When crafting an estate plan, many people naturally focus on assets, property distribution, and financial security. While these elements are essential, your healthcare decisions and medical privacy require equal attention. A vital yet frequently overlooked part of your estate plan is the HIPAA authorization. Understanding why this document is necessary can protect...
Category: Estate Planning
How to Fund a Buy-Sell Agreement: Key Options to Consider
A buy-sell agreement is a contract stating when and how business owners can buy out or sell a co-owner's share when the owner leaves the business. An effective buy-sell agreement should always include a plan to fund the ownership transition in the event of one of the owner's deaths, retirement, or...
Tax Considerations in Buy-Sell Agreements: What You Need to Know
When creating a buy-sell agreement, it’s important to consider the many tax considerations involved. Working with an experienced attorney can help you navigate the tax-related challenges of implementing a buy-sell agreement.
A buy-sell agreement is an important tool for business owners creating a business succession plan. If multiple...
Snowbirds and Estate Taxes: Planning for Financial Security in Two States
Many retirees split their time between two states, enjoying the best of both worlds. While this lifestyle offers benefits, it can also complicate your financial and estate planning—especially regarding taxes. Snowbirds must understand how dual residency impacts estate taxes to avoid surprises and ensure their loved ones are financially secure. Here,...
Navigating Dual Residencies: Estate Planning Strategies for Snowbirds
Many retirees find joy in splitting their time between warmer climates during the winter and cooler ones in the summer, making them what many call "snowbirds." If you have dual residencies, ensuring that your estate plan considers the legalities and tax implications of living in multiple states is crucial. Let’s explore...
Common Mistakes When Drafting a Power of Attorney
A power of attorney (POA) is an essential document in an estate plan. It grants someone you trust the authority to make decisions on your behalf if you're unable to do so. Whether it involves managing your finances or making healthcare choices, a well-crafted POA ensures that your wishes are honored. However,...
Revoking or Updating Your Durable Power of Attorney: What You Need to Know
A durable power of attorney (POA) is a vital legal document granting someone the authority to make certain decisions on your behalf should you become temporarily or permanently incapacitated. Whether handling financial matters or medical decisions, a well-crafted POA ensures your wishes are carried out when you cannot act.
Ask the Estate Planning Attorney — How to Choose My Health Care Proxy
Once you become an adult, you can make decisions about your medical care. This is true even if you become incapacitated and can’t express those decisions. Establishing a health care proxy is one way to ensure that your wishes are respected, even in incapacity.
What is a...
Legal and Healthcare Considerations for Solo Aging in New York
How you age, where you age, and who you age with are decisions that you must eventually make. Many people choose to spend their final years in solitude, or at least without a partner.
Solo aging in New York can be enjoyable, but it also presents some significant medical...
Expressions Of Love: Why Love Letters Belong In Your Estate Plan
When most people think about estate planning, they often focus on the legal and financial aspects, such as wills, trusts, and asset distribution. While these elements are undoubtedly crucial, another dimension of estate planning often goes overlooked — the personal touch that reflects your values, wishes, and legacy. You can add...