Understanding the ‘Step-Up in Basis’ When Selling Inherited Assets
Inheriting an asset can be a mixed blessing. While it might signify a meaningful bequest from a loved one, it also comes with its own tax implications. One of the most significant tax features to understand when inheriting property is the “step-up in basis”. We often encounter clients who are unaware or confused about how […]
Facing the Future: Five Essential Tips for National Estate Planning Awareness Week
National Estate Planning Awareness Week, observed from October 17-23, 2023, is an annual reminder of the importance of planning for the future. This week prompts us to think critically about what lies ahead and how we can ensure the protection and well-being of our loved ones. Estate planning might sound complex and overwhelming, but it […]
How to Order a Death Certificate After a Loved One’s Passing
The loss of a loved one is always a challenging time. Amidst the emotional turmoil, there are several practical tasks that must be undertaken. One of the foremost among these is obtaining the deceased’s death certificate. I’m here to guide you through the process to make it as straightforward as possible. Why Do You Need […]
Estate Planning Considerations for Families with a Wide Age Gap Between Children
When there’s a significant age difference between your children, estate planning can require extra attention to detail. You’re not only considering their immediate needs but also forecasting the challenges each child may face at different life stages. Let’s discuss the nuances you should consider in such situations. 1. Education Funding If one child has already […]
How to Navigate Estate Planning When Living in Two States
For many retirees, dividing time between two beloved locations is the dream. Known as “snowbirds,” these individuals enjoy northern US states in the summer before flocking to warmer climes come winter. While this lifestyle has many advantages, it can significantly impact the distribution of your assets when you pass away. For instance, your home state […]
How to Manage Your Inheritance
Inheriting assets is a mix of honor and responsibility. As a probate lawyer, I’ve seen many people unprepared for the implications of managing their inheritance. The inclination to treat an inheritance as “bonus” money is common, but there are many pragmatic ways to use these funds for future benefits. Integrating Inheritance into Your Financial Plan […]
Filing for Divorce in New York? Why Updating Your Estate Plan is Crucial
Going through a divorce is an emotionally charged and challenging process. Amid the whirlwind of legal proceedings, contacting an estate planning attorney might not be at the top of your to-do list—but it should be. A divorce, often referred to as dissolution of marriage, can stretch over several months, sometimes even years. During this period, […]
7 Thoughtful Ways to Honor a Deceased Loved One’s Memory
When we lose someone dear to us, it can be challenging to navigate the pain and figure out how to keep their memory alive. In the midst of grief, we often search for meaningful ways to celebrate and remember the love we shared with them. Honoring their memory can provide comfort, act as a tribute […]
Understanding the Role of an Executor and Power of Attorney in Property Sales
As an estate planning lawyer, I often receive questions about the roles and responsibilities of an executor and a power of attorney (POA), especially in situations where a loved one is no longer living at home. A question I recently received encapsulates a common misunderstanding: “My mom is in a nursing home and her house […]
Leveraging Life Insurance for Your Estate Plan
One common misconception when it comes to estate planning is the belief that one must have significant assets to establish a comprehensive plan. As an estate lawyer, I’m here to tell you that this simply isn’t the case. In fact, life insurance can play a crucial role in your estate planning, even if your existing […]