At some point in everyone’s lives, we realize that our estate will be left to the wolves after we pass — unless we first establish a will or trust. With today’s medical endeavors that grant us a taste of immortality, allowing people to live into advanced age, you...
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Estate Planning
What is joint tenancy and how does it impact your estate plan?
Most people wonder whether they should create an estate plan or not. However, pretty much everyone appreciates that having an estate plan simplifies estate administration while ensuring that your assets go to the right people when you pass on. One of the most common...
Don’t neglect your safe deposit box in your estate plan
Safe deposit boxes (sometimes known as safety deposit boxes or lockboxes) aren’t as commonly used as they once were because so many of our important documents are now accessible online and home safes are more common. However, if you have jewelry, coins or documents...
What can you do if the executor breaches their fiduciary duty?
An executor is a person charged with administering an estate according to the owner’s wishes after they pass on. It is a position of trust since they virtually control everything. But, what if they are not acting according to your loved one’s instructions? If you...
How should you choose a power of attorney?
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...
Does your family even know that you own cryptocurrency?
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...
Can you pass on your digital assets?
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....
The need for sentimental items in an estate plan
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...
New Yorkers, watch out for these estate planning scams
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...
2 ways to reduce your estate tax risks in New York
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...