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Estate Planning Archives

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.

How to keep a New York business in the family

Succession planning should be a top priority for any entrepreneur who wishes to transfer a business to a family member at some point in the future. One way to do this is to ensure that the company has been sufficiently developed so that it can be operated by another person. This means researching economic trends and other issues that may influence how the company can be run in the future.

Is contaminated property part of your estate?

Many people choose to leave property to their loved ones or favorite charitable causes. But what starts as a kindly act can go terribly wrong if the land turns out to be contaminated. Unfortunately, estate plans involving environmentally contaminated property happen more than you might think. In many cases, the individual or couple gifting the property may not even aware the land is contaminated or is in violation of environmental regulations.

Oh baby! Prepare for parenthood with these four financial tips.

Prenatal classes, baby showers and birthing classes - oh my! Preparing for a baby is enough to leave your head spinning. Just when you think you have everything figured out and that hospital bag packed, you read the latest data on the cost of raising a child.

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Connors & Sullivan attorneys at law, pllc

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