Mullen and Iannarone, P.C.
Serving the legal needs of corporations, individuals and
families of Suffolk County since 1972

July 2015 Archives

Key documents for estate planning

Many people in New York do not have formal estate plans, but almost every person needs one. When a person dies without an estate plan, state intestacy law will govern where their assets are dispersed, and a court will decide who will take care of their minor children. An estate plan can also instruct loved ones about how to care for a person in the event of temporary or permanent incapacity.

Estate planning is more than just tax avoidance

New York residents may not know that, according to the CNBC Millionaire Survey, 38 percent of Americans with assets of more than $1 million have not taken any steps to protect their estate. However, 68 percent of those with more than $5 million in assets have said that they have talked to an financial planner. In addition, Republicans were more likely than Democrats to talk to financial planners by a margin of 68 to 61 percent.