Estate Planning
Estate planning comprises a meticulous process that undertakes planning for situations where a person wouldn’t be able to make their own decisions due to a disability or in the case of their passing. The term estate refers to the property one might own; both tangible and intangible. Your property could be hard cash, bank accounts, property, cars, jewelry, insurance, retirement, investments, savings, etc.
Bequeathing assets to heirs / beneficiaries or an institution and planning for incapacity remain main reasons for planning. However, that’s not all estate planning is limited to. Under this umbrella term, there are various other details that can be defined and elaborated.
Estate planning allows you to:
- Protect assets
- Medicaid planning
- Designate a guardian for a minor child
- Designate a healthcare proxy that can make medical decisions on your behalf
- Use it for Medicaid planning for long-term care
- Document end-of-life preferences
You also decide on a power of attorney that can make financial decisions and carry out tasks such as paying bills, settling debt, legal or business decisions, and manage an investment portfolio. When carried out with an estate planning attorney, it can be used to reduce or eliminate taxes.
Here you’ll find yourself perusing through a plethora of articles that could be your resource when you’re learning what planning is all about. You can begin by understanding the bare bones of planning and make your way up, studying different types of planning tools, what mistakes to avoid, what myths to not believe, and more.
5 Reasons for You to Update Your Living Trust When you have finally settled down on the couch after that meeting with your attorney, the last thing you want to talk about it updating your living trust. We know what you’re thinking. It’s hard enough getting around to creating an estate plan the first time…
Going Back to the Basics—What is a Trust? When we’re children, we look up to adults as a repository of knowledge. We listen to them because we think they know what they are doing. And we believe that one day something will click, and we will be as self-assured as all those adults around us.…
Estate Planning Advice for Same-Sex Couples in the Bronx When the revolutionary designer Gianni Versace died with a gunshot wound, his live-in partner was not given any part in his state. Everything Versace owned, including his brand name, was passed down to his blood relatives, and his domestic companion got nothing out of his rightful…
Estate Planning Mistakes People Make when Designating a Beneficiary If you are even slightly familiar with estate planning in the Bronx, you must have come across the term “probate”. This particular term is a reference to a legal procedure that is neither good nor bad. It may be helpful in some instances, but the general…
Estate Planning in the Digital Age— An Overview of Digital Assets It’s not an understatement to say that in this day and age, everything is at the mercy of a screen. With more and more people living their lives online, this is no longer a debate. We start our days by tapping into our online…
Going Back To The Basics – What Is A Will? The best estate planning tip in Manhattan that you can get is to create a last will and testament before it is too late. As one of the most important building blocks of an estate plan, this document can ensure your legacy is passed onto…
A Deeper Look into the Differences between a Trust and a Will Though it is difficult to think about, you have to think about the inevitability of death and how it can affect your loved ones. What will happen to your assets when you are gone? Will your kids and spouse be provided for? The…
Don’t Trust a Retirement Planning Lawyer in Long Island Unless They Know These 3 Things When you are vetting a Retirement Planning Lawyer in Long Island, you need to know that you are working with somebody that you can trust and who has your best interests in mind. This is the last stretch of your…
The Secret Tips Retirement Planning Lawyers in Queens Aren’t Telling You When it comes to retirement planning here in Queens, there are a slew of attorneys chomping at the bit to give you advice or take on your case and fill their pockets. Unfortunately, there are far fewer attorneys who really understand how to take…
Now that you have reached retirement age and you are starting to think what your life will look like for your remaining years, it’s important to work with a Brooklyn-based retirement planning attorney that can help you set up your assets wisely. Unfortunately, retirement planning is much more complex than most people think, and there…