Many New York residents have life insurance policies in which family members have been designated as the beneficiaries. They should be aware that in some cases, it may be smart to instead establish a trust with the intended recipient named as the beneficiary to it, then naming the trust as the beneficiary of the life insurance policy.
Individuals in New York who are estate planning should keep in mind that there are still a number of potential errors they must avoid. One of these is failing to update the estate plan regularly in response to a change in tax law or to life changes like births, deaths or changes in marital status.
People who are planning how to handle their estates and assets may find that setting up a trust may provide several important advantages to them, depending on the complexity of their estates and the goals that they have. Trusts may present an important tool that people can use in order to accomplish several different things.
New York residents who are looking to update an estate plan may be interested in how one deceased Hollywood star handled it. Through the use of one type of trust, the actor was able to sidestep the very public probate process.
For those who have been married more than once, it may be difficult to determine who should get what from their estate. However, there are some good guidelines that can make it easier to estate plan for those who have multiple spouses and a blended family.
There may be confusion for New York residents who view a will and a revocable trust as being the same. While the purposes are similar, the decision to use one or another of these estate planning tools can affect the time and privacy involved in settling an estate after one's death. In both cases, an individual may determine how assets will be distributed. However, estate administration is very different for trusts and wills. Whereas a will goes through the probate process, an effort which can often take months to complete, a trust may allow the probate process to be avoided.
Here’s why having ready and consistent access to an experienced estate planning attorney is critically important for any person or family concerned with wealth-related considerations: Money matters are complex, whether they relate to taxes, shielding and passing along assets, spending-down rules and regulations linked to government programs, trust creation, guardianships and myriad other estate planning matters.
Any article written in the United States that focuses on pets can pretty safely get a central truism immediately out of the way, namely this: We are a nation of unabashed animal lovers, plain and simple. Estimates on what Americans spend annually on their pets for medical visits and treatments, food and toys -- even things like clothes and spas -- easily run into the billions of dollars.