Estate Planning Isn’t Just For The Elderly
New York has its own estate tax on high-value estates. Currently, estates valued at $7,350,000 or lower are exempt from that tax. As we’ve discussed previously, if an estate is valued at 105% of that amount, or $7,717,500, only the additional 5% is taxable. However,...
If you care for a child with a disability, you likely worry about what happens when they turn 18. New York offers ways for families to keep helping with decisions after a child becomes an adult. Article 17A guardianships protect adults with lifelong disabilities who...
Some people believe that you do not need to make an estate plan while you are still relatively young. When those who do not have a plan in place are asked why, one of the top reasons that they give is that they intend to do it when they are older. But the reality is...
Yes, if your goal is to keep some of your assets out of probate when you pass away, there are steps you can take to plan in advance. Your estate plan can be set up to transfer assets to specific beneficiaries. There can certainly be some advantages to removing assets...
Legal guardianship can be a controversial matter. No one likes to give up authority over their life and finances, and stories about guardianship often only makes the news when something goes terribly wrong, such as a guardian misappropriating resources or abusing the...
There are many things to think about when you’re setting up your estate plan. While your primary focus might be on making sure your beneficiaries receive the assets you want them to get, you should also think about making decisions about who will make decisions for...
No matter what age you are, estate planning should be a crucial part of your future preparations. You never know what life might throw your way and legal protections may be your family’s lifeline. If you are a primary breadwinner, your loved ones may be more...
Planning for long term care in New York often raises financial questions that can feel overwhelming. Nursing home care and care at home may involve significant costs over time. Because of that, you may look for tools that help you prepare in a more structured way,...
Many people assume a will controls everything they own. In reality, certain assets pass outside of it entirely. Recognizing these distinctions is an important part of understanding how your overall plan functions. Assets beyond your will's authority Here are common...
Long-term care planning is not just for the elderly. If you become incapacitated without the right documents, New York courts may appoint a stranger to manage your money and make your medical decisions. Your family in White Plains or Westchester will have no say, no...