Significant updates to the power of attorney (POA) law in New York were implemented on June 13, 2021. Existing POAs and statutory gift riders will not be affected, provided that they were executed under the provisions prior to the changes. The purpose of the revisions...
Estate Planning
What if you die without a will?
If you are like many adults in New York, then it may not be unreasonable to assume that you have not begun the estate planning process. Indeed, studies show that a majority of adults in the state (and throughout the rest of the U.S.) do not have wills. Your delay in...
Understanding the probate process
When someone dies and leaves a will, most of the time the estate goes through probate. Probate is the legal process in which the judge makes sure everyone involved follows the terms of the will. If a loved one of yours died, you may be wondering what to expect from...
What should a young adult include in their estate plan?
You are never too young to have an estate plan in place. Even for people just starting out in their careers, estate planning offers multiple protections. According to U.S. News & World Report, there are certain essential items to include in your estate plan,...
How do you talk to your family about your estate plan?
Discussing your estate plan is a hard topic to tackle. After all, it revolves around two of the most difficult subjects: death and finances. But an important step of handling your end of life matters involves bringing it up to your family. Is there any way you can...
How young is “too young” when it comes to estate planning?
You recently graduated from a New York college, and the last thing on your mind is estate planning. Should you at least set the foundation for your estate? U.S. News & World Report explains why recent college graduates should consider starting to secure their...
3 questions to ask when choosing an executor for your estate
When it comes to making sure your estate passes on as intended, choosing a capable executor is just as important as creating a carefully considered will. After your death, your executor will be responsible for carrying out the terms of your will and guiding your...
Is a family member your only option for estate executor?
New York residents like you put massive amounts of effort, time and assets into crafting your estate. You put just as much into creating an estate plan, which means you should have a solid foundation. In other words, you need a good estate executor to ensure that...
Limiting your estate tax liability
A recent post on this blog detailed the benefit that gifting can provide to your estate plans. Yet at face value, that might seem counterintuitive; would parsing out gifts not deplete the amount that you have to pass on to your heirs? Many come to us here at Marcus,...
Do family members make the best executors?
When dealing with matters of the estate, it is easy to feel overwhelmed. Estate planning has a lot of moving parts and a huge number of legal terms you likely never came across before. But it is important to start with a solid foundation. If you do, everything else...