Blog Posts in 2014

  • When will I get my Inheritance

    || 17-Dec-2014

    It would be presumptuous to assume that funds would be available within a month or so. The probate / administrative process can take several months or longer, so it would not be wise to buy that new car or big ticket item that you've had your eye on. Unfortunately, the distribution of inheritance cash or checks is the last thing that the executor or administrator of the estate will do. So why ...
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  • Estate Planning for Single Parents.

    || 24-Oct-2014

    Single parents have a lot to handle--not only do they act as the sole provider of care and emotional support, but they may also be the only financial provider for their children. Here are some of the first things for single parents to consider when coming up with a prudent money plan. 1. Estate planning is your first priority. It's essential to make to make arrangements for your children if ...
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  • The Importance of Estate Planning for Divorcing Parents

    || 8-Oct-2014

    Perhaps no life event imposes a more significant - and urgent - need to update an estate plan than a divorce. A divorce generally causes a radical change in both personal finances and planning objectives; in nearly all cases, both the husband and wife involved in the divorce no longer want the ex-spouse to be a beneficiary of his or her estate plan. If children are involved, the need to protect ...
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  • A good chunk of the nearly 11 million new college grads that moved in with their parents to wait out the brunt of the Great Recession storm have long been itching to experience all the perks New York City living has to offer. As record unemployment numbers dwindle, Millennials (which includes individuals born between the early 1980s and the early 2000s) have reset their sights on the Big Apple to ...
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  • How to Protect Your Real Estate Assets

    || 25-Sep-2014

    If you own real estate, chances are you have purchased insurance to protect your assets against damage or loss. But have you taken the necessary steps to protect your assets against lawsuits or probate? If you own rental properties, there is likely a nagging fear in the back of your mind about being sued by one of your tenants. And if there isn't, there probably should be. It's a major ...
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  • Casey Kasem's Estate Planning Not in Anyone's Top 40

    || 4-Sep-2014

    Casey Kasem, the celebrity radio host who counted down America's Top 40 popular songs for years, died on June 15 at the age of 82 and left behind an estimated $80 million fortune. He also left a family feud of biblical proportions between his surviving spouse and his three children from a prior marriage. This is why estate planning attorneys do what we do -- to keep your family out of court ...
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  • One of the most eloquent responses to Robin Williams' death came from his best friend Billy Crystal, who posted on Twitter simply: "No words." When someone close to us dies -- especially in a sudden and tragic way -- the grief is so deep that we truly don't have any words to describe it. And while Robin Williams may have lost the battle to take care of himself, it appears that he ...
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  • An Irrevocable Trust vs. a Life Estate: Pro's and Con's

    || 12-Aug-2014

    Many people hear the words "Irrevocable Trust" and think that the irrevocable nature of the instrument requires inflexibility and rigidity, or that they will lose control over their assets. This is a common myth. An irrevocable trust may enable an individual to retain a significant degree of control over assets during life, while providing for protection from creditors and reducing tax ...
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  • New York Budget Bill Makes Changes to Estate Tax

    || 29-Apr-2014

    On March 31, 2014, the New York State Senate and Assembly successfully passed a $140 Billion budget that included the most significant estate tax changes for the State since the estate tax exemption was increased to $1,000,000 in 2002. The new law is effective as of April 1, 2014. Estate Tax The most notable change is the increase of the estate tax basic exclusion amount. The exclusion had been ...
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  • While most parents have the inclination to treat all their children equally when it comes to an inheritance, this is not always the wise choice. Here are some scenarios when an unequal distribution may be better: Children of unequal wealth - If you have one child that is a successful entrepreneur and another that is a social worker, you might want to leave more to the less financially advantaged ...
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  • 4 Steps to Take Control of Your Financial Life

    || 21-Mar-2014

    Will 2014 be the year you do the right thing for yourself and your family by creating a secure financial future? Here are four steps to help you begin to take control of your financial life now: Be willing to consider the worst. Many people neglect their financial affairs because they are uncomfortable thinking about the scary parts of life and especially the impermanence of it. But in order to ...
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