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.

The Basics of Probate

The Basics of Probate

The term probate gets thrown around quite often. It goes hand in hand with estate planning, but do you know what it means? This article will discuss the basics of probate and acts as a stellar introduction to the important concept. Defining Probate By definition, probate is the legal process of proving a will and…

Pros and Cons of Probate Process

Pros and Cons of Probate Process

In this article, we will discuss the positives and negatives of the probate process. Many people automatically dismiss the probate process because they only possess knowledge of the negatives it entails, but being aware of the potential benefits can help with your understanding and outlook on probate.   When people hear the word probate, negative…

New York Probate FAQ

New York Probate FAQ

If you are new to the probate process in New York, you have many questions you need answers to. Today, we look at the sample questions regarding legal issues that clients ask time and again and give you solutions to help you handle probate cases that come up in the future. If you need answers…