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estate planning Archives

Granting someone power of attorney

A variety of questions may arise during the estate planning process, such as trying to decide between different types of trusts or being unsure of how to distribute assets among beneficiaries. In Jamaica, and other cities around New York, some people may be trying to decide if granting another person power of attorney is the right move. At Joseph A. Ledwidge, we have firsthand knowledge of the different issues that may arise when it comes to power of attorney.

What should I know about estate tax?

If you are preparing to set up your estate plan, there may be many different types of questions you have, such as determining how to divide your assets between beneficiaries. However, you should be aware of other topics that may impact your estate, such as estate tax. In Jamaica, and in other New York cities, you should try to prepare for any potential hurdles that may arise during the estate process, such as how estate tax is calculated.

Setting up a special needs trust

When it comes to estate planning, you may have a number of choices to consider. However, it is important to assess your individual situation and move forward with a plan that will work out best for your circumstance. For example, if you are disabled, or your loved one has a disability, you may want to look into a special needs trust. At Joseph A. Ledwidge, we know how confusing estate issues can be for people in Jamaica, and all across New York.

The consequences of not having an estate plan

From busy schedules to anxiety about death and simply failing to understand the importance of a will or trust, there are many reasons why people do not have estate plans. However, this could lead to a number of consequences later on. If you live in Jamaica, New York, or another U.S. city, it is essential to understand why estate plans are so crucial and you may want to create one as soon as possible. At Joseph A. Ledwidge, we also know how helpful estate plans can be for people who are younger.

Estate planning for each stage of life

Let’s face it. It’s not easy to think about estate planning when you’re young. There are so many other things to worry about (like how to pay for college, filing taxes, or even what to cook the family for dinner.) Despite the daily concerns that seem to run our lives, planning for the future can be very beneficial in ways that you may not realize until later in life.

Safeguarding your inheritance

For families, the loss of a loved one can be an incredibly challenging time. Sadly, disagreements, misunderstanding and even unlawful actions can make a loved one's passing even more upsetting. If you live in Jamaica, or another New York City, and are worried about losing inheritance that should belong to you, it is essential to understand your rights and immediately figure out the smartest course of action. At Joseph A. Ledwidge, P.C., we know how devastating and confusing estate-related matters such as inheritance can be for people who already have a great deal of emotional pain.

Young adults and estate planning

When it comes to estate planning, some people decide to avoid these matters at younger ages. In fact, some even think that estate issues should not be addressed until an older age. However, in Jamaica, New York, and all parts of the U.S., adults of all ages should understand the importance of estate planning.

Long-term care and estate planning

When it comes to estate planning, there are a multitude of matters that you may have to take into consideration. For example, you may look for ways to reduce the tax burdens associated with your estate and deciding how your assets will be split up after you pass away. However, there are other issues you may want to examine, such as long-term care. At Joseph A. Ledwidge, P.C., our firm understands how complicated these topics can be for residents of Jamaica, New York.

Do resident aliens have to pay estate taxes?

From naming an executor to distributing assets among beneficiaries, there may be a number of issues you are dealing with regarding estate planning. If you or one of your loved ones have a green card, you may be wondering how your residency status could affect certain estate-related matters, such as the estate tax. Whether you reside in Jamaica, New York, or anywhere in the U.S., it is important to consider any possible factors that could affect your estate.