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How to Protect Inheritances for Future Generations

You’ve worked hard to acquire your assets, and now that you’re getting older, you’re considering an estate plan. You want to pass down an inheritance to children and grandchildren, and while that’s a noble act, it’s easier said than done. Many people leave inheritances to family members, but rarely do they last. Inherited wealth may […]

The Many Effects of the Proposed Tax Plan

President Donald Trump has recently proposed a tax plan that will affect virtually all Americans in some way. From estate planning to retirement to tax deductions to cutting important programs such as Medicare,. The plan has been deemed unjust by many, but no matter what Americans think of it, it may soon become the law […]

How Do I Avoid Estate Taxes?

There are a few ways you can avoid paying estate taxes. Strategies include liquidating your assets, using trusts, and giving your loved ones tax-free cash gifts. For most individuals, a group of strategies are necessary to reduce or even eliminate one’s estate tax obligation during the estate planning process. How Do I Avoid Inheritance Tax? […]

Things to Consider When Approaching Retirement & Estate Planning

Transitioning into retirement can be a daunting process. Planning for this chapter in life can be even more intimidating. In both situations, it is important to take an honest look at your financial picture and change areas that need adjustment – if possible.  If you or someone you know is nearing retirement age and needs […]

Do the Beneficiaries on a Bank Account Supersede a Will?

The quickest way to undo an otherwise carefully-thought-out estate plan is the use of a bank, brokerage or retirement account. The reason for this is because the beneficiary designations on these accounts generally override a will. So, in theory, a wonderfully planned will can come undone due to carelessly named beneficiaries. If you or someone […]

New York Estate Law: 7 Planning Essentials

While not the most popular topic at cocktail parties, estate planning is important to everyone. No matter what stage of life – single, married or divorced (with or without kids) – estate distribution upon death will occur whether you are prepared for it or not. Therefore, it’s important to have an action plan to organize […]

10 Things to Consider When Drawing Up a Legal Will & Trust

Although none of us will be able to escape it, no one wants to think about it. If someone depends on you for financial support, a legal will and trust is essential in helping to protect your loved ones. Not only does estate planning help avoid – or at least minimize – family disputes once […]

Writing Someone Out of Your Estate

Estate planning, or the process of creating a plan to protect assets during one’s lifetime and distribute assets to heirs after one’s death, is an important yet sometimes uncomfortable part of life. Factors to consider when estate planning include tax implications, asset protection and possible will challenges. A will is a legal document in which […]

Five Documents Needed for Estate Planning in NY

What documents you’ll need for estate planning in NY can vary significantly depending on many factors, including the size of the estate and the life circumstances and desires of the individual who is doing the planning. However, at a very basic level, most estate plans have a few common elements, which are present in small […]