Estate planning is a serious responsibility for every adult, but unfortunately, a significant percentage of people have not executed all the appropriate estate planning documents. Plus, those that do often make mistakes that yield unintended consequences. In this blog post, we will look at five estate planning mistakes that you should definitely avoid. Taking Matters Into Your Own Hands There are websites on the Internet that sell boilerplate estate planning documents like last wills. …
Do You Lose Control When You Create a Power of Attorney?
The incapacity component is an important thing to address when you are planning your estate. Of course you want to prepare for things that will take place after you are gone, but unfortunately, many people go through a period of decline before they pass away. We have all heard of Alzheimer's disease, but it gets your attention when you find out how widespread it has become during our current era. The Alzheimer's Association is a good source of information about the disease. According to their …
Should I Use a Revocable or Irrevocable Trust?
When you hear about the fact that there are revocable trusts and irrevocable trusts, you may wonder why you would use one and not the other. On the surface, a revocable trust sounds better in a general sense, because you would have the ability to dissolve the trust and take back the assets if you ever change your mind. This ongoing control can be a good thing under certain circumstances. When you have a revocable living trust, you can rescind it entirely, but while it is intact you can act as …
Three Things You Need to Know About Medicare
When you are working throughout your life, you pay FICA taxes if you are on a payroll, and if you are self-employed, you pay self-employment taxes. You earn retirement credits when you pay these taxes. It is possible to earn up to four retirement credits in a calendar year. Most people who work for any length of time during the year will earn these four credits, because the requirements are modest. During the current calendar year, you get one credit for every $1220 that you earn. Once you …
New York Long-Term Care Costs Are Expected to Rise
A lot of people who have never looked into the subject are not concerned about long-term care costs. There are primarily two different reasons for this misguided perspective. There are those who feel as though they will never need long-term care, because they have lived healthy lives. This is a rather shortsighted point of view. If you think about it, if you have in fact taken good care of yourself, you will probably live a long life. As you get older, it becomes more likely that you will …
Remarriage, Your Children, and Your Estate Plan
The estate planning process can get complicated under some circumstances. For example, if you are a parent who is getting remarried, you have to consider the well-being of your children as you enter the marriage. If you do not take steps to make sure that your children receive inheritances, you never know what could happen if you predecease your spouse. Your spouse and your children may not get along well, and your spouse could potentially remarry after your passing, and your children could pay …
Turning the Corner: When Elder Law Becomes Relevant
When you are younger, it can be hard to wrap your head around a time when you will be among the senior population. You live in the moment, and you stay in touch with your youth to one extent or another, even as you become a parent in your own right. Clearly, it is hard to relate to something that you have not experienced, and this is understandable. At the same time, you are going to wake up one morning and realize that you have reached the middle of your life. This is when you may start to …
Charitable Giving Can Be Part of Your Legacy Plan
Your legacy is something that you can finely craft when you are engaged in your estate planning efforts. Legacy planning could be defined as a more complete and comprehensive form of estate planning. There are numerous different things that you can do to leave behind a lasting legacy. Your family is going to come first without question, but if you are in a position to do so, you may be able to help others through acts of charitable giving. The primary objective for most people will be …
What Information Do I Need to Create My Estate Plan?
There are many different things to take into consideration when you are creating your estate plan. We will provide an overview in this blog post so that you can put together a checklist of sorts. Inventorying Assets You need to understand exactly what you have to pass along to your loved ones. This can seem self-evident when you are creating an inheritance list, but there is another reason why you need to know exactly where you stand when you are devising your estate plan. Estate taxes can …
What Is a Self Proving Will?
There is a misconception that many people harbor when it comes to last wills. You may think that the executor that you name can distribute assets to the heirs right after you pass away, without any supervision. In fact, this is not the case. A will must be admitted to probate, and in New York, the Surrogate's Court supervises the administration of the estate. During this process, there is a proving of the will. The court examines the document to make sure that the will is in fact valid. The …
What Is an Ethical Will?
You may look at estate planning as a purely financial endeavor. Obviously, you have to prepare your resources for future distribution to your loved ones when you plan your estate, but you can view the process in a more comprehensive manner. Legacy planning is a more holistic form of estate planning that takes matters of the heart into account. When you are crafting your legacy plan, you could consider the inclusion of a document called an ethical will or legacy letter. Some people are …
What Are the Top Three Estate Planning Priorities?
Many people think that estate taxes are the top concern that people have when they are devising estate plans. In fact, clients typically talk about other things when they are explaining their priorities. In this blog post, we will look at three of the top estate planning priorities that we hear about from our clients. Control of Assets When you plan your estate, you position your assets with postmortem distributions in mind. In some cases, this will involve the creation of a trust of some …
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