Many New York City residents have gone through the process of updating or creating their estate plan. This is an important process for everyone, regardless of what stage they are in life. Although every person’s estate needs are different, many families choose to...
As many people in New York City may agree, estate planning needs differ from person to person. For some, a will and a power of attorney are sufficient while for others, trusts may be the next estate planning tool. However, for more complex estates, something more than...
Long-term care planning is a part of every state plan, or at least it should be. This is because the cost of long-term care can be daunting. Indeed, the average yearly cost of long-term services is $138,000, and most people have to pay half. Some, about 20%, pay over...
You want to take care of your loved one, ensuring their financial needs are met for years to come. You have the assets necessary to accomplish your goal but you’re concerned about turning them over wholesale to your intended beneficiary. Perhaps it’s time to consider...
Most people will encounter the estate planning process at some point in our lives. However, few people actually understand, in detail, what the process entails. For this reason, estate planning myths have become ubiquitous. Here are three such myths and why they are...
A lot of New Yorkers are daunted by the estate planning process. It’s not only difficult to think about your own mortality, but it’s also hard to think about how best to leave assets to your loved ones, especially if you’re unfamiliar with estate planning options and...
The death of a mother or father is an emotional time for New York residents. Besides having to grieve their parent a child will also need to deal with their estate. This can be very complicated and if a child cannot find their parent’s will, it can make the probate...
Many accounts have a “transfer on death” (TOD) provision that allows the assets to go directly to a beneficiary and avoid probate. While this is a good first step towards estate planning, it is important to keep in mind that this is not the only step that should be...
While some people in New York enjoy a good surprise, a surprise many do not wish is to find out upon a loved one’s death is that that you are inheriting much less than you expected or have been left out of the will entirely. If this happens you may wish to contest the...
When people are advised of the importance of advanced directives such as a living will or a power of attorney for healthcare to accompany a will or trust, they may also want to consider setting up a financial POA to oversee the financial wellbeing of the estate....