After an individual executes a Last Will and Testament, there may be changes in their life that could affect the way their assets are distributed under their last will and testament. One of the more common changes that may affect a Will is a divorce. A divorce can be an overwhelming experience, and often times, people do not think about the important estate planning implications that a divorce may have. Continue reading “Will a Divorce Affect My Last Will and Testament?”
Category: Estate Planning
Estate Planning and Your Digital Assets
As our world becomes more virtual, so do the assets we own. Therefore, when making an estate plan, it is important not to overlook the digital assets you own as well. These assets include intellectual property, social media profiles, emails, credit card points, smartphones, or online storage and hardware. Most of these are locked using a password that only you know, so planning who will be able to gain access in the future is important. Continue reading “Estate Planning and Your Digital Assets”
Estate Planning for Business Owners
Owning a successful business takes years of hard work and dedication. But failing to establish an estate plan that accounts for your business, could place your business in jeopardy upon death. While many individuals shy away from estate planning because of the chilling thought of death, assuring your business remains viable upon death could mean the difference in providing for your family, employees, and loved ones in the long run. Proper estate planning can take into account various aspects of business ownership and help ensure that your business continues to operate as you see fit. Continue reading “Estate Planning for Business Owners”
Guardianship of Incapacitated or Disabled Persons in New York
Caring for an elderly individual with Alzheimer’s can be challenging. Due to the degenerative nature of the condition, a person with Alzheimer’s may reach a point when they are no longer capable of making informed decisions about the assistance or care they need. If an individual becomes incapacitated and did not establish a Power of Attorney, his or her loved ones may seek to establish a guardianship through a court proceeding or have it granted by a judge. Continue reading “Guardianship of Incapacitated or Disabled Persons in New York”
Protecting Loved Ones Against Elder Financial Abuse
Elder financial abuse is a form of exploitation against seniors and older persons that may include, but is not limited to, taking money, property or assets. Older adults who suffer from physical or mental disabilities, such as dementia, or experience feelings of isolation, loneliness or loss may be more susceptible to elder financial abuse. Continue reading “Protecting Loved Ones Against Elder Financial Abuse”
How the Establishment of a Power of Attorney Can Benefit Loved Ones
With baby boomers entering retirement age, more adult children are undertaking the role of caregiver to meet their loved ones’ needs. According to the National Alliance for Caregiving and AARP, as many as 34.2 million Americans have provided unpaid care to an adult age 50 or older in the last 12 months. Caregivers are often called upon to assist with a loved one’s estate plan to ensure that his or her wishes for assets and health are met. An important aspect of estate planning is power of attorney, a document that authorizes someone to make and implement financial and other important decisions.
Continue reading “How the Establishment of a Power of Attorney Can Benefit Loved Ones”
Estate Planning Considerations for Military Personnel
As members of the armed forces, military servicemen and servicewomen put their lives on the line every day to protect the lives and freedom of the American people. A person’s estate encompasses everything from a home, cars, jewelry and other tangible possessions to savings and checking accounts, retirement funds, insurance policies, small business and survivor benefits. It is important for our fighting men and women to establish a plan to protect their loved ones from financial hardships, reduce taxes, assign children’s guardianships and allow assets to be passed to beneficiaries quickly and without emotional stress or conflict.
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Setting Up an IRA LLC
If you’re thinking of using your retirement funds to help fund your real estate investing, it won’t be long before you come across the concept of a self-directed IRA LLC. Continue reading “Setting Up an IRA LLC”
Probate vs. Non-Probate Assets
Probate assets are those assets of a decedent that become the property of the estate of a decedent and subject to distribution to the beneficiaries of the estate under the terms of the decedent’s will or the state intestacy statute. Non-probate assets are those assets that are not a part of the estate subject to distribution because they automatically pass to another by law upon the death of a decedent or have already passed to another prior to the decedent’s death. Continue reading “Probate vs. Non-Probate Assets”
