If you live in New York and are currently trying to determine the best way to preserve your wealth for your loved ones once you pass on, you may be considering establishing different forms of trusts as one method of doing so. While different types of trusts offer different benefits and drawbacks, you may be giving some thought to creating what is known as an irrevocable living trust, which many consider a solid, important estate planning strategy.
If you live in New York and are currently navigating your way through the estate planning process, you may be sorting through your options in an effort to determine the best way to preserve your wealth for future generations. Chances are, you may be exploring the idea of placing some of your assets into a trust, but you may not have much experience in the area or a comprehensive understanding of exactly what trusts can do.
If you live in New York and have worked hard to leave a legacy behind to your loved ones, you may have concerns about just how much tax the government will assess on your estate. Every dollar the government takes from your estate is one that cannot go directly to your loved ones, so learning how to minimize estate taxes is an important component of the estate planning process. At the law offices of Joseph A. Ledwidge, P.C., we understand the ins and outs of estate planning, and we have helped many clients who wished to preserve as much of their wealth as possible for their loved ones.
If you are a New York resident who has yet to make a last will and testament, you may wish to consider making one. Wills are not just for the wealthy. Regardless of your financial status, your will is the means by which you set forth your wishes as to who receives your property when you die.
If you, like many people across New York, are working on your estate plan, one of the many important decisions you may have to make involves who to name as your executor. The executor role involves a high level of trust and responsibility, so it is not a decision you should make without first devoting careful consideration to it. At the law offices of Joseph A. Ledwidge, P.C., we recognize the critical nature of naming the right person as executor, and we have helped many clients navigate this and related estate planning matters.
Will the money in your retirement account actually go to your children as you intend? Unfortunately, not all New York residents can be sure. While you may list your children as your heirs in your will, you may have actually named someone else as the beneficiary on your retirement account or pension. As an article on the CNBC website points out, some people do not always update their designated beneficiaries, causing many would-be heirs to wage court battles to retrieve assets from a dead relative only to receive nothing for their pains.
Part of wise estate planning includes considering the uncomfortable but necessary scenario of who should raise your children if you and your spouse suddenly and unexpectedly pass away. Choosing the proper New York guardians can be agonizing, but it is necessary to ensure your children enjoy a fruitful and proper upbringing. You can make the process simpler by narrowing down the decision making process into a few key areas.
The news that a loved one has just passed can be heartbreaking news, even if the passing was expected. While it is important to take some time to grieve, as a survivor and close family member, you also have a duty to make sure the estate is preserved so everything that the deceased had owned can be handled according to the New York decedent’s will. Agingcare.com points out that the first immediate step you should take is to secure all the tangible property that the deceased owned.
If you count yourself among the many people across New York who have recently become first-time parents, congratulations. Your may feel consumed with learning the ropes of your new lifestyle, and you may, too, suffer from sleep deprivation as you navigate the waters of parenthood. As a new parent, you face unique considerations with regard to estate planning, and many people choose to create or revisit their estate plans after giving birth to a child. At the law offices of Joseph A. Ledwidge, P.C., we understand the estate planning needs of new parents, and we have helped many clients facing similar circumstances make plans for the future.
New York residents should face the fact that they may not always have the ability to decide what will happen to their personal finances. One way for you to ensure that you will retain control over your assets, including how they are managed, is to assign someone to act as your agent, to grant them power of attorney. Your agent will manage your finances in the event you cannot do so.