Reasons to address digital assets in your estate plan
Korsinsky & Klein LLP
by gturnercontentcustoms
6h ago
If you are like most people, you have more than a few digital assets – even if you don’t realize it. For example, your Facebook account, cryptocurrency wallet and online casino account are all digital assets. While you may not have considered these as “assets” in the past, they are connected to you and have value in some way. Because of this, you need to plan for them after you pass away. The best way to do this is by including your digital assets in your estate plan. Are you still not convinced that this is necessary? Consider the following benefits of adding digital assets to your estate pla ..read more
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Why healthy people under 30 need advance directives
Korsinsky & Klein LLP
by bkabritsor
5d ago
No one likes to think about worst-case scenarios, but preparing for the unexpected is important. Advance directives provide a plan for unforeseen medical circumstances when you are unable to advocate for yourself. Even when you are under 30 and in great shape, documenting your healthcare wishes provides peace of mind for you and those who care about you. Plan for the unexpected Just because you are still young, you are not immune to accidents or unexpected illnesses. In the event of a medical emergency where you are unable to communicate your wishes, advance directives guide healthcare provide ..read more
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What are revocable trusts?
Korsinsky & Klein LLP
by gturnercontentcustoms
2w ago
A revocable trust, often known as a living trust, is a legal document created by individuals to hold and manage their assets during their lifetime and/or after death. This type of can be altered or revoked by the grantor at any point during their lifetime as long as they are mentally competent. Assets in a revocable trust can be transferred to beneficiaries without probate. This potentially saves time and reduces the costs associated with estate settlement. The role of revocable trusts in estate planning Revocable trusts play a significant role in comprehensive estate planning. The terms of a ..read more
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Don’t forget your safe deposit box during estate planning
Korsinsky & Klein LLP
by gturnercontentcustoms
2w ago
If you’re preparing to put your estate plan in place, you’ll need to account for all of your assets – even those you may not have touched for years. Consider safe deposit boxes, for example. You may have a safe deposit box with jewelry or other valuables, including sentimental items. Even if you haven’t opened it in many years, it’s important to address it moving forward. If you decide to keep the box and the items in it, it’s critical to include them in your estate plan and designate where you want those assets to go. Make sure the box can be accessed after you’re gone If you don’t have a spo ..read more
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The importance of mortgage preapproval
Korsinsky & Klein LLP
by bkabritsor
3w ago
The initial steps of a real estate transaction help pave the way for a property seller to approve your offer and set you on the road to your new home or commercial property. Obtaining mortgage preapproval could make or break your efforts to buy a piece of real estate. There is often confusion regarding how preapproval works. Clarification on this issue should help you understand where you stand in your real estate purchase. Prequalification is not preapproval Many homebuyers use the terms “preapproval” and “prequalification” interchangeably when talking about mortgages. However, these two proc ..read more
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Creating a proper personal caregiver arrangement
Korsinsky & Klein LLP
by bkabritsor
1M ago
Older age often brings ailments and infirmities, so in time you might lack the ability to fully care for yourself. Having a son or daughter move in with you and help you with different care tasks could help you at the moment, but it might cause some issues if you need Medicaid later on. If you want to set up a personal caregiver arrangement, you should understand how to harmonize it with Medicaid eligibility requirements. How a personal caregiver arrangement works If you have worries about your relative giving up too much personal time and freedom to care for you, you may pay your family membe ..read more
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Does your estate plan need a trust? 
Korsinsky & Klein LLP
by wreedcontentcustoms
1M ago
The most basic document in your estate plan is your will. Your will instructs how your assets should be distributed and who should benefit from them after you pass away. Your estate plan can also include a trust.  A trust is a legal arrangement where a grantor entrusts assets to a trustee until they are instructed to distribute them to beneficiaries. A trust can help avoid issues that a will might have, such as estate taxes or disputes. You can also make a trust with unique legal language to curate how assets should be managed. Here’s what you should know: 5 trusts to consider making Ther ..read more
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Types of advance directives recognized in New York
Korsinsky & Klein LLP
by bkabritsor
1M ago
New York residents have the option of creating advance directives to outline their health care preferences and designate decision-makers if they become incapacitated. These legal documents empower individuals to maintain control over their medical care. They also give them a chance to express their wishes, even if they are unable to communicate them directly. Understanding the types of advance directives recognized in New York helps residents make informed decisions about their future medical care. Health care proxy A health care proxy, also known as a health care power of attorney, allows peo ..read more
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5 benefits of a thorough title search
Korsinsky & Klein LLP
by bkabritsor
2M ago
Purchasing property in New York City is a significant investment, requiring careful consideration of various factors. One important aspect often overlooked is the importance of a thorough title search. Taking the time to do research is a beneficial task. 1. Unveiling property history A title search involves investigating the history of a property’s ownership. It unveils valuable information, such as past owners, mortgages, liens and any legal claims on the property. This detailed examination ensures you are aware of any potential issues before finalizing the purchase. 2. Mitigating risks By co ..read more
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Why do so many people postpone long-term care planning?
Korsinsky & Klein LLP
by gturnercontentcustoms
2M ago
Most people will need some form of long-term care sooner or later. Long-term care involves a spectrum of services that address the needs of individuals with chronic illnesses or disabilities or older adults who require assistance with daily activities. This might mean getting assistance with consistent medication intake, getting help with one’s hygiene needs or joining a community of aging citizens to feel a sense of belonging. Whether you will eventually enroll in a nursing home or assisted living facility, planning for when this happens in advance can make the transition easier on you and yo ..read more
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