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Posts tagged "estate planning"

Probate disputes and the holidays

Probate disputes can take shape for all sorts of reasons. In some instances, a dispute may arise because of misunderstandings about a loved one's estate plan. Beneficiaries may believe that the executor did not carry out fiduciary duties properly or an executor might believe they have been wrongfully accused of breaching their duties. Regardless, these disputes can be quite difficult for families to manage and this is often especially true during the holidays. If you plan on attending a holiday celebration in the near future, or are worried about the impact this dispute may have on your family, it is smart to do what you can to minimize tensions.

Why you need long-term care instructions in your estate plans

You may think that the sole purpose of estate plans is for you to instruct your loved ones in New York about how you want your estate to be divided upon your passing. But did you know you can also use them to outline your long-term care plans? The longer you live, the greater the possibility that you will require long-term care. It is estimated that at least “78 percent of seniors who are 65 years old and above will need long-term care services at some point in their lives,” states Life Happens. 

Concerns when estate planning for blended families

Many residents in New York who are planning to get married may well have been married before. According to the Pew Research Center, in 2013 both spouses in one out of every five marrying couples were getting married for the second or subsequent time. In four out of every 10 marrying couples, one spouse had previously been married. These realities bring new concerns to the forefront when looking at making a good estate plan.

Unexpected problems and your estate plan

 Smart estate planning involves a number of strategies and it is essential for you to carefully go over the ins and outs of your plan. Unfortunately, there are a variety of problems that can arise, such as a motor vehicle accident, which may necessitate making certain changes to your estate plan. After a crash, you may be struggling with physical pain, injuries, and other hardships. However, an accident can also upend your financial circumstances and may require that you modify your estate plan.

Talking to your kids about inheritance

Estate planning can be highly emotional and may also generate uncertainty. For example, you could be unsure of which type of estate plan to go with or you could be worried about how your children will react to the way in which you decide to distribute your assets among beneficiaries. If you are struggling with these types of challenges, it may be helpful to sit down and carefully assess the situation. Moreover, you might find that talking to your children about the situation is beneficial and provides a clearer understanding. However, they may not agree with your decisions, but it is important to remain firm and do what you believe is best.

What is intestacy and how could it affect my estate?

If you do not have an estate plan in place, you could have a wide range of questions, whether you are unable to decide between setting up a trust or will or have uncertainty involving another facet of the estate process. Moreover, you may be unsure about certain key terms, such as intestacy, which could be very important to understand, depending on your circumstances. It is essential to know how much of an impact estate plans (or the lack thereof) can affect families across all of New York and the importance of reviewing these issues carefully.

Possible alternatives to disinheriting a child

If you live in New York and have an estate plan in place, a time may come when you need to modify it or remove one of your beneficiaries. Circumstances can change over time, and at some point, you may second-guess your decision to leave some of your estate to a child because of drug use, irresponsibility or another reason entirely. At Joseph A. Ledwidge, P.C., we understand that your needs with regard to your will may change as the years pass, and we have helped many clients who wish to modify their estate plans to reflect these changing needs.

Naming minors as beneficiaries

When it comes to estate planning, many different types of considerations could arise. For example, if you have a children or grandchildren who are minors, you may want to ensure that they are taken care of after you pass away and there may be unique issues to go over when setting up your estate plan. At Joseph A. Ledwidge, we are of the importance of creating an estate plan that comprehensively covers all important matters, such as ensuring that minor children who are named beneficiaries have the resources they need.

How power of attorney differs from guardianship & conservatorship

There are several different titles that can make you a fiduciary, or someone who has decision-making power over a New York loved one, and they all indicate a legal or ethical relationship between you and the other person. Whether you need to pursue a power of attorney or a conservatorship or guardianship depends on your specific situation and the needs of your elder, so it is important to understand the key differences between them. Joseph A. Ledwidge, P.C., has considerable knowledge of fiduciary duties and how they differ from another, and he has helped numerous clients navigate the complexities related to them.

Talking to beneficiaries about your estate plan

When it comes to estate planning, there are many different types of challenges that people encounter. Some have difficulty deciding whether to set up a trust or will, while others may be struggling with disagreements over how their loved one’s property is divided or allegations of breaching fiduciary duties. However, you may be unsure of how to talk to your loved ones about your estate plan. At Joseph A. Ledwidge, we are aware of the different reasons why this may be tricky.