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estate law and asset protection Archives

Three reasons you should create a will

While it can be sad to think about the end of your life, it can also be an act of responsibility to prepare for the future of your loved ones after you are gone. You may have several assets in your possession, and it is important to note that your loved ones may not automatically inherit everything you own simply because they are your family. 

Estate plans often have documents that overlap

Many New York residents want their estate plans to cover the important facets of their lives. Fortunately, there are many ways in which estate plans can help achieve that desire. However, it is important to remember that planning tools need to work well together in order for the details of the plan to work overall.

Protecting documents is an important part of estate planning

Many New York residents understand the benefits of having estate plans. They take the time to make major life, end-of-life and after-life decisions so that their surviving loved ones will have the information they need to close the remaining estates. However, estate planning does not end with creating the documents that provide that information. It also involves protecting them and making them accessible.

Important first steps to consider when estate planning

Over the years, most New York residents accumulate numerous assets, and they often want to make sure that those assets get passed on to future generations. Commonly, people utilize estate planning in order to protect their assets and dictate how their property should be distributed after their deaths. Creating an estate plan can start simply and expand to include a variety of important documents.

Special needs trusts can be an important part of estate planning

It is common for New York parents with children who have special needs to worry about their future care. It is unfortunate but true that parents will not be around forever, and it is understandable that they want to plan ahead to address the care their kids may need. Luckily, estate planning can help with the endeavor.

Estate planning can help New York residents with asset protection

Many New York residents want to protect their assets so that they may one day have the ability to pass them on to their loved ones. Of course, many unexpected events can happen in life that could easily put certain property at risk. Fortunately, individuals can utilize estate planning to work toward protecting their assets in various ways.

Parents of special needs kids can benefit from estate planning

It is common for people to think that having an estate plan is a good idea but to also think that they can put off planning until later. For some, thinking about getting started may lead to feelings of anxiety, and they may easily become overwhelmed, especially if they have children with special needs. However, estate planning does not have to be as intimidating as many people consider it to be.

Trusts have benefits that could appeal to many in New York

Because everyone's life is different, their estates will also be different. As a result, the tools that suit one person's estate plan may not suit the needs of another person. For some, a simple will can cover the information that the individuals want to include. However, if New York residents would like to take their planning further, they may want to consider trusts.

Estate planning could involve excluding family members

Many New York residents want to make it clear who they want to receive their assets after death. This desire is relatively easy to carry out as individuals have many estate planning options. Of course, some parties may wonder whether they can also use their plans to make sure a specific person does not receive any property.

Estate plans: Should special needs loved ones be disinherited?

Many people in New York and elsewhere with special needs require care throughout their lives. Because care and other necessities can prove costly, many of these individuals tend to obtain government benefits in hopes of making ends meet and maintaining the ability to live their lives as best as possible. Of course, when individuals are considering their estate plans, they may want to leave money behind for their special needs loved ones, but should they?

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