You may leave money or assets to a non-profit organization by means of a charitable trust or will. People leave assets to all types of nonprofits like hospitals, animal shelters, religious organizations, etc.
We’re heading into the 2016 tax season. By the beginning or middle of February, you should have received all your tax statements, which might include:
If you haven’t received all your tax forms by mid-February, you should contact the relevant institutions as soon as possible to make sure they have the right address for you and that they did send the forms. It’s important to make sure you “have all your ducks in a row.”
Are you and your family prepared for the unexpected? In the event of a sudden illness or injury, advanced directives can save you and your family time, money, and emotional distress.
The three advanced directives everyone should consider are health care proxies, living wills, and powers of attorney, yet these precautions are often overlooked by married couples.
This year I have had the pleasure of working with a married couple who suffered an unforeseen and life-changing event: the wife suffered a debilitating stroke while undergoing a simple medical procedure, and she needed the type of care that is only available in nursing homes.
Henry Montag, CFP, CLTC, is a guest author for the Russo Law Group P.C. blog.
Do you want to establish a trust? There are many different reasons people do so:
While there are many factors for an individual or family to consider the benefits of establishing a trust, it is equally important that grantor’s/parents review the trusts they have chosen and make certain that the trustees are knowledgeable about their duties and are continuously still operating in the beneficiary’s best interest.
A lot of changes can occur over the course of one year, let alone the many years it may have been since you have last reviewed your Estate Plan.
Some factors that can effect your estate plan include:
What good is a plan if it does not comply with your wishes and current situation?
Most pet owners think of their pet as a member of the family.
You love your pet and want to make sure that he will be taken care of after you pass away. After reaching that decision, most people are still unsure of what arrangements need to be made.
What is a pet trust?
A pet trust is a legal agreement to provide for the care of one or more pets in the event that the pet owner dies or becomes unable to care for them. New York State gives statutory authority for the benefit of pets under Estates, Powers, and Trusts Law, Chapter 17-B.
Unless you have a crystal ball, it’s impossible to predict what the future holds. Should you become unable to make your own decisions, it is imperative to appoint someone to take care of your affairs and make healthcare decisions on your behalf. Additionally, in order to ensure that your assets are passed on to your loved ones without problems, high legal fees and time delays, it is important to start your planning today.
One of the most challenging topics to discuss when creating an estate plan is the topic of your remains. As attorneys, we meet people from all backgrounds, many of whom have varying wishes as to what should happen to their remains after they die.
Oftentimes, the default plan that people chose is to be buried through a funeral home. There is no law requiring the use of a funeral home, though many choose to do so because of the full range of services offered, which can make the entire burial process a little easier. If you would like to retain the services of a funeral home, then you should research funeral homes now and make arrangements for a prepaid funeral. Planning ahead will alleviate the stress your loved ones may feel about making arrangements for your burial and can help ensure that the funeral home of your choosing provides services you desire.
Using a Will or a Trust that you found by searching on Google is like using WebMD to diagnose a serious illness.
A rational person would not consult WebMD to learn how to treat a serious illness. You might use it as a source of reference, but if you are in pain or want to prevent health issues, you consult to a doctor.
The same is true when planning your estate. You may save a couple dollars by creating your own estate plan, but you are going to cost your loved ones ten times that with the expense of going to court, and by hiring an attorney to interpret and administer the errors in the DIY estate plan you created.
A question clients often ask is, “What happens to my assets when I die?”
The answer to that popular question depends on what you do while you are alive.
When you die, your assets are essentially bulked into two general categories: (1) Non-Probate Assets; and (2) Probate Assets.
In order to determine if something is a non-probate or probate asset, you must look at the way in which the asset is owned.