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Most adults have a deep-seated need to care for their loved ones. One way that you can do this after you pass away is to establish an estate plan. This is a set of legal documents that relay your wishes about what type of care you desire if you’re incapacitated and...
People sometimes think of estate planning as only having to do with the matters that must be handled when they pass away. One thing that you need to do is ensure that there’s someone appointed to make decisions for you if you become incapacitated. In your estate...
As you do your estate planning, you really do need to consider all of your assets. If you have been investing in things like Bitcoin and other types of cryptocurrency, these could be worth an incredible amount of money. Experts note that one of the biggest problems...
Much of the time, sibling rivalry is something that manifests in the relationship as children. Three siblings may feel that they are all competing for their parents’ approval and attention. Even if they don’t know how to explain that feeling or vocalize how it impacts...
Digital assets are becoming more and more common. Thirty years ago, someone may have owned a closet full of VHS tapes; now they have a digital library they can access on their smart TV. What used to be a stack of CD cases is now just a folder of music on your phone....
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...