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What To Know About the Challenges of Being an Executor
You should know that anyone can nominate you as executor of his or her Will, but there are many factors that determine whether acting as executor will be a smoothly paved road or a bumpy one.
Will you owe penalties and interest for failing to take RMD’s (required minimum distributions) as an IRA beneficiary?
Many believe estate taxes are unavoidable upon death, but this isn't usually the case. In 2024, New York State has an exemption of up to $6,940,000, while the federal government's exemption is $13,610,000. Estates valued below these thresholds are not subject to estate tax.
Navigating family dynamics can often prove a difficult course to chart. We all experience the problems in solving even everyday issues in a harmonious way, like which new restaurant to try or which television program to watch. When the stakes are higher, involving potentially life changing inheritance decisions, a family may be well served by consulting with a trained mediator to help assure smooth sailing throughout the estate planning process.
In today's diverse society, the definition of a “typical” family has evolved far beyond the traditional model of two spouses and their joint children. Blended families, long-term partnerships with children from previous relationships, and single-by-choice parents are now common.
In the realm of estate planning, artists face unique challenges. Their estates often comprise not only tangible artwork, but also a complex bundle of intellectual property rights. Understanding and effectively planning for the management of these assets is critical in ensuring that an artist's legacy is preserved and protected in accordance with their wishes.
In the realm of estate planning, a Durable Power of Attorney (DPOA) stands as a crucial document, empowering a designated individual – the agent – to manage your financial and legal affairs.
Q: What is an Irrevocable Life Insurance Trust, and do I need one if I own a life insurance policy?
Question: What are the ways a Power of Attorney can help me?
Question: Will I get taxed on the inheritance I receive from my father?
Q: My grandparents on my mom’s side are leaving me their house in their will after they both pass away, will I be able to sell it right away?
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Partner Britt Burner, Esq. explains how often to review your estate planning documents and the life changes that may prompt a review.
