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Monday, October 15, 2018

When Estates Gets Sued

Q: Can an estate be sued?

New York and New Jersey estate planning attorneys help people craft a unique estate plan designed to protect them and their loved ones when incapacity and/or death strike.

A Last Will and Testament, commonly called a “Will”, is a document that disposes of your assets in the manner in which you desire and also serves other purposes such as designating the legal guardians of any minor children, and more. In addition to a Will, which distributes your probate assets, some people establish living trusts.

Trusts have many different purposes, and depending on how they are set up, they may sometimes protect your assets from creditors or help qualify you for Medicaid in the event you need long-term nursing home care someday. Without proper planning, some people can lose their life’s savings and jeopardize their family’s financial security when the unexpected happens.

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Sunday, October 7, 2018

Avoid Millennial Home Buying Mistakes

Q: Why do many millennial homeowners regret buying their first home?

Whether it’s because many came of age during tough economic times, or because their generation is burdened with staggering student loan debt, Millennials have postponed buying a first home much longer than their parents and grandparents before them. And according to a recent survey, approximately “70% of millennial homeowners regret their purchase”.

In examining the many reasons given for their “buyer’s remorse”, several points have to do with a lack of real estate education and/or them relying on information from agents who may have been more interested in pushing the deal into contract (and earning a commission) than in whether the particular property was the right fit for the young, new buyers.

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Sunday, September 30, 2018

When Estates Have to Sue

Q: Does an estate ever have to sue someone?

When someone creates a last will and testament, commonly called a “will”, they name a trusted person to be the executor. That’s the person who will, with the help of an estate administration attorney, be charged with the responsibility of collecting and managing the assets of the estate, paying creditors of the estate, distributing and accounting for assets to estate beneficiaries, and other fiduciary duties. Executors receive a fee for performing these duties and they are also responsible for mistakes they may make.

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Monday, September 17, 2018

Estate Planning Earns Respect of Loved Ones

Q: Why are so many celebrities dying without wills?

The simple answer would be – – because they are human.

There are many reasons why people die without a will. One reason is that the whole idea of the estate planning process is intimidating to the average person who may be nervous about dealing with an estate planning attorney.

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Thursday, September 13, 2018

Selecting a Guardian for Your Minor Child

What are some factors to consider when choosing a guardian for your child?

Selecting a guardian for your minor child is one of the most important decisions you will ever make. For many couples, choosing a guardian seems an impossible task. At times, parents will feel so overwhelmed with the monumental choice of naming a guardian that they may cease all estate planning.

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Friday, September 7, 2018

How the Slayer Rule Impacts Estate Administration

Q: Can I inherit from someone if I killed them?

Children. Those who have them often say they drive them crazy, but in the majority of cases parents consider their children to be one of life's greatest blessings. It is that sentiment that brings them to the offices of New York and New Jersey estate planning attorneys to provide them with a secure future.

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Thursday, August 30, 2018

Dying Without a Will in New York or New Jersey

Q: What happens if I die without a will?

New York and New Jersey estate planning attorneys are not only experts at helping clients put their legal affairs in order, but the most experienced ones are also skilled in the relevant tax laws that impact those estate planning decisions.

Unfortunately, the same can’t generally be said for most financial planners having reciprocal legal knowledge. So, when people limit themselves to doing only financial planning, they do themselves a great disservice and can cost themselves and their loved ones unnecessary money and grief down the line with no estate plan.

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Tuesday, August 21, 2018

Planning for Incapacity Must Be Done While Competent

Q: When should planning for incapacity be done and can it prevent elder abuse?

Planning for incapacity is an important part of New York and New Jersey estate planning.

In addition to a last will and testament ...

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Wednesday, August 8, 2018

Reasons to Avoid a DIY Will

Q: Is a do-it-yourself will valid?

With the exception of service members making a will during an armed conflict, New York does not recognize handwritten or oral wills. New Jersey may recognize a handwritten will if it meets certain requirements but will not recognize oral wills. In both states, you must be 18 years or older and of sound mind to make a will and among other things it must be signed by at least two witnesses to be considered valid.

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Friday, August 3, 2018

The Benefits of Avoiding Probate

Q: What is probate and why do people avoid it?

New York and New Jersey estate planning attorneys help people plan for their death and potential incapacity through the drafting of various legal documents collectively referred to as a comprehensive estate plan.

With respect to the distribution of assets and property after death, a last will and testament—also known as a will-- or living trust or both may be utilized to transfer the decedent’s property.

Upon death, certain property and accounts transfer automatically without the necessity of court intervention.

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Tuesday, July 24, 2018

Avoiding a Will Contest

Q: What is a will contest?

New York and New Jersey estate planning attorneys review a client’s complete family and financial situation in order to determine the best way to meet the client’s goals. Then, a personalized estate plan will be crafted with those goals in mind. It may include a will, with or without trusts, as well as additional documents which provide for the client’s possible disability prior to death.

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