December 25, 2019

There are certain individuals who cannot be named as beneficiaries in a trust. This can include creditors, minors, anyone lacking legal capacity, and even pets. Understanding these limitations is crucial when setting up a trust.

At our firm, we pride ourselves on our personalized approach to probate matters. We take the time to understand each client’s unique situation and provide tailored solutions that ensure a smooth and efficient probate process. With our expertise and attention to detail, we are dedicated to helping families navigate this challenging time with ease.

While Dave Ramsey is a firm believer in managing money wisely, he does recommend trusts for specific situations. Trusts can provide protection, control, and avoid probate, but it’s important to consult with a qualified financial advisor to determine if it’s right for you.

The 7-year rule in inheritance tax refers to the period of time after which gifts made by an individual are no longer subject to tax. Understanding this rule is essential for effective estate planning and minimizing tax liabilities for beneficiaries.

In the complex world of wills and inheritances, not everyone can be a beneficiary. Various reasons such as mental incapacity, criminal convictions, and undue influence can disqualify someone from receiving assets from a will. Understanding these restrictions is crucial in the estate planning process.

Gifting a large sum of money to a family can be a generous and life-changing gesture. However, it’s important to consider financial implications, tax laws, and family dynamics before making the decision. Here are some tips on how to navigate this thoughtful process.

Special Needs Planning is a crucial aspect of caring for loved ones with disabilities. From financial considerations to setting up legal protections, proper planning ensures a secure future for those who may need extra support.

Choosing an executor for your estate is a crucial decision. Consider someone trustworthy, organized, and capable of handling financial matters. Ensure they are willing to take on the responsibility before naming them in your will.

Trust is essential in any relationship, but what are the key elements that build trust? From reliability to empathy, communication to consistency, there are seven elements that form the foundation of trust. Discover how each element plays a crucial role in fostering trust in our latest article.

Avoiding probate involves careful estate planning. By setting up a living trust, designating beneficiaries on accounts, and owning property jointly, you can ensure a smooth transfer of assets to your heirs without the need for probate court.

In the state of New York, many individuals wonder if trust is a better option than a will for their estate planning needs. Both have their advantages and drawbacks, but ultimately the decision comes down to individual circumstances and preferences.

Before probate, consider getting rid of items that may cause disputes among beneficiaries. This includes personal items with sentimental value or large, complex assets that may be difficult to divide. Simplify the process for your loved ones by decluttering now.

A trust can be a powerful tool in estate planning to bypass probate, ensuring a smooth transfer of assets to beneficiaries without court involvement. By placing assets in a trust, they are not considered part of the probate estate.