Estate Planning

On Behalf of Marcus, Gould & Sussman, LLP | Jun 4, 2024 | Estate Planning | Managing a family business is fulfilling, but it is a complex task. As you grow older, you might worry about who will manage it when you are no longer able to do so. This is where a durable power of attorney (POA) comes in. This legal document grants an individual the authority to act on your behalf in various matters, including financial and operational decisions.

On Behalf of Marcus, Gould & Sussman, LLP | May 7, 2024 | Estate Planning | Gone are the days when estates were just about houses and cars. Today, a big part of our lives exists online. Social media profiles, email accounts and even digital photos –are all considered digital assets, and just like your physical belongings, they need to be considered in your estate plan. Why is this important? Let’s break down what digital estate planning involves and why you don’t want to ignore it. What’s in your digital vault? Think about all the places you store information online.

On Behalf of Marcus, Gould & Sussman, LLP | Apr 5, 2024 | Estate Planning | Divorce is a complex process involving extreme emotions and multiple legal considerations. While it signals the end of your marriage, it also opens a new chapter in your life. And when major changes happen in your life, it is crucial to revisit your estate plan.

On Behalf of Marcus, Gould & Sussman, LLP | Mar 13, 2024 | Estate Planning | Not everyone can shoulder the heavy responsibilities of an executor when the time comes. Perhaps you’ve realized that the tasks exceed your capabilities or that your current situation may make it challenging to meet the demands of the role. Whether it is a health issue, the challenges of aging, time constraints or other reasons, you are free to resign from the position. However, note that your decision to leave may affect the estate, particularly if you do so in the middle of administration.

On Behalf of Marcus, Gould & Sussman, LLP | Mar 11, 2024 | Estate Planning | Two out of three adults in the United States have no established estate plan. This startling statistic can have severe implications for grieving families of individuals with high net worths. Suppose you have a significant amount of assets.

On Behalf of Marcus, Gould & Sussman, LLP | Feb 5, 2024 | Estate Planning | A will can be a vital component of your estate plan, especially if you want to solidify your wishes involving your estate after your death. However, this document can have limitations, depending on state law. Different restrictions or limitations in New York can affect your will’s enforceability, potentially derailing your estate plan. It can be beneficial to consider legal boundaries before you draft a will.

On Behalf of Marcus, Gould & Sussman, LLP | Jan 25, 2024 | Estate Planning | Understandably, many New York residents value the peace of mind provided by advance medical directives. These directives let you detail medical-related instructions if you’re incapacitated or communication is otherwise impossible. Having such control benefits you and your loved ones in several ways. Potentially fewer expenses No matter how sizeable, each estate has a finite value. Because of that, wanting to minimize expenses paid for by your estate is understandable.

On Behalf of Marcus, Gould & Sussman, LLP | Jan 16, 2024 | Estate Planning | When setting up a revocable living trust, you may need to review vital details, including the other parties essential to the arrangement. These appointments can vary depending on the trust’s features and your preferences. Sometimes, it is easy to decide who to assign based on the situation. Other times, you need to consider various factors for roles with specific functions, such as a successor trustee. This position is often present when establishing revocable living trusts.

On Behalf of Marcus, Gould & Sussman, LLP | Dec 19, 2023 | Estate Planning | Your journey through life is a series of wins and losses. Through these ups and downs, you gather not just invaluable experiences and lessons that are uniquely yours, but tangible wealth as well. However, there can be situations where you might suddenly find yourself unable to manage your hard-earned property and assets. What would you do then? That’s when having a power of attorney (POA) becomes essential.

On Behalf of Marcus, Gould & Sussman, LLP | Nov 23, 2023 | Estate Planning | People who anticipate their passing may want to try and make it easier on their friends and relatives. An estate plan can help detail how a testator wishes their assets were distributed after their death. The main legal document in an estate plan is a will, which often includes an itemization of assets and beneficiaries. However, a will is typically subjected to probate and estate taxes. An unhappy heir or beneficiary could even contest a will. To protect against these issues, a trust could be made.