Adults in a variety of personal circumstances can benefit from putting together estate plans. Some people draft documents that protect them later in life instead of just testamentary documents that take effect when they die. Advance directives, sometimes referred to as advance medical directives, provide clear explanations about an individual’s medical preferences. They may provide guidance about pain management, life support and anatomical gifts. Many people never bother to draft advance medical directives unless they find themselves facing some kind of personal health emergency, like a cance ..read more

When an adult commits the time and consideration necessary to draft an estate plan, they do so with the expectation that others will respect their wishes. After all, much of the estate planning process is for the comfort and support of the testator’s loved ones. Testators drafting estate planning documents may want to earmark certain assets for specific family members or ensure the protection of vulnerable loved ones by naming a guardian to care for them. They may also worry that their closest family members might fight over the resources that they leave behind when they die if they aren’t cle ..read more

As people in New York age, they may feel more pressure to establish estate plans. Younger adults may procrastinate or may keep things as simple as possible by drafting only a will. Those approaching retirement age often need to think about their finances and their possible future medical needs carefully. Even those who have previously created estate plans may need to go back over their existing documents to adjust them for their current circumstances. One of the estate planning moves that older adults in New York often make is the creation of durable powers of attorney. Especially when people ..read more

People in different circumstances have different priorities regarding their estate plans. In some cases, the most important consideration is tax minimization. Other times, people worry about their support needs later in life or the protection of their assets after they transition to living on a fixed income. For some people, ensuring the appropriate use of inherited resources by their beneficiaries is a leading concern. For example, people may worry about the possibility that a son or daughter-in-law could end up taking advantage of an adult child’s inheritance. Parents usually want their chil ..read more

People who are unfamiliar with trusts are often unsure about their purpose. People frequently think of trusts as a solution for incredibly wealthy people trying to structure an inheritance for their children or grandchildren. Certainly, trusts have historically served that purpose and can help with the transfer of wealth to the next generation. However, they can do much more than that. A well-structured and properly funded trust can achieve a host of different estate planning goals for the individual establishing a trust. The following are some of the more common uses of trusts. Asset protecti ..read more

Few personal situations change someone’s finances and future plans more abruptly than divorce. The resources in someone’s name, their standard of living and even their obligations to others typically shift dramatically during divorce proceedings. Often, they need to make significant changes to their existing estate planning paperwork as part of the divorce process. If someone did not have an estate plan before, they very likely need formal documents once they end their marriage. What estate planning moves are typically necessary for those who have divorced? Removing spouses from their document ..read more

As life evolves, so should your estate plan. Otherwise, the documents that you’ve put in place may not accurately reflect your wishes upon your incapacity or death. Major life events such as marriage, divorce or a new addition to your family can drastically change your estate planning needs. Updating your plan to reflect these changes helps to ensure that your assets align with your current priorities and responsibilities. Marriage and divorce Marriage and divorce are life events that can significantly impact your estate plan, necessitating careful consideration and timely updates. With marria ..read more

Someone who is creating an estate plan often focuses on the people they love more than on themselves. They want their children, spouse or other loved ones to receive financial support and also an inheritance that reminds their loved ones of the relationship that they shared. Creating a plan that offers proper protection and support for close loved ones is a process that involves many steps. People need to think about not just their future death but also what might happen when their health declines. Long-term care planning and incapacity planning can be crucial for the protection of adults as t ..read more

Estate planning can involve a variety of different tools and tactics. Someone’s goals for their personal legacy and the nature of the assets they have accumulated will influence how they manage the process. Some people rely on a trust to keep their biggest resources out of probate court. Others use a will to designate their beneficiaries for most of their valuable property. Some people employ alternative approaches to bequeathing certain resources to others. For example, those with financial accounts may use transfer-on-death designations to pass their bank accounts or investment funds directl ..read more

Estate planning often entails someone setting aside resources for the next generation. An individual may choose to leave property for their children and grandchildren. Oftentimes, families expect that a testator will divide resources evenly among beneficiaries or at least leave those in the same relationship with the testator the same type of inheritance. However, that is not always the best arrangement. Perhaps somebody has invested tens of thousands of dollars to support one child but also has children who achieved success without the same degree of financial support. Maybe they have a grand ..read more