Estate planning is essential for anyone who wants to control how their assets will be distributed after they pass away. Estate planning mistakes can be costly. They can result in delays or even prevent your assets from being distributed as you would prefer. Common estate planning mistakes in Florida and New York...
Can You Disinherit Your Spouse
Why would anyone want to disinherit your spouse? Most commonly it is because it is a second marriage and one has children from the first marriage that they want to provide for. It also could be that the spouse has become disabled and leaving him/her your assets would not...
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The Need to Name Beneficiaries on Retirement Accounts
Retirement accounts are treated differently than other types of investments, for income tax purposes. In short, if you fail to name a beneficiary on a retirement account, the monies are then taxed all at once, at an estate income tax rate which is higher than the individual rates. Moreover, in order to...
How to Avoid a Will Contest
There are some relatively simple steps one can take in order to avoid a litigation with a family member contesting one's will. First, care must be taken to make sure that the will is prepared correctly, and that the execution is proper and in the presence of an attorney. When...
Some Tips on Choosing Your Trustee, Executor, Health Care Agent and Power of Attorney
When engaging in estate planning, one of the most difficult things to do is designating a person or persons to act in various roles in the event of your disability or death. The various roles require people you trust, but with certain important attributes. Generally speaking you choose a family...
How To Best Provide For Minor Children And Grandchildren
It is quite common for parents and grandparents to want to leave money to a person under the age of eighteen (18) years old (a “minor”). Since a person younger than 18 can not legally inherit money, having a minor as a...
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The Role of an Executor During Probate
When a loved one passes, their assets, wishes, and legacy are managed through a process called probate. The executor stands at the center of this process, taking on a role of significant responsibility and purpose. Acting as an executor can feel challenging at times, yet it’s a position of trust—one that involves...
Transfer on Death and Lady Bird Deeds
New York recently passed legislation permitting transfer on death deeds, which are similar to the lady bird deed which has become popular in the State of Florida. While both of these options are inexpensive ways to avoid probate, there are some serious disadvantages to them as well.
Both...
The Necessity of Checking Beneficiary Designations
Many people are unaware that if you have a beneficiary on your retirement account, life insurance, or other asset, the beneficiary designation supersedes your will. For example, if your will leaves all your assets to your spouse, but beneficiary designations have your children listed as the primary...
How to Use Estate Planning to Minimize Estate Taxes
One of the most crucial aspects of estate planning includes minimizing taxes to ensure that the maximum value of your assets passes to your loved ones. An estate planning attorney can help you understand legal strategies that can help you and your family keep estate taxes low.