Did you know the COVID-19 public health crisis has prompted a surge in estate planning? While it may be more challenging to meet, since most of us are tied to our homes, many people are crafting or updating their wills, trusts, and health care documents. Further, the economic downturn caused by nationwide... Read More
A Standalone Retirement Trust solves a number of issues related to leaving behind tax-qualified retirement accounts as an inheritance to non-spousal beneficiaries. In other words, leaving unspent funds from an IRA or 401k directly to your loved ones has some downsides. People with IRAs, 401ks, and similar accounts,... Read More
Life insurance can afford you the peace of mind that if you pass away your loved ones will be provided for in your absence. The downside, however, is that inherited life insurance proceeds can be subject to estate taxes. This means that federal and state taxes, depending on where you live and the value of your... Read More
As the saying goes, it takes a village to raise a child. In terms of estate planning, it takes an experienced estate planning attorney to help you prepare for the future, even if you do not have children. As legal professionals we can help you craft a strategy ensuring your wishes are honored in the event of... Read More
Blended families, or couples with children from different relationships, should consider updating their New York estate plan in 2020. Creating or updating a personalized New York estate plan is the single most important thing you can do to make sure your decisions are honored should you become incapacitated or pass... Read More
Trusts are a highly advantageous component of estate planning for millions of Americans. A new comprehensive retirement reform, however, has changed the rules in ways that may require immediate attention. Last year, Congress passed the Setting Every Community Up for Retirement Enhancement Act, also known as the... Read More
An estate plan is something each of us needs in our lives to ensure that we are protected against any circumstance. Unfortunately, for the majority of Americans today, research continues to tell us that they have not begun to complete the estate plan that they need. When you have an estate plan, however, what you may... Read More
Did you know a spendthrift trust can be established for the benefit of a person who is often unable to control his or her spending? A spendthrift trust gives an independent trustee full authority to make decisions as to how the trust funds may be spent for the benefit of the beneficiary. The beneficiary is often a... Read More
Did you realize that more than half of Americans either lack an estate plan, or have one that is out-of-date? That is taking an enormous, and unnecessary, risk. Why? The reason is simple. If you do not decide how to protect and pass on your wealth, then the state can, and your loved ones may not like it. How do we... Read More
Did you know that bequeathing Individual Retirement Accounts (IRAs) is becoming more prevalent? This may be because the Baby Boomer generation is the first generation that has created retirement wealth in IRAs. The proposed SECURE Act, however, may require the IRA owner to make some changes to his or her IRA estate... Read More
