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Estate Planning

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.


Read more . . .


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.


Read more . . .


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.


Read more . . .


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.


Read more . . .


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.


Read more . . .


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 . . .


Tuesday, January 19, 2021

Estate Planning for Singles


Q: How is estate planning different for single people?

Very often, estate planning and retirement planning go hand-in-hand. Before your estate planning attorney can customize an estate plan for you, you’ll need to provide a clear picture of your finances – – including assets and liabilities. You also need to know how your property is held as that will impact how it can be transferred to someone else now or after you’re gone.


Read more . . .


Tuesday, January 5, 2021

How Can I Disinherit My Adult Child?


Family estrangement is not nearly as rare as you may think. Throughout the centuries, history, literature, and mythology have been dappled with ungrateful or malicious children who become estranged from their parents. Though most people don’t discuss major tears in their own family fabric, Scientific American reports that a recent study of young adults found that 17 percent were estranged from an immediate family member, often a parent.


Read more . . .


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 . . .


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