Burner Prudenti Law, P.C. Went Red for American Heart Month
We teamed up with M & T Bank and Wilmington Trust in Westhampton Beach with the doctors of Northwell Health’s Katz Institute for an informative discussion about women's heart health in honor of American Heart Month.
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?
Q: Are there any taxes or fees due if I transfer my house to my son instead of selling it to him?
Creating a will provides a semblance of control over the unknown and reassures us that our loved ones will be taken care of. If you executed your Wills in the 1990s, they would generally still hold validity today.
Most people do not realize that a Will likely does not control who collects on a life insurance policy. The beneficiary named on the policy supersedes the Will. So long as the policy owner correctly designated a beneficiary on the policy, that designation controls.
In New York State, a parent has no obligation to leave an inheritance to a child. Many other countries have “forced heirship” which prohibits parents from disinheriting children, but Louisiana is the only US state with such a law.
There is a long running joke about lawyers never giving straight answers. We prefer to give clients definitive answers but when clients ask us whether to add a child as a joint account holder, we always say, “it depends.”
There is much discourse about estate planning for married couples, but what about seniors who are widowed or have never married? Single people often have more complicated estates – especially if they do not have close natural heir such as a spouse or child.
For the charitably inclined, there is always a question of how to be most efficiently leave money to charities in your estate plan. Charitable giving ranges from simple small monetary amounts to more complicated charitable trusts.
The limited liability corporation, or LLC, is designed to combine the flexibility and simplicity of a basic partnership with the protection of a corporation. “LLC” stands for “Limited Liability Company” and owes its name to the fact that the members (owners) of the LLC are not personally liable for the debts and liabilities of the business.