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Recently, we discussed how estate planning clients use trusts to ensure they can get long-term care if and when they need it. By using a similar strategy, estate planning clients can also take care of their loved ones who have special needs. A special needs trust,...
Surveys have shown that many American adults -- perhaps as many as 60% -- do not have a will or any plan for their estates. Many people think they're too young for estate planning, or that they don't have enough property to make the process necessary. Many more simply...
Although trusts fall under the umbrella of estate planning, your trust can go into effect during your lifetime. This type is known as a living trust or an inter vivos trust. You can create your living trust so that you are the beneficiary. This means a trustee will...
Litigation over a will can be extremely difficult and expensive, and it can tear families apart. No rational person wants that kind of mess to be their legacy, and so many people who are planning their estates look for ways to reduce the possibility of probate...
Even if you’re healthy now, there’s a significant chance that you’ll need long-term care at some point in the future. In fact, studies have shown that 70% of those age 65 and older will need some form of long-term care. This is a significant number, especially in...
If you are a New York resident and you are going through a divorce, you may wonder how this will affect your estate plan. Divorce can have a significant impact on your will, beneficiary designations, powers of attorney and other estate planning documents. Therefore,...
Estate planning is a personal process and journey with no right path. What works well for one person’s situation may be difficult or impossible for a different person. It also comes with a new litany of estate planning options. Like your tool bag, you may choose one...
On its face, the estate planning process might seem straightforward. You create a will, maybe a trust or two, and then sit back and take it easy. Or you might think that your estate and distribution plan is so simple that you can forego estate planning altogether. But...
Recent surveys indicate that only about one-third of Americans have a will. A common question is what happens to the assets belonging of those who die without a will. Intestate laws Like every other state, New York has laws — known as intestate laws — that specify how...
The answer to this question depends on a number of factors. Your first step, though, is gaining a thorough understanding of the difference between a will and a trust. Unfortunately, there are a lot of misconceptions out there, which has left many people thinking that...
