Sentimental items defy the normal logic of estate planning. Traditionally, the goal has been to consider the monetary value of each asset and divide things equally to avoid disputes. For instance, a parent who has $600,000 in investments and three children may keep...
Your last will and testament is where you explain how your loved ones should divide your property after your death. Your will also serves an important role if you have young children. You can name a guardian to provide for their care if you die or become unable to...
It’s not uncommon for the beneficiary of a trust to be unhappy with the person appointed to be the trustee by their deceased loved one. Whether it’s an older sibling, a stepparent, a friend or a colleague of your loved one that you’d never previously met, the...
Nearly everything critical in your life comes with the risk of being scammed out of your hard-earned money, even estate planning. A great many nefarious individuals are lying in wait, ready to give you supposedly excellent estate planning services in exchange for a...
You pay taxes when you earn income and also when you acquire property. In some cases, you may have to pay taxes on those assets again posthumously. Both the state of New York and the federal government assess estate taxes. If your estate is worth more than...
Many testators don't know much about the roles that an executor must carry out when they appoint them to their role -- and neither do the executors that agree to accept those roles. Handling an estate isn't easy when an executor is unprepared. They may make mistakes,...
After someone dies, their will may be read as family and friends listen to who receives what. Not everyone will be happy with what they receive. To challenge a will, the person needs to have “standing.” The executor of a will may be tasked with ensuring that the...
When you retired, you decided to get a few pets. Those pets will, potentially, outlive you. This is a thought that you may have been pondering, and if so, it could be a good time to bring up a pet trust when you go over your estate plan. A pet trust is a good option...
Creating a will is never a fun thing to do. No one wants to think about their own mortality and leaving their loved ones behind. But having a will is required to avoid New York’s intestate laws. Intestate laws are put into place to determine who gets what if someone...
Life is a game of chance; no one knows when their last day will be. If you own a business and something suddenly happens to you, you don't want your business to end up in probate. Many business owners make a point of engaging in business succession planning to ensure...