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Estate Planning

Monday, February 24, 2020

The SECURE Act and Your Estate Plan


Q: How does The SECURE Act impact common estate planning practices?

A new law was signed in December 2019 that made significant changes in the rules regarding both individual and employer-sponsored retirement plans. When the calendar flipped on January 1, 2020, the SECURE Act—and its perks for retirement plans-- went into effect. But unfortunately, an often-used estate planning strategy was simultaneously taken away.
Read more . . .


Friday, February 21, 2020

Gathering Important Records for Estate Planning


Q: What information will my estate planning lawyer need?

New York and New Jersey estate planning attorneys know that one of the biggest reasons people put off having a comprehensive estate plan created is that they are afraid to face their own mortality. Nobody wants to talk about death, but having an estate plan is the best thing you can do for your family. Having everything organized and your legal affairs in order will make a devastating situation slightly easier on your loved ones than the chaos and additional expenses that will result if you die without doing so.
Read more . . .


Wednesday, January 22, 2020

Rough Road Ahead for Estate of The Cars Singer?


Q: What is the spouse’s Right of Election?

New York and New Jersey estate planning attorneys are watching with interest as details of the estate plan of Cars front man, Ric Ocasek, come to light.
Read more . . .


Friday, January 17, 2020

New Year, New Estate Plan


Q: How do I know if I need to update my estate plan?

As a new year-- and a new decade--recently began, many people made New Year’s resolutions to improve their lives. Quitting unhealthy habits like smoking, or adopting healthy habits like eating well and exercising are common resolutions--but they require a long-term commitment and real effort by the resolution-maker. Sometimes with frustrating or less than optimal results.

But


Read more . . .


Monday, December 23, 2019

Estate Creditors Should Not Delay in Making Claims


Q: How are creditors’ claims against estates handled?

When people think of estate planning, they often think about what assets they have and who they want to leave them to after they are gone.

Similarly, when beneficiaries think of


Read more . . .


Monday, December 16, 2019

Talking Estate Planning at the Holiday Table


Q: Should you talk about your estate plan at the holiday dinner table?

New York and New Jersey estate planning attorneys often encourage their clients to tell their adult children about their estate plans. You might even consider working estate planning talk into the holiday dinner conversation if the mood is right and the important people are present.

In today’s political climate, the discussion would likely be less controversial than discussing politics.
Read more . . .


Friday, December 13, 2019

How Your Accounts May Impact Estate Planning and Administration


Q: How can having many accounts or joint accounts impact estate planning and administration?

When New York and New Jersey estate planning attorneys meet with a client to craft a comprehensive estate plan, they begin a fact-finding mission that examines the individual’s unique lifestyle, their assets and debts, their goals and plans, their worries and dreams.

Despite following an estate planning road map of sorts, no two plans are exactly alike.
Read more . . .


Thursday, November 21, 2019

The Right of Election in New York


Q: Can I disinherit my spouse?

Even in the best circumstances, the relationship between an adult child and their divorced parent’s new spouse can have its rough moments. Nowhere is this more pronounced than in the field of estate planning, as New York and New Jersey estate planning attorneys can attest. 

There is a literal arsenal of estate planning tools for each individual’s personal scenario.
Read more . . .


Monday, November 18, 2019

The Importance of Planning for Incapacity


Q: Why should people plan for incapacity?

New York and New Jersey estate planning attorneys not only prepare people’s wills, but draft several other documents that together make up a comprehensive estate plan. 

What documents are needed when planning for incapacity?

Planning for incapacity is essential in estate planning, regardless of age or health. Not to frighten you, but the stark reality is that tragedy can strike anyone at any moment.
Read more . . .


Monday, October 21, 2019

Pet Trusts in Estate Planning


Q: Do I need a pet trust?


Many people know that one of the most important functions of a last will and testament--also known simply as a “will”, is to designate legal guardians (and successor guardians) for minor children. If you die before your children reach the age of majority and you have not executed a will that designated their legal guardians, a judge will decide who raises your children – – and it may not be someone you would have chosen. A will serves many other purposes, and is the starting point for most customized estate planning in New York and New Jersey.
Read more . . .


Wednesday, October 16, 2019

Understanding How Retirement Benefits Impacts Estate Planning


Q: How do my Social Security benefits impact my estate planning?

Life has a way of creeping up on us. One day we’re just starting out in our 20s and before we know it, retirement is upon us. Are you physically, mentally, and financially prepared for it?

Ideally, people create an initial estate plan when they are young and modify it throughout their lives as their circumstances change – whether it be a marriage or divorce, a birth, an adoption, or a death, the formation of business relationships, and/or the accumulation of significant wealth. 

Whatever phase you are at in your life, if you do not have one in place, you should consult a skilledRead more . . .


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