One of the most common estate planning mistakes is failure to change names on the title of assets and beneficiary designations. This rarely a problem when one first visits with an estate planning lawyer to create a new plan, because, so long as the work is competent, the professional will…
Most local families have traditional assets that need to be dealt with as part of their New York estate planning efforts: a house, car, stocks, bonds, retirement accounts, and the like. However, some families have very different (but valuable) assets that must be considered vital parts of their estate. For…
Passing on wealth to subsequent generations is a crucial part of New York elder law estate planning. At times, giving assets to others as a gift may be an important part of that strategy. While giving a gift may seem like a straight-forward step, in the overall estate planning process…
Dementia refers to the loss of cognitive ability to a degree beyond what is expected from normal aging. It is not a specific disease but simply a phrase to collectively refer to a set of symptoms. In later stages of the condition, the affected may have severe impairments, becoming disoriented…
Delineating what family members, friends, and charities will inherit after one’s death is a large part of New York estate planning. However, intrinsic in the process is also distinguishing who will not receive any part of one’s estate. Disinheritance is therefore just as much a part of the process as…
Over the past few months there has been a surge in awareness efforts by agricultural publications around the need for farm families to take estate planning seriously. For example, late last week Agri-View published an article re-emphasizing the need for families to get serious about their succession planning if they…
The New York Times reported last week on the seeming end to one of the most high-profile New York estate planning feuds in decades. For almost five years Brooke Astor’s only son was engaged in a prolonged battle to settle his inheritance and control over other portions of the family…
“Lawsuit-proofing” an estate is a common goal in estate planning. Of course, this refers to use of strategies and tools to ensure the inheritance process does not lead to legal fights down the road. A benefit of having an experienced New York estate planning lawyer involved in the preparations is…
This week the USA Today shared a helpful story that analyzed some estate planning difficulties faced by certain families, often farmers, who have many physical assets but few liquid cash stockpiles. One obvious challenge for these families is dealing with the uncertainty of the estate tax. Estate tax considerations are…
For many the end of March represents the beginning of spring, warming weather, and the looming approach of baseball season. For others, this time of the year is consumed with the dread of having to deal with a fast-approaching tax deadline. There is usually little to look forward to in…