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New York Probate
Estate Planning

New York Probate

If you want to successfully probate a will in New York, or probate an estate with no will, it makes sense to understand what probate

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Definition of PROBATE
Estate Planning

Definition of PROBATE

Meaning of Probate Probate is the legal process of proving and accepting in a court of law that a will is a valid public document

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Amy Winehouse’s Estate Plan
Estate Planning

Amy Winehouse’s Estate Plan

Estate arranging isn’t something that you should postpone until you are older. In any case, assuming you bet without a home arrangement when you are

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Millennials and Estate Planning
Estate Planning

Millennials and Estate Planning

Who is Millennian Millennials, also known as the Net Generation (generation Y), are the demographic cohort that directly follows Generation X. The History of America’s

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WHAT IS TOTTEN TRUST
Estate Planning

How to make good estate plans

Estate planning is a process of making many important choices about your future and your loved ones. It involves what happens to your assets when

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Irrevocable Trust Buffalo, NY
Estate Planning

Irrevocable Trust Buffalo, NY

A will, no doubt, is the most common estate planning document. If you talk about creating an estate plan in a gathering, the next thing

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estate and trust attorneys
Estate Planning

Estate and trust attorneys

Estate Planning Attorney For You The property and have faith attorneys are supposed to provide guidance. Protection and recommendation to individuals and families with the

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8 Reasons Home Sales Fall Through
Estate Planning

8 Reasons Home Sales Fall Through

Common Home Sale Mistakes  1 Unpracticed Real Estate Agent Purchaser and dealers tragically commit large numbers of similar errors while picking a Realtor. This can

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Lawyers for elderly abuse
Estate Planning

Lawyers for elderly abuse

Elder abuse takes a different form, and thus every case requires a different approach. However, elder law covers all more senior needs and issues ranging

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What is estate planning?
Estate Planning

What is estate planning?

An estate plan is a plan made to manage and distribute ones assets after death or incapacitation. This plan is usually done by an estate

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Probate NYC Lawyers
Estate Planning

Probate NYC Lawyers

What is Probate? Probate is a process in which a will is proved in a law court to see if they are valid and true

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Estate Plan Bundle
Estate Planning

Estate Plan Bundle

What Estate Planning Includes An estate plan can provide you the essentials needed to make sure your estate and all your assets are in good

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One easy way to get over the stress and hurdles of estate planning in New York is to consult an estate planning attorney. Estate planning is a way of protecting yourself, your interest, assets etc. and ensuring your family, loved ones get covered and also protect. Estate planning is presumably one of the most urgent item that should be on your to do list. Thankfully, there is no later or earlier time to start, all you have to do is start now, while you can still afford to do so. Certain wrong perception about estate plans being only needed and available for the extremely wealthy or large family should be discarded. No matter what financial or medical situation you are, you should prepare to start making your estate plans.

Consider the following cases and see if you fit into these categories; you own and manage one or more businesses, you have minor children or you don’t have any children, you have a disabled family member, or you have one or more health issues, you are married, divorced or in a second marriage etc. Any of these above mentioned cases requires you make, estate plans, and with an estate planning New York attorney, you would make better and faster plans on your estate.

Planning now for the future with an estate attorney would never be regretted. Preparing now for the future over your financial and medical affairs would save you and your loved ones a whole deal of stress and troubles. One wrong document or inclusion or signatory could mean or signal a whole different thing and may jeopardize your wellbeing or your estates at risk of loss and probate with the beneficiary or trustee not getting it.

It is also important to note that state laws rules over estate plan. They dictates what should be included in will, trust or power of an attorney, this state laws in New York, also regulates how the documents are filed and its implementation.

STEPS TO BUILDING A GOOD ESTATE PLANS

The very first step to building a good estate plan is to determine your net worth. Calculating your net worth can be easy as you add up rough estimates of the values of all your assets including bank and investments accounts, properties like jewelry, collectibles, cars etc. retirement plans, 401ks, IRAs, death benefits of life insurance, business interests and real estates. To get the overall new worth, this sum total should be deducted from all your liabilities such as credit card debt, personal loans and mortgage.

Once you have calculated your net worth, you will need to figure out if your estate will be liable for federal estate taxes with the help of an estate planning attorney New York.

After evaluating your net worth, the next step is to assess your financial and family need for an estate plan and work on the appropriate estate planning document.

THERE ARE SEVERAL ESTATE PLANNING DOCUMENTS

ESTATE PLANNING DOCUMENTS

LIVING TRUST

One of the major benefit of documenting a living trust on your estate plan is elimination of probate process when distributing assets. . Through trust, you can have anyone whom you solely desire manage and make financial decisions over your assets both while you are alive or dead as well as when you become mentally incapacitated. Living trust provides clarity and certainty on your assets. It is however important to note that, all assets intended for your beneficiary should be passed into the trust to avoid probate.

LAST WILL AND TESTAMENT

A will based estate plan holds a detailed list of instructions as to how your property should be shared after you die. If you have minor children, it contains provision for appointing a guardian for your children.

With an experienced estate planning New York Attorney, you can start planning your estate today.

TWO TYPES OF TRUST

Revocable and irrevocable living trust. Both have key importance, however, consult with an estate planning New York attorney to make plans for the suitable trust.

ADVANCE MEDICAL DIRECTIVES

This is also known as medical or health care power of attorney. It is a legal document that expresses a person’s health care preferences for events where you are unable to make such decisions. A living will or advance medical directive document may be filed in court to should it be someone needs to be your guardian or conservator.

DURABLE POWER OF ATTORNEY

Also known as a financial power of attorney grants a person of your choice power to make key financial decisions for you when you are unable to do so. The duties of the appointed person may include, handling financial and legal claims, retirement and insurance issues, property management etc.

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