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Estate Planning Archives

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.

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.

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.

5 Common myths about estate planning

It can be confusing to think about wills, trusts, health care directives and powers of attorney, but it is important to consider estate planning sooner rather than later. Do it for your family instead of leaving the state a portion of your estate when you die. Here are five common misunderstandings about estate planning to help you see the value in having a plan for your assets.

Things to consider when choosing the executor of your estate

Many people in Brooklyn do not give much consideration to who they choose to act as their estate executors. They choose family members and friends because they do not believe they will ever need them to fulfill those roles, and they are not aware of what is involved. Executor designations are not decisions that should be made lightly. It is important for you to choose someone you know and believe will act in good faith on your behalf. Here are some things you should consider when choosing an executor for your estate.

Don't have any kids? You will want an estate plan

While an estate plan is important for parents, people without children might find an estate plan even more essential. If you do not have any kids then the result of your savings, house and wellbeing is up in the air without a written plan.

Two retirement planning tips for families with special needs children

Planning for retirement is an important step towards financial security. Finding the right plan for your family can be an intimidating feat, especially for families with a special needs child. In addition to planning for the future financial needs of two adults who are no longer receiving an income from an employer, these families also need to take into account the needs of another individual.

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Connors and Sullivan, Attorneys at Law, PLLC
7408 Fifth Avenue
Brooklyn, NY 11209

Phone: 718-414-6209
Fax: 718-238-2616
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Connors and Sullivan, Attorneys at Law, PLLC
880 Third Avenue
New York, NY 10022

Ph: 212-235-1339 
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Bayside Queens:
Connors and Sullivan, Attorneys at Law, PLLC
200-20 Northern Boulevard
Bayside, NY 11361

Ph: 718-225-7200      
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Middle Village Queens:
Connors and Sullivan, Attorneys at Law, PLLC
79-43 Metropolitan Avenue
Middle Village, NY 11379

Ph: 718-238-6500
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Staten Island:
Connors and Sullivan, Attorneys at Law, PLLC
1250 Hylan Boulevard
Staten Island, NY 10305

Ph: 347-289-7758  
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