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When a loved one passes away in New York, their estate is often administered by an executor responsible for managing the deceased's assets, paying off their debts and distributing their property to the heirs. In some cases, however, the executor may act in a way that...
Inheritance refers to receiving property or assets from someone who has died. Understanding the basics of inheritance can help New York residents in the greater Buffalo area prepare for the future and ensure their assets are distributed according to their wishes....
Estate planning is an important aspect of financial planning in New York that involves organizing and managing your assets and property in the event of your death or incapacitation. Having an estate planning discussion with your family can help ensure that your wishes...
There are several types of trusts that you can set up in New York. Each trust serves a different purpose and has its own set of rules and regulations. Common types of trusts are revocable trusts and irrevocable trusts. Less commonly known trusts include charitable...
If you're in New York and have significant assets, you've probably already considered how you'll want to manage your estate after you die. But changes in federal tax laws can cause you to adjust your plans. Each year, the IRS can change certain tax exemptions and...
All New York residents should create an estate plan. However, things can get murky when a person has a medical condition like dementia. Estate planning should be done as soon as possible after a diagnosis while the individual still has some of their mental faculties....
Many New York families are blended as people commonly divorce and remarry. In that situation, it’s crucial to be smart with your estate plan. Keep these tips in mind to protect yourself and your loved ones. Set up a trust Having a last will and testament is often not...
One of your biggest life decisions will be when you select an agent under a power of attorney. Whomever you select, this person will have legal authority to make medical and legal choices for you if you are unable to do so due to health or other reasons. Most people...
In New York, and around the country, trusts are a key estate planning tool. Transferring assets into a trust is a way to reduce taxes and avoid the probate court system. Real estate and trusts Placing assets into a trust is a straightforward process, and it is key to...
Much of the estate planning discourse in New York revolves around married couples and their families. However, if you're single, estate planning is still important. There are unique considerations, however, that you need to take into account. Understand intestate laws...