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There are many pitfalls to be aware of when relying on beneficiary designations.

While there is no specific rule as to how often one should update their estate planning documents, here are five simple indications that it is time to re-evaluate your estate plan. FIRST, pay attention if there are life-changing circumstances for someone who is or may become your executor, trustee, or agent under a power of …

When Should I Update My Estate Plan? Read More »

Asset protection planning can be described as employing legal strategies to preserve and protect a client’s assets. The goal of asset protection planning is generally to put as many obstacles in place as possible so that a future creditor either retreats or decides to settle its claim. Families with even modest means can often benefit …

Asset Protection Through Revocable Trust Planning Read More »

A Revocable Living Trust is one that the grantor—the individual who creates and funds the trust—sets up during their lifetime. Importantly – the grantor of a Revocable Living Trust (aka you) still controls all the assets transferred into the trust.  A revocable living trust can be changed at any time. You can modify it with …

When Should You Consider Using a Revocable Living Trust? Read More »

If there’s one overarching piece of advice I would give potential clients, it would be to make sure they do their estate planning with an attorney who focuses on estate planning.  In other words, not an attorney who “dabbles” in wills and/or trusts, in addition to practicing many other areas of law. It would be …

Choose the Right Lawyer Read More »

To tell you the truth, in some limited circumstances, doing your own estate plan might make the most financial sense. For example, those without children and assets less than $150,000 could probably get away with doing their own “simple will” using an online provider. Most attorneys would not advertise this, but it’s true. However, if …

Should You “Do It Yourself” or Use Legal Zoom? Maybe. Read More »

Estate planning may be defined as a series of steps you take now to protect yourself and your assets during your lifetime and to protect and provide for your loved ones in the manner that you wish after you are gone, using every legal strategy available to minimize your taxes and protect your assets.  Estate …

What Is Estate Planning? (and Why a Will Is Rarely Good Enough) Read More »

Clients often overlook the importance of planning for incapacity as part of their basic estate planning. Incapacity can happen at any age, so planning for incapacity is fundamental for all clients, not just the elderly or infirm.  It is much easier to plan for incapacity in advance while a client is healthy and of sound …

Planning For Incapacity Read More »

The estate tax is computed based on the New York taxable estate of a resident or nonresident using the following tax table: