Trust, but verify. That's an adage that comes to us from Russia. Ronald Reagan made it famous during his presidency, using it often in connection with nuclear disarmament talks.When it comes to the disposition of wills and other elements of a New York estate plan, it...
Are heirs obligated for a deceased relative’s debts?
Most of the time, relatives of a decedent bear no responsibility for debt owed by that person. However, the existence of such debt does create the potential risk of reducing the value of the estate and how much heirs receive. That's because debts of the deceased are...
Make estate plan review a matter of habit
Many in New York City don't have wills. Few have any valid excuse for being in that situation. If you work, are investing money for retirement and care for the welfare of your family, you should have a plan. If you have complex assets, it is even more important to...
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...
Caring for the elderly can cost more than raising a child, report finds
It is no surprise that the cost of caring for ourselves and our loved ones as we age is expensive. We expect there to be certain costs tied to nursing care, medical care and other needs as we age. We plan, we save and we do our best to make the right choices for our...
Avoid these three headaches by getting an estate plan
Putting together an estate plan is likely on your to-do list. You know that list. The one that also includes other fun projects like putting together a budget, double checking the health insurance policy and cleaning out the basement. This list likely gets brushed...
We can all learn from Prince’s estate planning mistakes
Recently, the world was shocked to learn of the unexpected death of the musical legend Prince. Best known for his provocative lyrics and flashy on-stage performances, Prince was also intensely private and fought fiercely to maintain ownership of and control over his...
How to help loved ones who are victims of power of attorney abuse
Most people in New York and across the country offer assistance to their loved ones as they age. From offering help doing daily chores to finding affordable health care options, there are a countless number of ways in which we can offer our loved ones help during a...
Can you disclaim an inheritance? – Part II
In our last post, we began a discussion about the possibility of disclaiming an inheritance. Popular culture generally treats the concept of inheritance as a welcome one. When loved ones pass away and leave their friends and family gifts of money, property or other...
Avoiding a very common estate planning misstep
Frequent visitors to our blog are likely aware of how important estate planning can be. Not only can this process help you to ensure that your wishes regarding property are known in the event of your death, this process can also help to ensure that your medical wishes...
