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Estate Planning

Wednesday, December 30, 2020

Remarriage and Your Estate Plan


Q: How can a second marriage impact an estate plan?

Unfortunately, first marriages don’t always last forever. Whether they end in divorce or death, a second (or third) trip down the aisle is very common.

Before taking the plunge again, many see a divorce attorney for a prenuptial agreement to protect their financial future and that of their children from prior marriages. But prenup or not, it’s advisable to meet with a Read more . . .


Monday, December 28, 2020

Estate Planning in Election Years


Q: How can a presidential election impact your estate plan?

To say that politics is a hot topic during these unprecedented times would be an understatement. Regardless of what candidate you supported, presidential election years are good times to review your estate plan--or to make one if you haven’t yet done so.

New York and New Jersey estate planning attorneys and financial advisors keep abreast of candidates’ positions regarding intended tax cuts and/or increases and how those actions may impact their clients’ estate plans if passed.
Read more . . .


Monday, December 21, 2020

Common Estate Planning Errors


Many people are unaware of the complexity of the estate planning process. Even if you do not have substantial assets, it is probable that, without the assistance of an Read more . . .


Thursday, October 29, 2020

Should You Establish a New York ABLE Account?


Have you heard of an ABLE account? Many have not, but the New York ABLE legislation was signed into law in December 2015, providing a new savings plan under the New York Achieving a Better Life Experience program in order to give individuals with special needs the ability to maintain savings without jeopardizing their receipt of critical government benefits. Let us take a look at what ABLE accounts have to offer and whether it may be a good option for you or someone you love.

Should You Establish a New York ABLE Account?

In its most basic sense, an ABLE account is a savings account that permits individuals with special needs to maintain savings without risking government benefits such as SSI and Medicaid. Prior to the establishment of ABLE accounts, people with special needs had no reason to save money for their future. Maintaining even the most modest amount of savings would too easily risk the loss of critical government benefits.


Read more . . .


Thursday, October 22, 2020

Important Steps After the Death of Your Spouse


Q: Why do new widows and widowers need to see an estate planning attorney?

If you are married, chances are you have already seen a New York or New Jersey estate planning attorney at some point and created a comprehensive estate plan. As the years went by, and circumstances changed, you might’ve even returned to modify the estate plan—or had plans to do so.

When should you consider


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Thursday, October 8, 2020

Is My Estate Plan Good Enough?


Did you finally give in and create an estate plan, only to find yourself worrying about whether that plan is sufficient to address all of your needs? Are you wondering if your existing estate plan is really comprehensive enough to meet the diverse needs of your family members, your business, and the changes you will confront as you age? If so, join the club -- a great many people of varying ages are in the same boat.

Sometimes, doubt enters your mind when you see the problems a beloved older relative runs into at retirement or when illness strikes. Sometimes, the birth of a child or grandchild with special needs opens your eyes to possible inadequacies in your plan. Other times, a friend’s addicted teenager makes you consider previously unimaginable future occurrences. Whatever sheds light on potential flaws in your estate plan, now is the time to address them with


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Wednesday, September 30, 2020

Letters of Instruction in Estate Planning


Q: What is a letter of instruction?

For many, making an appointment with a New York or New Jersey estate planning attorney is one of those tasks that never makes it to the top of the to-do list. It lingers there at the bottom of the list or in the back of the mind for any number of reasons—the most popular one being that no one likes to face their own mortality.

Generally, a comprehensive estate plan will include a last will and testament, commonly known as a “will”, sometimes a trust, and often other recommended documents


Read more . . .


Wednesday, August 26, 2020

What Is the Difference Between Medicare and Medicaid?


Both Medicare and Medicaid are government-sponsored, taxpayer-funded programs that are intended to help Americans cover the costs associated with healthcare. Additionally, both programs were established back in 1965. With similar-sounding names and the fact that both are intended to cover healthcare costs, many people confuse the two. There are, however, important distinctive qualities between the two programs. Here, we discuss the differences between Medicare and Medicaid.


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Wednesday, August 5, 2020

When Should I Review My Estate Plan?


You met with a lawyer and set up your estate plan to protect yourself in case you become incapacitated and to provide for your family. Many people simply stick the documents in a drawer and forget about them, but doing so can cause results you never intended down the road, because of changes in the law or developments in your life. This article explains when you should review your estate plan to make sure that it will serve its purpose.

You should take out your estate plan and read it again at regular frequencies or when significant life events happen. You should also sit down with your


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Wednesday, July 22, 2020

How to Prepare Your Children to Manage Their Future Inheritance


Q: Are your children ready to inherit your wealth?

New York and New Jersey estate planning attorneys assist clients with comprehensive estate plans designed to distribute the wealth they’ve accrued during their lifetimes to the people and/or charities that matter most to them. Generally, the beneficiaries include their children, whether minors or adults. But what happens if the children are not prepared to effectively manage and grow that inheritance?

Most people with minor children have a will that not only names the people they want to be the children’s


Read more . . .


Wednesday, July 15, 2020

Advantages of Asset Protection Trusts


Q: What are asset protection trusts?

Many people venture off to their first appointment with a New York or New Jersey estate planning attorney thinking they will come out of it with a last will and testament-- commonly known simply as a “will”. But that isn’t always the case. In fact, a comprehensive estate plan will likely include several additional documents.


Read more . . .


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