Estate planning involves many important decisions, including choosing a trustee to manage a trust’s assets. You might assume that once a trustee assumes their role, the trust will succeed. Unfortunately, things do not always work out, and you may find yourself needing...
Estate Planning
Estate Planning
Why a simple will may not be enough for your NY family
Having a will is crucial to protecting your family's future. It is a powerful document that allows you to specify how you want to distribute your assets after you pass away, helping prevent disputes and keeping the peace in your family. But while a will is a crucial...
Clarifying common misconceptions about trusts in estate planning
In estate planning, a trust can be a powerful tool for those who want to protect their assets. In addition, having a trust can allow the grantor to ensure the fulfillment of their wishes after they pass away. But with so much misinformation circulating, it is no...
Understanding unequal inheritances
When it comes to estate planning, you might assume that dividing assets equally among heirs is the fairest approach. However, unequal inheritances make sense in some situations and can be the most equitable solution. Below are scenarios where this strategy can be...
Should you discuss your estate plan with your family?
People are uncomfortable discussing estate planning. After all, it revolves around two topics no one likes to think about: death and incapacitation. But there are excellent reasons why it’s a necessary conversation. Clearing up the unknown There is an idea that no one...
How to choose a guardian for your child
If you are a parent of a minor, your will should name someone who will take care of your child if you are unable to. But who should you choose? Who among your loved ones can serve as your child's legal guardian? Below are four factors to consider: 1. Shared values...
Four estate planning components every parent needs
As a parent, you have likely spent countless hours planning for your children's well-being. From choosing schools to setting up college funds, you have worked hard to create a stable environment where they can thrive. But have you considered what would happen to your...
Can you borrow against your life insurance? (Should you?)
Times are tough, and just about everybody is feeling a little bit of a financial pinch these days – and it’s not easy to secure a personal loan if you have damaged credit or little in the way of collateral. This is where that whole life or universal life insurance...
Why you need a POA in your estate plan
When it comes to estate planning, many immediately think about deciding who gets to inherit the house or the cherished family heirloom. In reality, estate planning encompasses much more than the distribution of your assets after your passing. With the right tools in...
Can you make changes to your health care proxy?
After filling out and signing your health care proxy, you may change your mind about its provisions or your chosen health care agent. Luckily, making changes to this form is easy. However, you need to be informed to avoid costly mistakes. Here is what to know about...