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 that the annual rate for nursing home residents in New York City is nearly $170,000, far…
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 retirement savings. Three key changes include: 1. Age raised Designed to boost savings, the initial act…
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 executor An executor is a person who will take responsibility for your estate after you…
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. Though financial powers of attorney must act in the principal’s best interests, they have considerable power.…
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 believe that starting an estate plan later in life is too big a job to handle. It…
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 taxes. This assumption may have a degree of merit; local residents face the potential of an…
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 of this power before selecting this person. There are different types of POAs While…
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 Dementia can rob your parents of their ability to express their wishes. Therefore, it is critical to help them create or modify…
When you got divorced, your life changed in many different ways. Because of these changes, your estate plan may not reflect your current wishes. According to Gallup, only 46% of Americans have a will, but if you fall into this group, you should take time to revise your estate plan following divorce. You should plan on doing this shortly after…
When you first set up your estate plan, it can take a lot of time and effort. When you finish the initial set-up, you likely feel relieved that the bulk of the work has come to an end. But an estate plan is not a “set and forget” project. Over the years, you will still have to take time to…
How old are you? Are you young enough to decide to make an estate plan or old enough to make updates or changes? No matter your age, there are certain items you should have in your estate plan to cover any eventuality. Here are three documents to add to your estate plan. 1. Durable power of attorney for finances A…
A New York estate plan does not have to be complex to be effective. However, you may find it helpful to create one that contains more than just a basic will. While a will is an undeniably important component of your estate plan, you may be able to accomplish certain objectives you are unable to do with a will by…
