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...
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...
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...
Putting your estate plans together is an essential part of preparing for your future. Once you start, however, you may find yourself confronted by some unexpected difficulties making decisions about your plans. For example, it may not be that easy to choose the right...
Think about your friends and family. Would you say that most of them probably have an estate plan in place? After all, you know they’ll all need one eventually -- along with everyone else. It stands to reason that some people won’t have done it yet, but most probably...
Estate planning carries a clear value for those who are leaving significant assets to their heirs. Having a plan in place can reduce the taxes that need to be paid, limit the chances for disputes between heirs and provide guidance to the family during a difficult...
It’s never pleasant to think about your own mortality, but doing so is essential when you’re planning for the future. Planning for death is just something that has to happen as you get older. It’s inevitable that it will happen, so putting plans in place can make that...