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...
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...
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...
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....
There has been, perhaps, no other time in recent history where estate planning has been such a popular topic. After all, with the craziness of the past year, it is no wonder many of us are trying to figure out how to prepare for unexpected events, and many have found...
While it can be difficult to think about, there may come a time when a person cannot make health care decisions for him or herself. A health care proxy may be useful to consider as part of an estate plan. Health care proxy In New York, an adult who is 18 years of age...
There are a lot of New Yorkers who don’t put much, if any, thought into estate planning. These individuals think that their lives are pretty simple, and that allowing their assets to pass to their loved ones without a will suits their needs well enough. But this kind...
New Yorkers are usually advised of the importance of advanced directives, such as a living will, to accompany their will or trust. But another important document that sometimes gets overlooked during estate planning is a financial power of attorney. A financial POA...