It’s been quite some time since a Supreme Court ruling was watched so closely as the federal Defense of Marriage Act, or DOMA, has been. Now, though, a few weeks in, how does the future look for New York same sex couples when it comes to estate planning and even financial planning? This week, we take a look at a few of those dynamics. DOMA Across the Marital Board First, it’s important to remember that many of the details in the Supreme Court’s ruling are applicable across the board. Many … [Read more...] about How DOMA Ruling Affects Estate Planning in New York
Planning for retirement involves gaining an understanding of approximately what your expenses will be in the future. This is somewhat challenging, and one factor that is quite relevant is your life expectancy. As we all know anything could happen to anyone at any time. However, you can look at the statistics to gain an idea with regard to probabilities as you are planning ahead toward the future. When you do examine the facts one thing will certainly stand out: People are living longer … [Read more...] about Planning for Retirement
It's not uncommon for there to be a bit of confusion when it comes to the legalities associated with probates, wills and estate planning. It can be overwhelming, especially when you're either trying to deal with overload due to the massive amounts of information coming at you from a number of sources or if you can't find a straight answer to the simplest questions. You know it's problematic when efforts are being made to simplify the probate process to a more uniform national standard. A … [Read more...] about What is Probate in New York and is it Necessary?
Before we head into the always-busy holiday season, why not make a few end of year resolutions? Specifically, why not make a few legal and financial end of year resolutions? Here’s a check list of realistic goals you can set and easily meet before we ring in the new year. Taking it Tax Free Did you know you can give up to $13,000 to as many people as you wish every year? It’s true – and if your estate is big, you know how crucial it is to take advantage of estate tax reductions. Not only that, … [Read more...] about Estate Planning in New York NY: End of Year Resolutions
Did you know that a survey from 2011 showed most seniors and family members had put off estate planning because they were overwhelmed with the various legal terms? It’s human nature; we tend to avoid those things we don’t quite understand. Proof of that was revealed recently when my sweet husband kept “forgetting” to pick up baking powder at the grocery store. When he finally owned up to it and said he’d found baking powder and baking soda, instead of a quick text to me, he just opted to … [Read more...] about Power of Attorney and Guardianship: Differentiating the Two
It may be time for your estate plan to come in for a checkup. As the seasons turn to spring, most of us have already completed preparing our federal and state tax forms. We know where we stand and hopefully we planned well and have not provided a free loan to the government during the year. We may have already arranged to meet our accountants to make sure we can use all of our proper deductions for this financial year. We should also arrange to review our existing estate plans from time to … [Read more...] about Time for Your Estate Planning Check-up
How will your family pay the bills after you die? In the big picture you surely have an estate plan that lays out who will benefit from your estate. If all of your assets are distributed by a will, probate can be delayed by unforeseen circumstances. Do you have enough cash on hand until the life insurance check arrives? Your financial institution is duty bound to return any payments made to you after you die from federal programs that pay you earned benefits. This is one of the stipulations … [Read more...] about Where Did the Check Go?
If it is viewed in its proper context, legacy planning is a long-term process. There are individuals who go through life strictly and exclusively concerned with their own ability to meet their expenses up until the time they pass away. These people are not concerned with what they are going to be leaving to their loved ones if anything. Others take a different approach and set very specific legacy goals. To meet these objectives they have to adhere to a holistic plan that impacts their ongoing … [Read more...] about LLC Can Protect Assets
There are some interesting distinctions that must be made by the IRS regarding the nature of asset transfers, and their decisions can either save you a lot of money or cost you a lot of money. This is one of the reasons why it is wise to engage the services of an experienced estate planning attorney when you are planning your estate. He or she will have a very in-depth understanding of the tax code and advise you with regard to how to pass assets along to your loved ones in the most tax … [Read more...] about Fan Who Caught Jeter Ball May Face Tax
Estate planning is something that everyone needs to consider, and it is not just the domain of the aging and those who have acquired very significant assets. Things like living wills, medical powers of attorney, and statements of guardianship preferences are important for everyone. Additionally, we all have some possessions that hold sentimental value at the very least, making the creation of a will something that is relevant to people from all walks of life and of all ages, because none of us … [Read more...] about Planning For Retirement & Beyond