As we’ve discussed previously on this blog, foregoing estate planning is a dangerous endeavor. After all, New York’s intestate succession laws probably don’t mirror how you want your assets to be distributed, which means that your estate could fall into the wrong...
Year: 2021
A lawyer can be an asset and ally during probate process
Probate is a word that conjures both confusion and concern in New York residents. Though most individuals understand that probate has to do with what happens to a person's possessions after they die, many individuals do not have a deeper understanding beyond that...
Estate plans may need to be updated based on life changes
In New York State, people who have prepared for the future by creating an estate plan often make the mistake of leaving it as is despite life changes. The birth of a grandchild, different financial circumstances, divorce, remarriage – all can create urgency to alter...
Consider an incentive trust to motivate your loved ones
Sound estate planning gives you a lot of control over your assets long after your gone. But estate planning isn’t just limited to who receives your assets. You can also utilize estate planning tools to try to control the behavior of your loved ones or motivate them...
Special needs trust can help protect your parent’s assets
Your parents took care of you when you were young, and now as they age you find yourself in a position where you need to take care of them. Sometimes this can be done at home for a while, but for many in Williamsville, the best choice is to put your elderly parent in...
Importance for Medicaid planning and the look-back period
A significant portion of Americans will require long-term care of some sort in their lifetime. This care can be incredibly expensive. While you might be able to afford it, paying for it out of your own pocket can severely decrease your estate, which means that your...
Tips for talking to your parents about estate planning
If your parents are aging then you might be concerned about their plans for the future of their care and their estate. It’s not an easy topic to bring up with your parents, though. You don’t want to give off an air of impropriety and you certainly don’t want to make...
Should I choose a relative or a professional to serve as trustee?
Trusts are a popular estate planning vehicle for many in New York. They allow a person to pass their assets on to their heirs, with contingencies if they wish. In addition, trusts remain private and assets in a trust bypass probate -- an otherwise costly,...
Crafting a sound estate plan is not just for wealthy seniors
Legions of Americans – including many residents across Western New York – readily note the strong utility of a well-considered and drafted estate plan for older persons commanding significant assets. It’s pretty clear, right? Persons of relatively advanced age having...
Should you challenge a last will and testament?
If you’re among those in New York who have recently lost a loved one, you no doubt understand how difficult it can be to move on in life in the absence of someone dear to you. It's emotionally challenging and may also present difficulties in other aspects of life. If...