Many people in the New York City area rent their primary residence. However, for those who own their homes, these parcels of real estate are often among the largest single-item assets in their portfolios. This, combined with the fact that property values are high in the area, has the potential to cause a considerable amount of loss in the probate process.
As a New York resident who is currently going through a divorce from your significant other, you may find yourself focused on getting your affairs back in order and figuring out your living situation in the days that follow. While working through such matters is an undeniably important aspect of divorce, so, too, is making necessary changes to your estate plan. At the law office of Joseph Ledwidge, P.C., we recognize that your estate planning needs may change in the wake of a divorce. We have helped many people facing similar circumstances make changes to their estate plans that better reflect their new circumstances.
As a resident of New York who is watching your parents age, you may have firsthand knowledge of just how difficult it can be to do so. Watching your parents grow older can prove even more difficult when one of them starts suffering physical or mental hardships, as some conditions can make it increasingly tough for your parents to make sound decisions and otherwise care for themselves. At the law office of Joseph A. Ledwidge, P.C., we are familiar with the types of circumstances that may lead you to consider a guardianship or conservatorship over an aging parent or other loved one. We have helped many clients facing similar situations find long-term solutions that meet their needs.
Long-term care planning is not generally a topic that people in New York are itching to discuss with their loved ones. Often, the people who will need it the soonest, may not recognize how critical planning ahead actually is. They may also neglect to clearly define their expectations to those who they want to participate in their care. Likewise, the people listed in another person's long-term care plan may have an inaccurate understanding of their responsibilities or be unfamiliar with where to find critical documents that disclose vital information.
New York estate planning experts often recommend that you establish both a power of attorney and a living will. The two documents are similar to one another in that they both pertain to end-of-life issues and how your health care will proceed in the event that you become incapacitated and are unable to make such decisions for yourself.
Whether you are responsible for someone who is developmentally disabled, incapacitated or mentally unstable, or a child who has lost his or her parents, you may file for guardianship of that person. When you file for guardianship, you are asking the court to give you permission to make critical legal, medical, financial and personal decisions on behalf of someone who is unable to make those decisions for themselves. You must be approved by the court to be named a guardian of another person. You must also be a citizen of the United States, over 18 years of age and have a clean criminal record. Ultimately, it is up to the judge’s discretion as to whether you would be a good guardian for the person in question.
New York residents live in a minority state in at least one senese: the probate process levies an estate tax on inheritances. This is in addition to federal taxes of the same type.
Terminology is one of the largest challenges people in New York have when first considering trusts as a form of estate management. This article briefly considers a few key terms and phrases the law uses, hopefully with the effect of clarifying the language for non-lawyers.
What if, before the age of majority and full inheritance, one of your children had an opportunity to attend an elite school? What if one decided to study finance, while another pursued a less bankable profession? Our team here at the office of Joseph A. Ledwidge, P.C., strives to aid New York parents in developing long-term, sustainable estate distribution strategies that would be fair to all children, even in the face of these types of complex situations.
These days, New York estate planning usually includes a strategy on how to handle important online information. This is necessitated by various factors: most notably the rise of the internet as the world's primary communication channel. Third parties now hold most letters, images and memories on remote storage devices. Commonly, large international tech companies, such as social networks, computer manufacturers and advertising companies, are the entities providing these services.