Is your estate protected from debt collectors, taxes and legal disputes? One of the best ways to protect your estate and help ensure that your assets are distributed to your family and loved ones the way you intend is by incorporating a trust into your plan. A trust...
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Be sure to add sentimental items to your estate plan
Estate planning is a way for you to decide in advance what you want to happen with your assets after you pass away. You may own homes and real estate, significant financial assets or even your own business. It is important to determine how you want these types of...
How trusts can protect a family business
People who run successful professional practices or small businesses have more reason than most people to draft estate plans. They need to take appropriate steps to protect not just their loved ones but also the businesses that they created. Those concerned about the...
3 benefits of including charitable giving in your estate plan
There are plenty of people who dream of pursuing something meaningful with their lives that can benefit the greater good. Two common ways of achieving this goal is through supporting charities and volunteering to mission-driven NGO programs. If you are one of those...
An option for dealing with personal property in your estate plan
A solid will and other estate plan documents can address your financial assets, helping ensure they are distributed according to your wishes. However, it is impractical to believe you can address everything you own in a will -- especially the personal items amassed...
What happens if you do not make a will before you die?
A will is a legal document that allows a person to control how their assets are managed after they pass away. The person who writes a will, called the testator, can create an itemized list of assets and a list of beneficiaries who would inherit the estate. However, it...
Should you add a generation-skipping trust to your estate plan?
If you’re like most people, you want to pass on some of your wealth to your loved ones when you die. And you’re also probably worried about how much of that wealth will go to the federal government and New York State. A generation-skipping trust (GST) could save your...
Charitable trusts can play an important role in an estate plan
Creating your estate plan may involve more than just specifying which family members will get which assets. This is also a chance to build a lasting legacy and support the causes you believe in. You can add a charitable trust to your estate plan. This enables you to...
A guide to breach of fiduciary duty in probate and estate cases
A fiduciary duty exists when a person must act in a way that protects another party’s specific interests. In probate and estate matters, this duty often applies to executors, administrators and trustees who manage estate assets and carry out the wishes in a will or...
Potential advantages of an irrevocable life insurance trust
Life insurance protects what matters most, but did you know it can also be a strategic tool for preserving your legacy? An irrevocable life insurance trust (ILIT) offers a powerful way to safeguard your assets, minimize tax burdens and create a lasting financial...