When you have children to provide for, there are some additional considerations for estate planning. Where will the children live if you die before they’re grown up? Who will take care of them? Is there anything you can add to your last will and testament to express...
Estate Planning
Creating a family limited partnership
Estate planning can include creating a trust or will, but people may be less familiar with a family limited partnership as an estate planning option. A family limited partnership (FLP) is an entity created to manage and protect family assets. There are two types of...
Do young New Yorkers need an estate plan too?
Many people think that only older people need an estate plan, but do young New Yorkers need an estate plan too? The answer is yes. Not just about death An estate plan is not just about what happens to your assets after you die. It is also about what happens to you and...
Drafting power of attorney documents for your estate plan
No one likes to think about a possible time in life when they might be incapacitated and unable to make their own decisions. But, the reality is that the old saying is right – “accidents happen.” If something happens in your life and, even temporarily, you are unable...
There are fundamental points to remember with estate planning
New Yorkers who are thinking about the future and have concerns as to what will happen to their loved ones inevitably focus on estate planning. Many will have a vague notion as to what that entails. There is no doubt it can be confusing to decide how best to address...
Can I have a handwritten will in New York?
You may have seen a film where a family is gathered around a table, and everyone is waiting to see a handwritten or typed will read aloud. You may have also heard things like, “Just write something down on a napkin and sign it. That would work for courts, right?” Is...
Study: ‘Work longer’ is not good retirement advice
For many people who are planning their estates, one of their main goals is to protect their assets for themselves and their loved ones as they head into retirement. With that in mind, once they start to create their plans, some may plan to delay their retirement by a...
What is long-term care planning?
If you are lucky to live long enough, you will need long-term care, but since no one knows how long they will live, everyone needs long-term care planning. About 66% of us, including those in New York, New York, will need it, which includes bathing, dressing, walking...
What are irrevocable trusts?
For those later in life, hopefully, you already have started your estate plan. It is not only extremely important for your beneficiaries and heirs but also for your end-of-life wishes and your health care needs. One such estate planning tool that can be used for your...
Why is estate planning important?
You probably have heard the term "estate planning" at some point, although you may not be sure what it means. Contrary to what a lot of people think, estate planning involves more than just a will. There are several important documents that you may wish to consider...