Stating your wishes on how to be taken care of when you become incapacitated or how to distribute your estate when you die makes estate planning an essential process for everyone. But the party you name as your executor plays an integral role in attaining this. You...
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Can a joint tax return lead to tax charges for both spouses?
When people get married, they usually combine their finances. They begin living together and may use one checking account for all major household expenses. It is common for one spouse to manage most of the financial matters for the family. Allowing one individual to...
How can you pass assets to charities of your choice?
Many people have causes that they want to support. While they can do that while they’re alive, some are fortunate enough to be able to continue to support those charities after they die. There are several ways that a person can make this happen. It is critical to...
Is it typical to talk to the people included in your estate plan?
After you’ve made your estate plan, you may be wondering if you should talk to anyone about your decisions. While some people talk about their estate plans, many people keep their personal matters private. That doesn’t necessarily mean it’s a bad thing to talk to...
How pour-over wills can help those who create trusts
Funding a trust often involves giving up control of certain resources. An individual may move their home and other personal possessions into a trust to protect those resources from creditor claims and provide support for loved ones or charitable causes. The change in...
Does a New York property owner have to agree to an easement?
There are many rules that limit the ownership rights of those who have invested in real property in New York. For example, some properties have an easement attached to their titles that will prevent owners from keeping certain other parties off of their real estate....
A child’s substance abuse may be a reason to create a trust
Parents often want to give their children every opportunity in life, so they often want to leave their children a decent inheritance. Many adult children count on receiving an inheritance eventually to help them pay off student loans or fully fund their retirement...
Avoid these estate planning errors
Having an estate plan in place can bring peace of mind, knowing that your assets will be distributed according to your wishes after your passing. However, you may make mistakes that can jeopardize your legacy, even with the best intentions, and it can cause...
2 reasons you may want to talk to your heirs about your will
One of the most important things you can do after working hard your entire life is figuring out what will happen to your estate when you die. If you die without a will in place, New York intestacy laws would dictate how your assets are distributed. But what if you...
3 critical elements of New York’s Intestate laws to know
In today’s fast-paced world, where legal matters are becoming increasingly complex, it’s essential to have a solid understanding of intestate laws. These laws govern what happens to a person’s assets and property when they pass away without a valid will. In New York,...