When events or unexpected developments occur, you may rethink the trust you have created or even wish to revoke it. Although it may be possible to revoke a trust in certain instances, it is important to consider the consequences and ensure you take the proper steps to...
Digital assets and estate planning
In today's society, most people have a significant digital footprint. From social media to payment accounts, cryptocurrency, and music libraries, there is a wide range of assets you access and enjoy each day that is not part of your traditional estate planning...
The legal implications of gifting in estate planning
One of the goals of estate planning is to reduce tax implications for your beneficiaries after your death. If your assets are over the estate tax exclusion, it is important to be aware of your options and common mistakes that people make when estate planning....
What happens to an HSA as part of an estate?
High Deductible Health Plans (HDHPs) are a popular choice with Americans who buy insurance. When combined with the tax benefits of a Health Savings Account (HSA), you can feel less anxious about the possibility of a healthcare emergency. When creating your estate...
Top estate planning question: How do I handle real estate?
Real estate can serve as more than just a family property. It can serve as a valuable legal tool to diversify our investments, including vacation properties, rental homes, and commercial units. Because of the high value involved, it is wise to take care when planning...
What happens when someone dies intestate in New York?
When a person dies without leaving a valid will in New York state, the assets of the deceased are divided up according to the laws of intestacy. If a person dies intestate and has a spouse and no children, the spouse inherits everything. If a person dies intestate and...
Updating an estate plan can help to protect a family’s children
The estate planning documents that someone drafts remain valid, in most cases, until they replace or update them. However, existing estate planning documents do require occasional reviews and updates. Families with minor children often have multiple, overlapping...
How to prepare your estate for a surviving spouse
Even if you think your estate plan is complete, there may be other things you should attend to if your spouse outlives you. Most marriages have complexities to consider, such as individual property ownership, joint or separate bank accounts, and children and...
Creating a pooled income trust for Medicaid
Setting up a pooled income trust is an option for those in need of home care Medicaid in New York to ensure they can preserve excess income and maintain access to Medicaid. People in need of Medicaid who have over the threshold income limit can deposit excess monthly...
Considerations for estate taxes
When estate planning, knowing how your gifts could affect your inheritors' taxes may affect your decisions. This article will examine some common tax considerations that may affect how you structure your estate planning. Thresholds for a required federal estate tax...