making the decision.

Preserving a legacy in an estate plan requires legal advice

Since New York is a state with such a vast array of people with different lifestyles, goals and interests, an estate plan must address the individual's needs in a similar way. For some, the estate plan requires strategies for legacy planning. With a legacy plan, the person who creates the estate plan - the testator - has it in mind to pass more than their bank accounts, property and other items in a portfolio to loved ones. Understanding how to ensure a legacy plan suits the individual's needs is one of the key factors in its success. Legal assistance toward that end is a must.

Strategies to care for a pet as part of an estate plan

It might sound unusual, but many New Yorkers who are taking the wise step of creating an estate plan will want to include their pets in some way. In truth, it is not unusual at all. People treat pets as part of their family and will want to ensure that the pet is cared for as part of an estate plan. There is no reason to be embarrassed about trying to craft the documents and formulate strategies to address pets. When considering it, it is critical to have experienced legal help.

Estate planning can be different for creative people

New Yorkers and people across the nation pay attention to the deaths of celebrities. It is a natural point of interest when prominent people in any industry die, so this should come as no surprise. Also of interest is how these seemingly wealthy and accomplished individuals handle estate planning strategies. Recently, discussions over the death of Aretha Franklin were had. Since she did not have an estate plan, it could be a problematic issue for her loved ones. The same is true about the late musician Prince. For those in creative industries who might or might not have significant assets, estate planning is often shunted to the side. Knowing the importance of drafting estate planning documents can be hammered home by understanding the type of estate planning strategies that suit them.

Late singer's death without a will puts focus on estate planning

New York residents who downplay the importance of crafting estate planning documents will often have a litany of excuses as to why they do not believe it to be a fundamental aspect of life. Some of them, at first glance, might even make sense. However, everyone needs to consider the value of an estate plan. This is true whether they are wealthy, have limited assets and income, and anywhere in between. This reality is surprisingly hammered home by the revelation that prominent people who had significant wealth died without having crafted a will or any other estate planning device. Such is the case with the singer Aretha Franklin.

When can wills be revoked or altered in New York?

Even when New York residents take the steps in drafting estate planning documents, that does not mean that changes will not be desired or necessary as time passes. In many cases, the person does not realize what must be done to change a will and does not go through with it leaving confusion and disputes after he or she has died. Knowing how to revoke or alter a will is imperative should a circumstance arise in which it becomes necessary to do so.

Can I keep my estate planning documents secure online?

A growing number of New York residents and people across the nation are choosing to keep their important documents online. Some companies are offering services to help them with this endeavor. While it might be viewed as a natural progression and there are benefits to doing this, it is important to put very careful thought into whether it is a good idea.

Predatory estate planning "help" should be avoided

New Yorkers are smart to take the necessary steps to have a quality estate plan, but one issue they frequently run into is that they do not know who to trust. Since the idea of death - whether it is imminent or not - can bring emotional pain and fear, there might be a few steps missed when getting help crafting an estate plan. Knowing what to look for regarding dangers and what is needed are key aspects to having an estate plan that serves its purpose and adheres to the goals of the testator.

Children can help aging parents with estate planning

When a parent is aging and concerns about the future are arising, it can be difficult for children to discuss estate planning with them. However, it is necessary to have the discussion to ensure that the proper plans are in place for every reasonable eventuality. These include elder care issues, how inheritances are organized, who the beneficiaries are and other documents that can be essential. It might be awkward to have this discussion with parents, but being prepared can make it easier. Seeing a lawyer who understands these vital issues can also be helpful.

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.

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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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