Estate Planning

On Behalf of Marcus, Gould & Sussman, LLP | Jul 1, 2021 | Estate Planning | As you contemplate initiating your estate planning in New York, a stark realization may hit: your decisions regarding the dispersal of your assets may upset some of your potential beneficiaries. Indeed, the last thing you want to do is cause contention amongst those you care about. Many of those who come to us here at Marcus, Gould, and Sussman, LLP believe that a potential solution to this concern may be to not prepare a will at all.

On Behalf of Marcus, Gould & Sussman, LLP | Jun 29, 2021 | Estate Planning | 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 involved improvements while addressing and resolving various problems that existed with earlier POA’s.

On Behalf of Marcus, Gould & Sussman, LLP | May 30, 2021 | Estate Planning | 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 preparing a will may have to do with a fear of offending your potential beneficiaries. If you do not leave a will, state law determines how to divide up your assets.

On Behalf of Marcus, Gould & Sussman, LLP | May 28, 2021 | Estate Planning | 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 the probate process and how long it takes. Initial probate process According to the New York State Unified Court System, during the initial stages of probate, the judge will review the will and make sure it is valid.

On Behalf of Marcus, Gould & Sussman, LLP | May 26, 2021 | Estate Planning | 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, regardless of your age or wealth. These items protect your assets after you are gone, but they can also help while you are still alive. Last will and testament A will is the cornerstone of the estate planning process.

On Behalf of Marcus, Gould & Sussman, LLP | Mar 21, 2021 | Estate Planning | 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 make the discussion easier for everyone? What are the best tips for tackling something that leaves most people uncomfortable at best? Set the conversation up Market Watch discusses how to tackle the difficult topic of your estate plan with family.

On Behalf of Marcus, Gould & Sussman, LLP | Mar 16, 2021 | 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 legacies. The sooner you create your estate plan, the better. Review beneficiaries If you work for a company that offers life insurance and a retirement plan, you must list a beneficiary to receive your death benefit or inherit your assets.

On Behalf of Marcus, Gould & Sussman, LLP | Mar 10, 2021 | Estate Planning | 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 estate through the probate process. From inventorying, appraising and distributing assets to resolving debt and tax obligations, the role of executor is often an involved and time-consuming responsibility.

On Behalf of Marcus, Gould & Sussman, LLP | Mar 8, 2021 | Estate Planning | 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 everything runs smoothly after your death. You might start looking at family members right away for potential executors. But is a family member your only – or even best – option?

On Behalf of Marcus, Gould & Sussman, LLP | Jan 29, 2021 | Estate Planning | 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, Gould & Sussman, LLP with this very question.