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Estate Planning

Saturday, November 27, 2021

Why Avoid Probate?


Probate is the court monitored process of administering an estate after a person has passed away. You may have heard that it can be a good idea to try to avoid probate, which can be accomplished during the estate planning process. At this point, however, you may be wondering why it can be so beneficial to avoid the probate process. There are several prominent reasons for doing this and we will discuss them in more detail here.

Why Avoid Probate?

The prospect of facing an intensive and extensive legal process in the wake of losing a loved one can seem less than appealing.


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Saturday, November 27, 2021

The Benefits of Funding a Trust with Out of State Property


In addition to estate planning basics such as a will and advance health care directives, you may want to look into adding a trust or two as well. Trusts can vary in scope and purpose, but can come with a number of benefits when properly executed. In order to establish a trust, a trustee must be appointed who is tasked with managing the trust for the benefit of trust beneficiaries. Also, the trust must be funded. This means that property must be transferred into the ownership of the trust itself.


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Wednesday, September 1, 2021

What Is the Difference Between a First and Third Party Special Needs Trust?


Everyone should have an estate plan in place. It is a plan that helps protect your best interests and those of the ones you love in the face of an otherwise uncertain future. Because estate plans are such a reflection of a person and family’s circumstances and situation, every estate plan can and should look different.


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Wednesday, June 9, 2021

A Novel Approach to Estate Planning


Q: Should I give my children their inheritance before I die?

New York and New Jersey estate planning attorneys know that everyone loves their children and wants the best for them. It’s what drives many parents to leave them a nice inheritance after they’re gone.

But is that the best—or only--strategy?

Some parents — who are fortunate enough to have the means to do so — are embracing a novel approach to estate planning in response to a book by a former Wall Street trader who revealed that he plans to spend down his entire retirement fund and won’t leave any of it to his children as an inheritance.


Read more . . .


Wednesday, May 19, 2021

Have You Heard of the Estate Tax Changes Proposed by Bernie Sanders?


People often are not aware that estate plans need to be reviewed and updated on occasion. Putting an estate plan is an important thing to do, but it is not a set it and forget it kind of thing. As your life changes, circumstances change, and laws change, so should you consider updating your estate plan to reflect such changes.


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Wednesday, April 28, 2021

Beware the Pitfalls of DIY Estate Planning


Have you been tempted by ads proclaiming the ease and low expense of DIY estate planning? There seem to be more and more websites popping up where you can purchase estate planning documents to fill out yourself. Maybe this has appealed to you because estate planning has been on your to-do list forever and you have not yet gotten around to it. Perhaps you are thinking that you may use these DIY forms as a placeholder until you get around to meeting with an estate planning attorney.


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Wednesday, April 21, 2021

Where Should You Keep Your Estate Planning Documents?


So, you have taken the important step of putting an estate plan in place. Congratulations! You have put solid protections in place for your future and that of your family. Now, the question becomes, where should you store these important documents? A seemingly easy question, where you store your estate planning documents can be very important, especially considering the sensitive nature of such documents.


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Wednesday, April 7, 2021

How Trusts Can Be Useful in an Estate Plan


Oftentimes, people most strongly associated estate plans with the creation of a will. While a will often plays a central role in an estate plan, there are a variety of other legal tools that can play prominent roles. Trusts, for instance, can be very useful in an estate plan. With a trust, you transfer ownership of assets into a trust in order to fund it. This becomes the corpus of the trust, also referred to as the “trust principal.


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Wednesday, March 31, 2021

The Danger of Giving Gifts When It Comes to Long-Term Care Planning


There are many seniors who find joy in giving financial gifts to children, grandchildren, and loved ones. While the generosity is something that both the giver and receiver of such gifts can greatly enjoy, there are other considerations that must be taken into account before an older individual bestows such generosity on someone else. Here, we will examine the danger and possibly unanticipated negative impact on long-term planning coverage options for those who make financial gifts.


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Wednesday, February 24, 2021

Incapacity Planning


Have you considered everything that can and should be addressed by an estate plan? It is much more than having a Last Will and Testament and providing for the proper distribution of your assets upon your death, although this is an important part of it. A strong estate plan is more comprehensive. It includes putting careful plans in place that help secure a future you want for yourself and your loved ones.


Read more . . .


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