Want to leave assets of any kind to loved ones? You'll need to plan. In the intricate realm of New York estate planning, safeguarding your legacy requires strategic decisions and careful considerations. Several options, including a will, are used to pass wealth to...
Updating your will is not just a one-time event. It's an ongoing process that ensures your estate plan remains relevant and effective. In this article, we'll delve into the times when you should update your last will and the reasons that can make it necessary....
Planning and preparing for the unexpected is a crucial aspect often overlooked. A revocable trust is a critical component of a comprehensive estate plan, and its significance extends beyond just asset distribution on death. While a will is an essential estate...
The Social Security Administration indicates that, on average, beneficiaries will see an increase of more than $50 per month starting in January. The increase could be a welcome boost for those on a fixed income, though it is a smaller adjustment than last year’s...
Divorce brings about numerous financial considerations, and one question that often arises is whether you can tap into your former spouse's Social Security benefits. In this blog, we'll explore the ins and outs of claiming Social Security from a former marriage,...
Personal property can be an essential part of many people’s lives. Certain items hold a significant place in your heart, Whether it has monetary value or something you have collected for many years. Figuring out what to do with these items when you are no longer...
Losing a life insurance beneficiary can be a difficult situation to navigate. This blog will explore what happens when your beneficiary passes away before you and how it can affect your life insurance policy. Losing a loved one is never easy, and it can be even more...
If you haven’t dealt with losing a loved one, the days and weeks after a death can be overwhelming. Pain and grief are paired with important tasks that must be done, or unnecessary stress will result, explains a recent article, “11 Financial Steps to Follow After the...
Individual Retirement Accounts (IRAs) are powerful financial tools that can help you save for retirement while enjoying tax advantages. However, navigating the complex rules and regulations governing IRAs can be challenging. IRA mistakes are made frequently, and...
Our tax system is designed to tax the aggregate of property transferred during an individual's lifetime, commonly referred to as gifts, and the property transferred upon death. The total value of taxable gifts and assets transferred at the time of death must surpass a...
Dr. Howard Tucker recently turned 101 last month. The neurologist, who was born in 1922 in Cleveland, Ohio, still works full-time and lives with his wife of 66 years. Insider’s recent article entitled, “A 101-year-old neurologist who still works full-time shares what...
When crafting an estate plan, naming primary beneficiaries is critical in ensuring your assets are distributed according to your wishes. However, what happens if your primary beneficiaries predecease you or cannot inherit for some reason? This is where contingent...
