There is a tendency to view estate planning as a static skill and the process of having an estate plan created as a one-time task. Both are misconceptions. While certain basic estate planning principles have held true over the years, new strategies are developed, arguments are made, and legislation is…
This weekend the Times Herald-Record published an article written by our New York elder law estate planning attorney, Bonnie Kraham, discussing a basic estate planning concept–the proper funding of trusts. There is often a misunderstanding among some residents about the effect of signing the trust documents. Signing the trust documents…
One important part of the elder law estate planning process involves working out inheritance details. This comes with unique concerns for each family as various assets have different meanings for each individual, far beyond their market-value. Accounting for these emotional attachments is a delicate process that should not be done…
The Chicago Tribune published a story this weekend on new survey results which indicate, yet again, that many residents are taking big risks with a lack of even basic estate planning. A new Harris Interactive phone survey has found that more than half of adults still do not have a…
A small minority of misguided observers might suggest that using estate planning tools like revocable living trusts are becoming less necessary in recent years because of increases in the federal estate tax exclusionary amount. According to this line of thinking, use of the trust was limited solely to avoiding estate…
Parents often worry about their children–even their adult children. In many cases, no one knows about a child’s strengths and weaknesses better than their parents. Local residents often take this into account when crafting New York estate plans. For those whose children may not be ready to handle a large…
It is a common question asked by area seniors conducting New York estate planning: How do I know if I have enough money to last the rest of my life? There are no easy answers. A lot depends on the source of income that one has when conducting their planning…
A media wildfire spread this week after word got out about a particularly exotic estate planning strategy crafted on behalf of a Florida man. According to a report yesterday in The Huffington Post, the new estate planning strategy involved the man adopting his 42-year old girlfriend. Apparently this was done…
Last week we discussed the uncertain future of the estate tax. It was noted that the issue would likely hinge on the outcome of the 2012 elections. As with all legislation, action usually requires support from sufficient members of Congress and the President. Therefore, the rates and exemption levels for…
A Reuters story late last week suggested that while estate planning feuds of the famous usually involve millions, the principle issues are the same as those faced by all local residents. Every case must be evaluated individually, but the same main issues are found again and again. That is why…