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Estate Planning

How Many Agents Should You Name On Your Durable Power Of Attorney

Clients often ask me if they should have more than one agent named on the New York Durable Power of Attorney (POA). The high-level answer to this question is “it depends”. Logistically speaking, it is often easier if only one agent is appointed on the POA. This is because financial institutions may require both agents Read on…

Tips For Overwhelmed Executors

Quite often, one assumes the role of executor (or administrator) for an estate without realizing many of the complexities associated with being appointed a fiduciary of an estate by the Surrogates’ Court. I usually explain to clients that being an executor of an estate is no different than being a CEO for a corporation. You Read on…

Misconceptions About Power of Attorney

In New York, the power of attorney is an important document, to say the least. It has far-reaching consequences which it is why it is crucial to understand the misconceptions about this document. Generally speaking, my powers of attorney (POAs) that are executed in New York are “durable’, which means that they take effect immediately Read on…

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…

Financial Capacity & Estate Planning In Order To Avoid Probate

Today on our blog, we have a guest post on a topic that affects everyone – estate planning. Specifically, estate planning and financial capacity. While we normally talk exclusively about elder law, part of estate planning also involves understanding your financial capacity as well. In this blog we discuss an intro to understanding your ability 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…

Are Items in a Safe Deposit Box Taxable?

One of the most important concerns with respect to a safe deposit box and estates is the placement of the will. The rule to follow: never leave your last will and testament in your safe deposit box. The reason being is that if you do follow such a course of action, the safe deposit box Read on…

Is Estate Planning Expensive?

As with most legal questions, the issue as to the expense of estate planning is not a simple one to answer. There are many components to estate planning and they are largely dependent upon the client’s needs and wishes, as well as the nature of their assets and how they are held. At the very Read on…