Blog Posts in 2012

  • Estate Planning Challenges to Consider When Remarrying

    || 27-Dec-2012

    New Jersey residents who are preparing for their second marriage may be excited about their upcoming nuptials. However, with a remarriage comes many financial concerns, including estate planning. For example, real estate is a concern. The spouses may live in a home that, for instance, the wife may want to give to her children once she dies. In that case, the house must be in the wife's name ...
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  • Long Island residents may be putting off estate planning decisions because of the many complexities involved. There are various types of trusts and wills. What is the difference between them? Here is some information that will hopefully make estate planning less confusing. Many people have heard of a "will" and a "living will." A will is a document that identifies a ...
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  • Importance of Including Digital Assets When Drafting a Will

    || 13-Dec-2012

    When Long Island residents begin the estate planning process, they probably think of what to do with physical and monetary assets, such as homes, cars, bank accounts, stocks, bonds and heirlooms. However, in this ever-changing age of technology, most people also need to think of digital assets when drafting a will. Digital assets can include accounts and anything a person does online that needs to ...
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  • Many New York residents may be confused about the estate planning process. What can make it even more complicated is determining what to do so that in the event that people's children divorces, the ex-spouse does not take all of their hard-earned money. Here are some things people should know estate planning in this situation. Depending on state law, the judge divides marital property during a ...
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  • Estate Planning for Non-Traditional New York Families

    || 28-Nov-2012

    Many New York residents may think that wills and trusts are only for traditional families. However, non-traditional families -- such as those including gays, lesbians, bisexuals and transgendered people -- often face special estate planning needs, as many states do not recognize same-sex marriages. Even in states that do recognize same-sex marriages, like New York, one partner may not be ...
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  • New York residents who are considering estate planning may want to look into creating advance directives. These documents allow people to choose a power of attorney or health care representative in the event of incapacitation or death, as well as provide instructions on handling various health care situations and decisions. This document can play an important role in comprehensive estate planning. ...
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  • New Yorkers, and other people throughout the country, may have thought about creating a will or trust, but very few follow through. Because it involves coming to terms with mortality, estate planning can be a difficult topic to broach. However, many people procrastinate, which makes the situation worse. Here are some common mistakes that should be avoided. When estate planning, it is important to ...
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  • Most New York residents hope to prevent legal disputes among family members when they die. However, even when a person's wishes are specified in a will or trust, they can still be disputed in court. This was the case for the family of the late singer Whitney Houston. Cissy Houston, Whitney's mother and co-executor to her estate (along with Pat Houston, Whitney's longtime manager and ...
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  • Homeowners in New York should be aware of issues that can occur when purchasing or refinancing a home. Issues in the title of the home can potentially lead to probate disputes. The name on the title or the way in which the title is held can cause complications when a person listed on the title dies or becomes unable to make decisions. There are two main scenarios in which this can occur. When a ...
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  • National Estate Planning Awareness Week Focuses on Assets

    || 24-Oct-2012

    Oct. 15-21 was National Estate Planning Awareness Week. Many New Yorkers have likely put off estate planning for some reason or another. Whether residents to create a new will or have one updated, now is a good time to think about estate planning. This includes one's assets and how they should be distributed among one's children and other relatives after one has passed away. Any parents ...
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  • Many New York residents dread thinking about it, but we will all die someday. While we are alive, we need to think about where we want our assets to go. Estate planning involves many aspects. It is not just about drafting a will. We need to make sure that our wills are properly executed and that our estates are thoroughly planned to avoid a will contest after we die. Many people fail to create a ...
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  • New Yorkers Need to Know Estate Planning Basics

    || 9-Oct-2012

    Many New Yorkers likely do not know who will inherit their property when they die. Even fewer people probably know what property may pass through a will. And these are just some of the most basic estate planning issues that New Yorkers may encounter. Although the process can be complicated, New Yorkers should plan for what will happen to their property and assets. For one, New Yorkers may be ...
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  • Actor Sherman Hemsley's Estate Mired in Probate Litigation

    || 5-Oct-2012

    Losing a loved one is often hard. It takes an emotional toll, which mulling over their estate only compounds. That is especially true if the recently deceased loved one did not have a will or drafted one under suspicious circumstances. Take, for example, Sherman Hemsley. New York residents likely remember Hemsley of "The Jeffersons" fame. Readers may not know, however, that Hemsley died ...
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  • Reviewing Trust Options May Benefit New York Residents

    || 26-Sep-2012

    Many readers in New York and elsewhere may have heard of trusts. While the term is familiar, however, many people do not fully understand their benefits, how to set one up or how to conduct trust administration after creating it. In part, the confusion likely stems from the variety of trust options available to individuals. The first thing someone considering a trust needs to consider is his or ...
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  • Selecting a Trustee an Important Trust-Formation Decision

    || 22-Sep-2012

    New Yorkers thinking about setting up a trust have a number of considerations to think through. Perhaps one of the most important estate planning decisions when setting up a trust is who to name as the trustee. A trustee has many duties. Among others, those duties include managing the trust's assets as well as making distributions to beneficiaries. To perform those duties, a trustee needs ...
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