Why New York Estate Planning is Important for Entrepreneurs
Entrepreneurs share specific characteristics: motivation, creativity, persuasiveness, risk tolerance, versatility, vision, innovation, communication and collaboration, flexibility, and decisiveness. These individuals create new businesses bearing most of the risks and reaping most of the rewards if successful. Because of their innate attributes, an estate planning process can be markedly different from others because entrepreneurs often have […]
It’s Essential to Communicate Your Estate Plan Goals with Family
Preparing for a successful transfer of wealth to your loved ones begins with a comprehensive estate plan. However, many of us often overlook the crucial part of communicating our estate plan to family and heirs. Even with a thorough and up-to-date estate plan, your family may experience emotional or financial turmoil despite your best efforts. […]
How to Divide Assets Between Beneficiaries
The simplest option when it comes to leaving property to your children is to divide everything equally. That is the clear choice when all your children are doing equally well. But if not – if, for example, your son is a starving artist with mouths to feed and your childless daughter has made millions on […]
Special Needs Planning For Your Loved One
Sometimes referred to as supplemental needs trusts, third-party special needs trusts are estate planning tools for parents of children with disabilities and the elderly. This type of trust will receive assets from you or another benefactor expressly for that person with a disability. Goals include: leaving funds for your child’s or elderly family member’s benefit […]
The Risk of Online Do-It-Yourself Estate Plans
We hear this question all the time: “Can’t I just grab a will off the internet, do a transfer-on-death deed for my land, put my kids on my bank account, and be done with my estate plan?” It’s just not a good idea. For the plan to work as you would want it to, it […]
When Is Probate Unavoidable?
While probate may seem expensive and complicated, it is a standard step in formalizing how assets pass to heirs or beneficiaries. Whether or not you require probate depends on the type of property and how you own it, and the state laws in which you live. While probate can be a complex process for vast […]
How to Handle Cryptocurrency in Your Estate Plan
As many as 46 million Americans own the most popular and well-known crypto asset, Bitcoin, according to Florida Today. Bitcoin was created in January 2009 by Satoshi Nakamoto as a peer-to-peer electronic cash system. This digital or virtual currency is held secure using cryptography, making it nearly impossible to double-spend or counterfeit. What is Cryptocurrency? […]
Power of Attorney: Roles & Responsibilities
Appointing a power of attorney is essential when planning for the possibility that you may become incapacitated and need a trusted agent to manage your affairs. The power of attorney legal documents can grant broad authority to one or more agents to transact business or make medical decisions based on your behalf. What are the […]
The 5 Must-Haves for New York Estate Plan
As we age, the need for estate planning becomes even more vital. Many people avoid estate planning, because they do not want to think about the end of life, failing health or disability. Others believe that an estate plan is only for rich people. However, an estate plan is helpful for the senior adult and […]
Why an Elder Law Attorney Is Critical When Planning
If there is an aging loved one in your life or you have personal concerns about future health and finances, an elder law attorney can be a valuable resource for planning. Elder law is a highly specialized area of law focusing on the legal needs of older adults encompassing more significant issues like long-term health […]