Understanding the New Inherited IRA Rules
Inheriting an IRA can be a significant financial event, and recent changes to the IRS rules make it crucial for beneficiaries to understand their obligations. These new regulations could significantly impact your inheritance in New York or elsewhere. I’ll explain the fundamental changes and how they could affect your financial planning. The 10-Year Rule: A […]
Flexibility and Considerations for Changing Beneficiaries on Your Life Insurance
Life insurance is a powerful tool to ensure that your loved ones are taken care of financially after you’re gone. But as life evolves, so do our relationships and priorities. A common question we encounter is: “Can I change the beneficiaries on my life insurance whenever I want?” Our will and trust attorneys dive into […]
WARNING: Your Tattoo Won’t Hold Up in Court!: The Importance of a Proper Estate Plan
In recent years, there has been a growing trend of people tattooing their medical wishes on their bodies, including “Do Not Resuscitate” (DNR) directives. While it might seem like a creative and potentially effective way to express one’s wishes, relying on a tattoo as a legally binding document is risky and could lead to confusion […]
Leaving Your Estate to Non-Family Members: Everything You Need to Know
Estate planning often revolves around leaving assets to family members, but what if you want to leave your estate to someone who isn’t related to you? Many people have close friends, caretakers, or even charitable organizations that hold a special place in their hearts. In this blog post, we will explore the essential considerations and […]
What You Should Know When Leaving an Inheritance to a Child Struggling with Substance Abuse
I’ve seen firsthand how substance abuse can impact families, leaving parents heartbroken and unsure of how to protect their loved ones while preserving their legacy. In my experience, many parents want to leave an equal inheritance to all their children, but when one child is struggling with addiction, it can significantly complicate matters. In this […]
5 Things Every Young Family Should Consider For Their Estate Plan
I am married to my incredible wife and the father of two beautiful daughters. They are my world and I want to make sure they are protected should anything happen to me. I am certain that your family means the world to you as well. Here are five things every young family should consider for […]
How to Properly Choose Beneficiaries
An essential part of estate planning is designating beneficiaries for your life insurance policy, 401(k), and other financial accounts. A beneficiary is a person who receives someone’s assets upon their death. There is no “correct choice” when choosing the beneficiaries who will inherit from you. It’s a personal decision. What must be handled “properly” however […]