There are a lot of issues to consider in planning an estate properly for when you're gone. The following is a checklist to help you start thinking about the answers you need for proper estate planning in New York. The most important things to remember when planning...
Estate Planning
What are beneficiaries in estate documents?
Naming beneficiaries is an integral part of creating your estate plan in New York. Determining who will receive your assets after your passing will give you peace of mind. Choosing your beneficiaries takes considerable thought. Here are factors you should way when...
What do you need to know about collectibles in estate plans?
Collectibles could slow down probate in New York, especially if some of them don't have a fair market value available. IRS collects taxes on the sale of collectibles, including when a beneficiary sells what they inherited. Testators will want to consider the potential...
How to create a high-net-worth estate plan
If you have created a high net-worth estate you should consider the tax implications of how you divide your estate. New York also has certain laws to follow that determine if your will is valid. New York law Laws change over time, so you should be sure that all...
Dividing assets equally in an estate plan can make it fair
When you're enjoying your life in New York, you may not be thinking about the future and how your assets will be divided after you pass away. Unfortunately, this mindset can lead to family quarrels if it isn't addressed. Creating an estate plan solves this problem by...
Your estate planning checklist
While it may not be pleasant to think about the fact that we'll pass away one day and need to have our affairs in order, it is important to make sure your loved ones know about your final wishes. If you're a New York resident, here are some things you need to know...
What happens if someone dies without a will?
When a person dies, their assets get distributed among the beneficiaries named in their will. When a person dies without a will, they have died intestate. When a person dies intestate, the law determines how their estate gets distributed. In the state of New York, the...
Estate planning: understanding the basics
Estate planning is not just for the wealthy. Your estate includes all the possessions you own. This means an estate can be large or small, and it's worth assessing your items to see if you have anything you want to leave to your loved ones. If you're a New York...
Mistakes to avoid when planning an estate
A surprising number of people in the United States do not have wills. Without a well-developed estate plan, individuals and business owners in New York are allowing their money and property to be handled by anyone when they die. Here are several common mistakes to...
Discussing estate planning with relatives
Talking about final wishes and estate planning can be uncomfortable for families. Some people don't like to discuss their inevitable deaths while others don't feel comfortable talking about private financial matters. If you're a New York resident, here are some tips...