Long Island estate planning attorneys assist you in protecting assets so you can leave your money and property to your loved ones. It is important that you make plans to secure your legacy and this means taking steps to build wealth during your lifetime and to keep your acquired wealth safe at the end of life and after you pass on. Unfortunately, many people are not able to leave their desired legacy because they pass away with a substantial amount of debt. If you die with debts, you may not …
Creating a Joint Tenancy With Your Child: Pros & Cons
If you add a joint tenant to the title or deed of your property, this person would become a co-owner. Joint tenancy with right of survivorship allows the surviving joint tenant to inherit the portion of the property that was owned by a deceased joint tenant. This transfer would take place outside of the legal process of probate. Probate provides some useful protections, and the state of New York delivers a streamlined probate process. However, there is no getting around the fact that it is …
529 Plan, Minor’s Gifting Trust, or UTMA
Many people know about 529 Plans, or tax-advantaged investment plans that can be used for a child’s education. Minor’s Gifting Trusts are less well known, but serve a similar purpose, allowing minors to own securities without needing an attorney to prepare Trust documents, or the court to appoint a Trustee. But there’s another option you may want to consider if you wish to make a gift to a minor: A gift under the UTMA, or Uniform Transfers to Minors Act. A major advantage of a UTMA gift is …
BC Sloan Center: Higher Percentage of Elders Still Working
The Sloan Center on Aging & Work at Boston College does a lot of work that is of interest to people who are in the field of retirement planning. One trend that is emerging is the propensity for seniors to remain on the job longer than they once did. 40% of people who are 55 years of age and older are still in the workforce; in 1993 this figure was 30%. 17% of people who have reached the age of 65 are still on the job compared to 12% in 1990. The average age at which people retire has …
Make 2013 the Year You Seize Control of Your Future
The future is bright for people who are making measurable financial progress every day. When you work within a solid framework with specific goals in mind you make intelligent choices on a consistent basis, and you invariably feel quite good about them. Conversely, if you are just meandering along with no real long-term financial strategy you are probably going to feel some sense of insecurity and discontent. This is natural when you know deep down inside that you are really not prepared …
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