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If you're in New York and have significant assets, you've probably already considered how you'll want to manage your estate after you die. But changes in federal tax laws can cause you to adjust your plans. Each year, the IRS can change certain tax exemptions and...
All New York residents should create an estate plan. However, things can get murky when a person has a medical condition like dementia. Estate planning should be done as soon as possible after a diagnosis while the individual still has some of their mental faculties....
A growing number of New York residents cannot afford unexpected expenses. In fact, less than half of the U.S. population believes they can afford an unexpected financial emergency of $1,000. Whether you experience a natural disaster or an unexpected medical bill,...
If you have a parent or another close New York loved one who cannot manage their money and other affairs, you can petition for guardianship. The court will award you guardianship if the person agrees or if the judge finds that individual to be incapacitated. When does...
Many New York families are blended as people commonly divorce and remarry. In that situation, it’s crucial to be smart with your estate plan. Keep these tips in mind to protect yourself and your loved ones. Set up a trust Having a last will and testament is often not...
One of your biggest life decisions will be when you select an agent under a power of attorney. Whomever you select, this person will have legal authority to make medical and legal choices for you if you are unable to do so due to health or other reasons. Most people...
When someone dies in Williamsville, New York, the process of probate begins. Probate is the formal legal process determining who will inherit the deceased person's property and possessions. Typically, a lawyer can handle this for interested parties. Still, there are...
In New York, and around the country, trusts are a key estate planning tool. Transferring assets into a trust is a way to reduce taxes and avoid the probate court system. Real estate and trusts Placing assets into a trust is a straightforward process, and it is key to...
Health care costs throughout New York and the rest of the country remain high. However, you've probably seen countless programs or services promising to take the sting out of expensive health care costs. Unfortunately, many of these programs aren't all they claim to...
Much of the estate planning discourse in New York revolves around married couples and their families. However, if you're single, estate planning is still important. There are unique considerations, however, that you need to take into account. Understand intestate laws...