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...
Ask The Attorney: My Parents Haven’t Done Any Estate Planning. What Should They Do?
For most of your life, your parents have been the ones to act out of concern for your well-being. However, the relationship dynamic can undergo a significant reversal as time goes on. At some point, all adult children begin to worry about whether their parents will be able to afford the housing...
Key Considerations When Choosing a Trustee
When you’re preparing an estate plan or starting a Medicaid trust, one of the most important decisions you have to make concerns your selection of a trustee. The trustee has the legal authority to manage a trust and its assets. A trustee is also responsible for managing and distributing trust assets to...
Revocable Living Trusts and Avoiding Probate
Clients are often advised by their financial planners and bankers to put beneficiaries on their accounts, in order to avoid probate. Having a beneficiary or transfer-on-death designation makes it easier and quicker for beneficiaries to access the assets when one passes away, but having...
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The Future of Estate Planning: Predictions & Trends for Florida Residents
Estate law is constantly evolving, which can make it hard to stay on top of the latest trends. That’s why the Law Office of Angela Siegel has provided this helpful guide. We want to keep up with what’s happening in the world of estate planning so that you’re empowered to make...
Changing Your Residency From New York to Florida
Are you considering becoming a Florida resident? There are many factors to consider. Most people want to give up their residency in New York and change to Florida in order to avoid income taxes and the New York State estate tax. People also make the change in order to qualify for the homestead exemption and...