As you grow older, you, your spouse or your parents will likely have to confront the prospect of long-term care. As you do so, you might discover that the financial implications are overwhelming. For example, the New York State Partnership for Long-Term Care estimates...
As you approach your golden years, you know the importance of estate planning and ensuring your retirement funds can keep up. In 2020, congress passed the SECURE 2.0 Act, which President Biden signed into law in December. It features a range of changes regarding...
The goal of a will is to ensure that your estate distributes to your heirs and loved ones according to your wishes. In addition to your personal information and a statement about your testamentary capacity, a will should include a few essential elements. Name an...
When you begin estate planning, the professional with which you work will likely ask you to establish a financial power of attorney. A financial POA is a document that grants an individual the power to make financial decisions on your behalf in specific situations....
As a parent, keeping your child safe and secure is one of the top priorities. Naming a guardian to care for the child in the event both parents die should be part of every parent's estate planning process. Considering someone else to care for your child is never easy,...
Many experts recommend starting your estate plan early in life, typically around the time you start thinking about marriage or children. This makes it easy to update your estate documents over the years as your asset profile changes and develops. You might therefore...
As people in New York become more involved in the estate planning process, they tend to quickly realize that a number of opportunities exist for them to preserve assets for future generations. Most, however, seem to accept that they cannot avoid one expense: estate...
A power of attorney gives another person, your agent, the ability to act on your behalf if you become incapable of doing so. An agent has the authority to decide your finances, manage your estate and control your healthcare, so you should have a complete understanding...
As an estate plan creator, you need to have an executor in place. This is one of the most - if not the absolute most - crucial figures in your entire estate plan. To that end, you may automatically want to assign one of your closest family members to the spot. But is...
An elderly parent's dementia diagnosis can profoundly impact an entire family. Estate planning must balance long-term care needs with a parent's desire to leave an inheritance to family members. These are some essential details to consider. Disease progression...
