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.
FIRST PARTY SPECIAL NEEDS TRUSTS – WHAT EVERYONE IS TALKING ABOUT BUT NOT EVERYONE UNDERSTANDS WELL. Have your ever heard of a First Party Special Needs Trust? So you or someone you know just received a settlement payment in connection with a recent car accident or work related injury. You or someone that is a…
YOUR FACEBOOK, TWITTER, & EMAIL ACCOUNTS, TO NAME A FEW. DO YOU NEED PLANNING FOR DIGITAL ASSESTS? Who do you want to have assets to your digital footprint after you are gone? Have you ever thought about that? Would it be embarrassing/upsetting for a member of your family to see some of the photographs or…
I AM NOT A U.S. CITIZEN. DO I NEED ESTATE PLANNING? The short and definitive answer is – ABSOLUTELY! The longer answer: If you reside in the United States and you are not a citizen, most often the same US estate and gift hurdles apply to you under Internal Revenue Code and Regulations as to…
LIQUIDITY & LIFE INSURANCE IN MY ESTATE PLAN It is essential to address issues of liquidity as part of your estate plan. Life insurance may be used as a main liquidity resource in your estate. Some of the most commons purposes for life insurance policies are as follows: • Quick access to cash for your…
FIVE MOST COMMON MISTAKES OF ESTATE PLANNING You may have hired an attorney to prepare an estate plan and now you believe that you are all set, but there are many common mistakes of estate planning. Let’s discuss five most common mistakes of estate planning often made by professionals without adequate experience in estate planning:…
What Most Estate Planning Lawyers in Queens Aren’t Telling You We have made an art form out of taking every step possible to get you the most money possible when planning your estate in Queens and making sure your family is taken care of. Unfortunately, most Estate Planning Lawyers in Queens don’t take the time…