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Estate Planning

How Does An IRA Fit Into My Estate Planning?

Most IRAs, whether traditional or Roth IRAs, play a key role in estate planning. As long as an IRA has a named beneficiary, when the account holder passes away, the beneficiary will receive the proceeds of the IRA by operation of law. All that would need to be provided to the financial institution where the Read on…

If I Don’t Have An Estate, Do I Really Need An Estate Plan?

The question often arises as to whether an estate plan is necessary if you don’t believe you have an estate. The fact is that most people, whether they realize it or not, actually do have an estate. Real property aside, you may have checking accounts, savings accounts, IRA, pensions, or other financial accounts that may Read on…

When Does A Power Of Attorney Take Effect And How Long Does It Last?

The effective date by which a New York Power of Attorney takes effect will be a direct consequence of the type of document that is executed. A vast majority of clients sign what is known as a Durable Power of Attorney. A durable power of attorney takes effect immediately upon due and proper execution by Read on…

What Are The Key Estate Planning Documents Everyone Should Have?

If you are planning to meet with an estate planning attorney, or want to see if your estate planning documents need an update, there are certain documents that you should have ready to review and to present to your attorney. If you currently have estate planning documents that may require review and revision, please check Read on…

Is It A Good Idea To Transfer Your Home To Your Children During Your Lifetime?

Transferring property to your children during your lifetime is not something that an experienced attorney would recommend. Some consequences of giving up your property are mentioned as under: Transfer of property will result in gift tax. A gift tax form is required to be filed when a property worth $13,000 or more is transferred. Whereas, Read on…

What Is The Difference Between A Power Of Attorney (POA) And Executor?

Quite often, clients (or potential clients) do not fully comprehend the role of both the agent appointed under a Power of Attorney and that of an Executor. Or more importantly, when the role of the agent under that power of attorney ceases. Typically, people sign what is known in New York as a Durable Power Read on…

How To Find An Executor For My Will?

The fact that you are contemplating an executor for your Will signifies that you have taken the first step on taking control of your estates when you pass away. Remember that if you don’t have a validly executed Will when you pass away, the laws of intestacy will decide who inherits your estate. In order Read on…

What Is An Estate Plan And How It Can Help You?

The creation of an effective estate plan can be one of the most important decisions in your life. Or for that matter, for your family and loved ones as well. The importance of deciding how and to whom your assets will be distributed when you die is of paramount importance. However, an estate plan goes Read on…

The Pros And Cons Of Being An Executor Of Estate

The responsibilities that fall upon an individual who is named as an executor of estate can be extensive. However, it can be rewarding in that you know you have been asked by a loved one or a close friend to carry out the wishes of that person now that they have passed away. Still, there are Read on…

How Do I Select a Trustee? 4 Qualities to Seek in a Trustee.

As with any fiduciary, the selection of a trustee to safeguard assets placed in trust is one of the most important decisions a grantor/settler can make when discussing estate planning strategies to preserve their respective assets. There are certain qualities one should seek when selecting a trustee. First, the trustee should not have any financial Read on…