When it comes to making important decisions on behalf of an elderly adult, guardianship and power of attorney are two options that are commonly discussed. Guardianship is a court-appointed role that grants an individual the legal right to make decisions on behalf of...
You may hate to think that your heir(s) will ever end their marriage, but the reality is that between 40 and 50% of all first marriages do end in divorce, with the rate of second-marriage divorces also rising even higher. Though you may not be able to predict the...
Being the executor of someone's estate is a big responsibility, and there are a number of things to consider before you agree to do so. As the executor, you are responsible for ensuring all debts are paid, distributing assets according to instructions in the will, and...
The current estate tax rate in New York ranges from 3.06% to 16%. According to these tax rates, estates over 6.11 million per individual in 2022 are subjected to taxation. In addition to these tax rates, the state has a tax cliff that mainly targets larger estates....
The vast majority of estate planning happens without incident, but what if you suspect that your loved one was incapable of making legal decisions about their estate due to age or illness? Read on to learn about what makes a will valid or invalid. What is a will? A...
Many families in New York have disabled family members. Taking care of a disabled family member is a lifelong endeavor for most. Providing for this family member extends beyond the life of the caregiver in many cases. The solution to providing for the long-term care...
The lengthy discussion on loan forgiveness for college graduates and students reached a crescendo with President’s Biden’s recent decision allowing millions to forego repaying certain amounts to the government. In estate planning circles, such news may make some...
Most of us realize we have to pay taxes when we’re alive. This includes income, capital gains, and property taxes. However, your estate might also have to pay taxes on a state and/or federal level. New York is one of the few states that imposes an estate tax, or...
When selecting a person that will carry out the wishes outlined in your power of attorney, it is important to choose wisely. There are no qualification guidelines to follow when choosing this agent. However, finding a trusted person is key when selecting someone to...
It is no secret that most companies in the United States are set up as limited liability companies for tax advantages and asset protection. Setting up a family-owned company as LLC is also a vital estate planning tool that helps distribute assets to family members....
