It’s important to have someone else in place to make certain decisions for you, such as using a medical power of attorney to give your agent the ability to make your medical choices. You may also use a power of attorney to give that individual the ability to make...
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The key functions of a will
There are numerous legal tools that may be used in estate planning, but one of the most fundamental components of an individual’s documents is a will. A valid will in New York must be written, signed and witnessed by the maker of the will and two eligible witnesses in...
Tax mitigation vs. tax evasion: Essential business knowledge
Nobody wants to pay more taxes than they must, and every dollar your company keeps out of the government’s coffers is a dollar you can put back into your business. That makes it only natural to explore strategies to reduce your company’s tax liability. However,...
2 ways to update your will
Your existing will may not be your final one. Your life may change with time - you may get married/divorced or have a new child/grandchild. In addition, laws may change, a beneficiary or an involved party (the executor or guardian) may die or you may want to...
The executor’s rulebook: Understanding the boundaries of the role
Stepping into the role of an executor is no small task. As the individual entrusted with administering a deceased person's estate, the executor bears great responsibility and authority. However, it is crucial to understand that this authority also comes with...
Why are more parents jumping on the disinheritance bandwagon?
As a parent, you have critical decisions to make, sometimes even after your kids become adults. For example, you must decide how your estate should be distributed among your adult-aged children after you die. It sounds simple on paper, but true success depends on your...
Can you include your caregiver in your will without family drama?
Increasingly, Americans are choosing to “age in place,” even if it means living alone. In-home caregivers who visit every day and handle chores, help with personal care and provide companionship are often necessary to avoiding assisted living. These caregivers can...
Why invest time and energy in digital estate planning?
As the lives of most adults become increasingly digital, it is essential for adults to invest time in crafting a digital estate plan as part of their overall estate planning process. A digital estate plan helps to ensure that your digital assets and online presence...
2 solutions when a trustee has damaged trust assets
A trustee has control over the maintenance and investment of trust resources, as well as the distribution of those assets to the beneficiaries of the trust. Nothing shatters the security of trust beneficiaries more thoroughly than the realization that a trustee has...
3 common estate planning questions
Are you thinking about making an estate plan? If so, you likely have a lot of questions. It seems like an intimidating thing to a lot of people -- which is why it's so important to demystify the process. The following are a few commonly asked questions about estate...