Preserve Your Legacy

Estate Planning | Elder Law | Special Needs Planning

Blog Posts in May, 2012

  • After you set up a Revocable Living Trust, one of the first things that you do is to transfer your other assets into the Trust. Most people will try to make sure that everything they have when they pass away will transfer through the Trust to the beneficia

    After you set up a Revocable Living Trust , one of the first things that you do is to transfer your other assets into the Trust. Most people will try to make sure that everything they have when they pass away will transfer through the Trust to the beneficiaries. However, it is not always a good idea to do that. It depends what you are trying to transfer through the Trust. For example, if you have ...
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  • HOW FACEBOOK INSIDERS SAVE ON TAXES

    There has been a lot of talk recently in the media about the Facebook IPO and how company insiders are avoiding paying taxes on their earnings from it. The tools that they are using are called. Grantor Retained Annuity Trusts (GRATs). They can be an excellent way for wealthy people to transfer assets. A GRAT has a set term of at least two years, and the granter loses control of the assets for the ...
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  • ESTATE PLANNING OPTIONS FOR PETS

    If you are concerned about what will happen to your pets after you pass away, you have several options to provide for their care. All of the options have their benefits and drawbacks, but most people can find one that suits their needs. The traditional option is to provide for your pets’ care in a Will. You bequeath your pets to someone else the same as you do with your other assets. The drawback ...
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  • JOINT WILLS AND CHANGING CIRCUMSTANCES

    People are often similar and predictable. It is no different when it comes to their estate plans . Most people want the same thing. Almost universally, when a husband and wife in a first marriage devise an estate plan they want the same thing: when the first spouse passes away, everything goes to the surviving spouse. When the second spouse passes away, everything goes to the children. Executing ...
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  • DON'T LET YOUR FAMILY FIGHT OVER GUARDIANSHIP

    Getting a General Durable Power of Attorney is one of the most important things that you can do as part of your overall estate plan . You should consider the possibility that you might be incapacitated and unable to look after your own interests in the latter years of your life. If you do not plan ahead, then someone else will have to go to court and ask for guardianship over you to protect your ...
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  • PLANNING FOR COLLEGE TUITION

    College is extremely expensive and the cost keeps rising. Parents and grandparents routinely struggle with how they will pay for their children or grandchildren’s college education. If you plan ahead, you can make paying for the college education a part of your larger estate plan . You have many different options. The traditional way to pay for a college education is by setting up a Trust. This ...
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  • BE RESPONSIBLE. GET A WILL.

    Are you one of the approximately 70% of Americans who do not have a Will ? Have you considered the consequences of not having one? If you do not plan for what will happen to your property after you pass away, then someone else will get to decide what happens to it. If you have young children and you do not have plans for what might happen to them should you be in a life-ending accident, then ...
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  • Dealing with an Unexpected Inheritance

    Sometimes, you might be expecting to receive an inheritance and you know what to do with it before it comes. However, if you receive an unexpected inheritance, you might not know what all of your options are and what to do with the inheritance. An estate planning attorney can assist you in making sure that you do everything you need to do with the inheritance. In some cases, you might not want the ...
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  • Guardianship of Adult Relatives

    If you want to be appointed as a guardian of an adult relative in New York City, it is important that you speak to an experienced New York probate attorney . In New York, a guardian does not automatically receive complete control over all of an incapacitated person’s life. The court can grant limited powers covering only those areas that the adult needs assistance with. An attorney can assist you ...
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  • A REVOCABLE LIVING TRUST CAN BE RIGHT FOR YOU

    In the last post you learned that probate does not have to be scary if you have an experienced estate planning attorney assist you in making your estate plan. However, that does not mean that your heirs will necessarily have to go through probate if you hire an attorney. In some cases, a revocable living trust is a good option for an estate plan. Property that passes to your heirs through a ...
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