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July 2018 Archives

Planning is even more important if you have no family

A woman who celebrated turning 100 had this to say when asked how she felt about the achievement. "It's nothing to strive for." Not everyone feels that way, of course, but many do. And one of the certainties of the world today is that many of us are living longer. What is less certain is that our faculties and our ability to care for ourselves will remain unchanged as we age.

The benefits of discussing estate planning with your children

When people want to talk about their wills and trusts, they tend to turn to their spouses, friends, executors and attorneys. However, one potential group that people tend to put off discussing the estate with is their heirs, more specifically their children.

Take care before saying 'no thanks' to a loved one's bequest

Is it impolite to turn down a gift? Do a search of this question online and you'll find that opinions differ. Some observers say you should always accept with gratitude. Others suggest you factor in the intention behind the gift, or consider what negative implications the gift might hold for the recipient.

Tax reform's implications for estate plans

We have noted often over the years that one of the biggest mistakes anyone makes regarding estate planning is failing to keep the living documents up to date. Every time we experience a life change, whether it be a marriage, divorce, death of a child, or some other divergence from the normal flow of things, updating the plan becomes a priority. Too often it doesn't even make it onto the radar and what results is unwanted pain and expense down the road.

Managing the estate executor role

It's an honor to be named executor of a will, but it's also hard work. While most executors understand their role, there can be a lot of confusion when it comes down to getting things done. Unless you work in the legal industry, the order of the process, the different types of paperwork and all of the loose ends can be difficult to manage.

2 tools for ensuring financials for a disabled adult child

There's a notable quote that goes, "No parent should have to bury a child." As the original source of that phrase also said, it's unnatural. The notion makes sense. The normal cycle of life calls for those of the older generations to pass before those in the younger, and most of the time that's how things work.

Kinship hearings: Getting to the roots of valid inheritance

Family trees can be complicated things. Indeed, the nature of relationships today is such that it can be hard to find words to describe a given family. There might be second families, blended families, extended families and more. Such variables also create unique challenges for the courts in New York when someone dies, especially if there is no will and the estate is significant in size.

Does your estate planning require a trust protector?

Trusts come in a wide range of styles. There are revocable trusts, irrevocable trusts, even incentive trusts, which we wrote about in a post some time ago. This is not a complete list of trust tools available under New York estate planning law. The one that might be most appropriate for your needs can be determined by consulting with counsel committed to understanding what you want to accomplish.

Actions you can take now if parent guardianship is anticipated

Let's presume you are a millennial only child and your parents are in their 60s. Maybe you are not feeling concerned about their ability to take care of themselves right now, but you recognize that the day is bound to come when they won't have the capacity to make decisions. Someone, most likely you, will have to take over that function. What should you do?

Executor's role is not one that needs to be done alone

One of the most common questions that estate planning attorneys address in the initial stages of the process deals with identifying an executor or executors. These are the individuals who are named in your plan as having the responsibility of and authority for clearing up any of your outstanding financial obligations after your death and distributing assets according to your wishes. Failing to name an executor means one will be appointed by the court.

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Connors & Sullivan attorneys at law, pllc

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