When is Updating My Estate Plan Important?

Once you have gone through the entire process of creating an estate plan, there are important dates that you must keep in mind moving forward. You should revisit your estate plan after  any of the following important life events:

  • Marriage: A spouse should be provided for in a person’s will.  Even if a spouse is disinherited in a will they are entitled to 1/3 of the estate in New York, called the elective share. Having a spouse gives an estate planning attorney more options in estate planning such as joint gifting, credit shelter trusts, and a higher federal estate tax exemption.
  • Children: After having children it is extremely important to name a guardian in your will in case something happens to you and your significant other. Naming someone responsible to take care of your children in this unfortunate event is of utmost importance.
  • Passing of a Spouse or Divorce: If either of these situations happen you will certainly need to update your plan. It is highly likely that your spouse was labeled in your estate plan. Updating your estate plan and beneficiaries are necessary to reflect your wishes.
  • Financial Shift of Assets: If large enough, a persons estate may be subject to estate tax upon their passing.  Estate Planning attorneys can come up with a plan to reduce or even possibly eliminate estate taxes due.

Estate Planning is complicated and difficult to manage if you don’t have an experienced and knowledgeable lawyer to guide you through. For any further information about setting up an estate plan and the process throughout please feel free to give Ira K. Miller & Associates a call at 781-875-2191 or fill out an inquiry form.

What is Elder Law?

Many people may not understand what elder law is or even know that they are looking for its services. Elder Law is a legal term used that covers a range of legal services targeted towards senior citizens & the aging population. There are three main categories and legal services involved in Elder Law and they are:

Other issues found under these main legal services encompass protecting against elder abuse, fraud & neglect. With the aging and older population growing faster then ever, the elderly need to be more protected then ever.

The Attorneys at Ira K. Miller & Associates are extremely skilled and experienced throughout Elder Law services. For further questions or information, we are happy to talk. Please feel free to give us a call at  (718) 875-2191 or fill out a consultation form.

Who should have an estate plan?

Estate Planning is not only for retired and older individuals or for people with a large estate or large house, it is for everyone! Unfortunately, estate planning can often become a neglected part of many people’s financial planning. Everyone has an estate, and that means you should have estate plan. For young parents an estate plan can protect your most valuable assets, your children. A will is an incredibly important document to advise the court as to who you would like to take care of your children if you were to pass before your children reach the age of majority.

An estate consists of everything you own between cars, real estate, bank accounts, etc. With no estate plan set up, in the event of your death, your assets will be divided according the New York State laws of intestacy. The New York laws do not know your desires in distributing your estate, only you know that.

A proper estate plan can help save on estate taxes, avoid a guardianship proceeding, elect a caretaker for your children, and distribute your assets according to your wishes and desires.

For further information and to discuss your current situation, we are happy to talk. Please feel free to give us a call at (718) 875-2191 or fill out a contact form.