Estate Planning addresses many concerns, not just taxes. It can protect beneficiaries from their own creditors, provide divorce and remarriage protection, and protect the benefits of children with special needs. Learn more about how Estate Planning can help protect your beneficiaries by providing privacy and other benefits. Estate Planning is About More Tan Taxes … [Read more...]
Mistakes to Avoid When Making Your Will
For most people, a Last Will and Testament is the first estate planning document they create, and may continue to serve as the foundation of that plan for many years to come, if not forever. If you are planning to execute a Will for the first time, it is in your best interest to work closely with an experienced estate planning attorney to ensure that you do not make costly mistakes during the creation of your Will. To further aid in avoiding mistakes, the Hauppauge estate planning lawyers at the … [Read more...]
How Do I Prove Lack of Testamentary Capacity in a Will Contest?
If you recently lost a family member or loved one and you are concerned about the Last Will and Testament that has been introduced for probate, one option is to initiate a Will contest. In the State of New York, you must allege (and eventually prove to be successful) legal grounds on which the Will could be declared invalid. One of the most frequently used grounds is “incapacitation,” more commonly referred to as “lack of testamentary capacity.” How do you prove that the Testator lacked the … [Read more...]
What Will Happen to Aretha Franklin’s $80 Million Estate Since She Died without a Will?
On August 16, 2018, the world lost a music legend with the passing of Aretha Franklin, known to all as “The Queen of Soul.” Aretha was surrounded by friends and family when she finally succumbed to a lengthy battle with pancreatic cancer, according to news reports. The question on everyone’s mind now is what will happen to her estate, estimated to be valued at over $80 million, given the fact that she died without so much as a Last Will and Testament in place to direct the distribution of her … [Read more...]
Probate Steps for the New Executor
When someone passes away, the surviving family members and loved ones usually go through a period of grief and mourning. For one survivor, the mourning process must give way to the legal ramifications of the decedent’s death. That person is the individual named as the Executor of the estate in the decedent’s Last Will and Testament. If you find yourself appointed to be the Executor of the estate of a recently departed loved one, you are likely feeling overwhelmed and uncertain where to begin if … [Read more...]
Prenuptial Agreements Can Provide Remarriage Protection
Requiring a prenuptial agreement before your spouse remarries can provide peace of mind and protect your spouse, your children, and their inheritance. If you leave your assets in a trust for your spouse and children, you can require your spouse obtain a prenuptial agreement before remarriage. This can protect your loved ones. Read on to find out more about prenuptial agreements. Prenuptial Agreements Can Provide Remarriage Protection … [Read more...]
Naming a Trust as Beneficiary of an IRA
Whom should you name as the beneficiary of your IRA or Qualified Plan? Sometimes, it can be best to name a trust for your intended beneficiary. Read on to see the protections a trust can offer that a direct designation of the individual would not. Naming a Trust as Beneficiary of an IRA … [Read more...]
Aretha Franklin Died Intestate: What Does It Mean for Her Family?
Aretha Franklin died intestate. Intestacy has definite drawbacks. Read on to see what this means for her family, financially and in other ways. Aretha was the Queen of Soul, but her lack of planning caused consequences she did not consider. Aretha Franklin Died Intestate: What Does It Mean for Her Family? … [Read more...]
Basics of Estate Planning: Advising Clients on Selecting Fiduciaries
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is another in a series of blogs on the basics of estate planning. Often, one of the most difficult choices for a client to make is the selection of people to make decisions for them. These fiduciaries may have great control over the client’s affairs, typically at times when the client would be most vulnerable or already gone. Let’s take a look at the … [Read more...]
Planning for the Client Moving Overseas
In this increasingly mobile world, clients often spend periods of time living in other countries, or even retiring overseas. How does one address estate planning in this situation? This article explains what to do. Planning for the Client Moving Overseas … [Read more...]
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