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Amoruso & Amoruso
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“Talking about money is hard. Talking to your parents about their financial situation can be even harder.” Despite any uncomfortable feelings, the sooner you start talking with your parents about their financial situation, and the more conversations you can have, the better, says Wisconsin Public Radio in the article “How... Continue reading
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“One of the most frequent questions asked in estate planning is whether a will is really necessary, particularly when someone has taken steps to avoid the probate process.” A will, also known as a last will and testament, is one of three documents that make up the foundation of an... Continue reading
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“Taking care of these key tasks properly limits the potential for family turmoil and possible legal battles should you become incapacitated, as well as after your death.” Estate planning is a critical part of financial planning, but it is something that many Americans prefer to procrastinate about. However, drafting a... Continue reading
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“Seventy-seven percent of respondents in a recent survey said estate and legacy strategies were important for everyone, not just wealthy individuals, yet only 24% said they had taken the basic step of designating beneficiaries for all of their accounts.” Think Advisor reported on a survey conducted by a financial services... Continue reading
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“Movie scenes where a deceased tycoon’s will is read to a roomful of shocked and bitter relatives make for great drama, but drama is the last thing anyone wants, when seeking to preserve an estate for future generations.” Using an irrevocable trust ensures a far smoother transition of assets than... Continue reading
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“A woman was clear about her wishes before she had a stroke — in the case of a serious medical event, she did not want a feeding tube. She had even expressed her wishes in an advance directive, years before her stroke.” There are two sad parts to this story.... Continue reading
Posted Oct 11, 2019 at New York Estate Planning & Elder Law
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“In the next few months, thousands of northerners — so-called “snowbirds” — will escape their snowy, cold climates to spend the winter in warm, sunny spots in the southern or western part of the United States.” The interstates get busy in September, when retirees take to the highways to leave... Continue reading
Posted Oct 10, 2019 at New York Estate Planning & Elder Law
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“When you create a living trust, you also sign a pour-over will. One of the main benefits of a trust is avoiding a court proceeding on death called probate, which is when wills are used.” If the goal of estate planning is to avoid probate, it seems counterintuitive that one... Continue reading
Posted Oct 9, 2019 at New York Estate Planning & Elder Law
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“We all have witnessed how children have a difficult time understanding why one sibling was treated differently. To overcome this, parents will make the well-intentioned mistake that fair and equal are the same.” What may work fine when you are raising children does not always work in estate planning, as... Continue reading
Posted Oct 8, 2019 at New York Estate Planning & Elder Law
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“Three handwritten documents, dated between 2010 and 2014, were found in Aretha Franklin’s Michigan home in recent months, including one in a spiral notebook found under her couch cushions.” The Queen of Soul’s lack of a properly executed estate plan, isn’t the first time a celebrity died without a will,... Continue reading
Posted Oct 7, 2019 at New York Estate Planning & Elder Law
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“I admit that this question stumped me. It was not so much because of what you are asking, but rather why you are asking it in the first place. I’ve tried to come up with a scenario why someone would want to change their will temporarily, but I have come... Continue reading
Posted Oct 4, 2019 at New York Estate Planning & Elder Law
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“Thanks to the Internet, everyone has the ability to draft wills, trusts and a variety of other legal documents. Many documents can be produced for less than $100, requiring only a few mouse clicks and filled-in blanks.” While the simplicity and low cost of online legal documents is appealing, the... Continue reading
Posted Oct 3, 2019 at New York Estate Planning & Elder Law
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“We are programmed to contribute the “max” to our retirement accounts and we disregard, or do not understand, the pitfalls of an improperly filled-out beneficiary forms.” Ignore beneficiary forms at your and your heirs’ own peril, especially when there are minor children involved, is the message from TAPintoChatham.com’s recent article... Continue reading
Posted Oct 2, 2019 at New York Estate Planning & Elder Law
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“As we approach our 70s, we feel like we have everything covered. We don’t have long-term care insurance, but with the income we have off the farm and with our savings, we feel pretty comfortable. Is0’ everything we have enough?” A family has set up their estate plan. Two sons... Continue reading
Posted Oct 1, 2019 at New York Estate Planning & Elder Law
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“You probably anticipate living on a fixed income in retirement. However, you may not expect how much your spending will fluctuate. Many individuals tend to shell out more money at the outset of retirement, due to lifestyle adjustments or travel.” Starting retirement with a bang can make a big dent... Continue reading
Posted Sep 30, 2019 at New York Estate Planning & Elder Law
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“Contemplation of retirement can be both exciting and intimidating. Obviously, planning for the beginning of retirement should start early.” While you may be thinking about retirement for a long time, with visions of tropical beaches or grand trips overseas, when the date starts to get closer, it’s time for some... Continue reading
Posted Sep 27, 2019 at New York Estate Planning & Elder Law
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“While it’s not something many people think about until faced with the issue, obtaining a credit report for a deceased person is important. You may need to make sure the credit report is accurate and take stock of any creditors you need to notify of the death or see if... Continue reading
Posted Sep 27, 2019 at New York Estate Planning & Elder Law
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“During retirement or before, you probably did all the financial planning along with the legal paperwork. Have you also thought about personal choices as you age and the options ahead?” If you don’t have a personal plan for yourself, you may wish you had given it some thought when and... Continue reading
Posted Sep 26, 2019 at New York Estate Planning & Elder Law
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“For couples over 50, living together has a lot of appeal and is on the rise. In fact, the number of unmarried couples who are 50+ shot up 75% between 2007 and 2016, according to the U.S. Census Bureau.” One reason for the popularity of living together without marriage is... Continue reading
Posted Sep 25, 2019 at New York Estate Planning & Elder Law
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“Talking about illness, death and taxes is not most people’s idea of a good time (except for us estate planners). That being said, there are times in life when it’s time to move updating your estate plan off the ‘to do’ list and on to the ‘done’ list. Here are... Continue reading
Posted Sep 25, 2019 at New York Estate Planning & Elder Law
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“Your will may be the most important document you’ll ever write. The problem is, after many of us draft one, we put it somewhere for safekeeping and don’t look at it again. That can be a big mistake.” Lives change, and laws change. People come and go in our lives,... Continue reading
Posted Sep 20, 2019 at New York Estate Planning & Elder Law
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“A No Contest clause is a paragraph that can be included in a Last Will and Testament or a Trust, which makes it clear that anyone who challenges the validity of the document or the way it distributes or manages the assets of the estate will receive less than what... Continue reading
Posted Sep 19, 2019 at New York Estate Planning & Elder Law
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“Although most people would not want a court proceeding on death, many people mistakenly think that a will avoids one.” A Will, also known as Last Will and Testament, is a legal document that is used in probate court if a person dies with assets that are in their name... Continue reading
Posted Sep 18, 2019 at New York Estate Planning & Elder Law
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“Most of us have heard the quote from Benjamin Franklin, ‘In this world, nothing is certain except death and taxes.’” No one actually enjoys paying taxes, and few of us really want to think about our own death, but both require advance planning and careful consideration, advises Ohio’s Country Journal... Continue reading
Posted Sep 17, 2019 at New York Estate Planning & Elder Law
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“Earlier this year, the IRS lowered the underpayment penalty threshold from 90% to 80% to help taxpayers who didn't have enough tax withheld from their paychecks in 2018 or didn't pay enough in estimated taxes last year.” With the lowering of the underpayment penalty threshold, taxpayers could avoid the penalty... Continue reading
Posted Sep 13, 2019 at New York Estate Planning & Elder Law