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.
The Importance of Regular Estate Plan Reviews and Updates
The one thing we can be certain about in life is that nothing is certain. Changes happen daily, and you must keep up with vital updates so your devices, career, and household run smoothly. However, people rarely think of updating or reviewing their estate plans.
An estate plan...
Bills and Services to Cancel When a Loved One Dies
If you’ve recently lost a loved one, you might be going through the difficult process of wrapping up their affairs—some of which are all too easy to overlook while you're mourning your loss. Unfortunately, this can lead to unnecessary expenses or, for some services, significant financial consequences. With that in mind, here’s...
How To Protect Your Child’s Inheritance
An important concern of many parents is the risk of leaving money to an adult child and then having the child get divorced from his or her spouse. At least in New York, although many other states have similar laws, inherited property is considered separate property, not marital property when it comes...