Many people begin their estate planning journeys without understanding what the related legal terms are, which can be confusing and can lead people to make decisions that may not be in their best interests. For example, one of those words is probate. Probate is the...
Estate Planning
The evolving process of estate planning
Although we are well past the point in the year when people make New Year’s resolutions, there is still time to make meaningful changes. This not only means considering what you can do now to make the present better, but it also means assessing ways to better secure...
What can I do if I worry my relative will lose my legacy?
Many people in the Buffalo area have loved ones who for a variety of reasons have periodic financial struggles. In some cases, the struggles involve irresponsibility with money or just immaturity. In other situations, the loved one may be struggling with an addiction,...
How your estate plan can help your loved ones who have special needs
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,...
Intestate succession in New York
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...
Should your trust be revocable or irrevocable?
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...
Can a ‘no-contest’ clause prevent a fight over your 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...
Key steps in effective long-term care planning
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...
What should I do with my estate plan if I’m getting a divorce?
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,...
Revocable and irrevocable trusts
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...