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Attorneys
How Are Trusts And Will Different In Estate Planning
Estate planning uses many tools to create a strategy that is tax efficient and effective. Trusts and wills are both good ways to plan how
Attorneys
Do I need an Estate Plan?
A question that pops up inside every adult’s mind is, “Do I need an estate plan?” A study reported that more than 76% of adults in the US think that having a will is good but only 46% of adults have one. You can see a large number of people are still avoiding estate planning even though they know the benefits it brings. However, if you are confused about having an estate plan for yourself then we will try to explain why you need it. First of all, you need to forget the myth, “Estate planning is only for rich people” because it isn’t. We have seen a report which suggested that young people or the millennial’s are being attracted
Attorneys
Estate Planning: Difference between a Will and a Trust!
When we think of the protection and preservation of our family and belongings, we think of estate planning and while thinking about it, the two terms that are frequently used are a will and a trust. Irrespective of your wealth and age, you need to be assured that your estate is planned according to your wishes and thus estate planning is a must for you. You can use both a will and a trust which have different purposes to plan your estate. An estate plan can have both a will and one or more trusts included, however, either of them can be more important as compared to the other. Your circumstances decide the correct action plan as for some people
Attorneys
Why Estate Planning for Minors is Important?
When it comes to estate planning, many people avoid the idea of thinking that their assets are not adequate which needs to be protected. This thought is quite common among young couples who currently want to amass money and will plan their estate later. However, while doing so, they fail to establish the estate plan and hence fail to protect their children’s future. Hence, it becomes the duty of all the parents that whatever be their assets, plenty or not, they must plan their estate to secure their children’s future which apart from normal assets transfer includes the nomination of a guardian. The New York inheritance law forbids a minor child (Below 18) from directly inheriting and taking control over
Attorneys
Estate Planning for Children
Being parents has always been a tough job. Taking care of your children and making sure that they are safe, has always been the primary cause of concern for all the parents. The same is the case in estate planning as well. For those who have children, they need to make sure that their estate plan primarily includes the financial stability of their children, especially when they are minors. Thus, this article is here to help such parents who need to come up with the best estate plan for their children’s safe future. Some Tips for Estate Planning for Parents There are some very important points that you must consider while taking care of estate planning if you have offspring
