As a business owner, your company will be among the things you consider when drafting an estate plan. Business succession can be a delicate subject. And one of the issues that complicate it is whether to leave the business to children or sell it. Here are some factors...
The lives of most American adults are increasingly intertwined with digital technology. As a result, the concept of a digital estate plan has become consequential in ways that few could predict even a few decades ago. A digital estate plan can help to ensure that...
When your parents pass away, they name you as the estate executor. This gives you certain obligations, like making an inventory of any assets that they own, informing heirs and beneficiaries of what they should receive, providing copies of the will and much more. What...
New York, unlike many states, has an estate tax. That means people with multimillion-dollar estates often need to take steps to help ensure that the assets they leave to their loved ones and others aren’t needlessly devalued by taxes – both federal and state. The 2023...
You may have always assumed that you’d ultimately leave everything you have to your adult children and let them divide it equally. However, as a parent, you probably already know that “equal” isn’t always fair. It can make a lot of sense to leave your children unequal...
You’ve likely heard once or twice that only people with a large estate benefit from making estate plans. This idea is only a myth. Estate planning has a lot of benefits besides distributing assets. For example, parents can make estate plans that name child guardians....
A will may have to face estate taxes, probate and disputes, which might make it more difficult for heirs to inherit the deceased person's property. A trust, by comparison, can avoid estate taxes and help insulate what you want to leave behind to your heirs from...
Asking someone to execute your estate is asking a lot of them, far more than many of the favors you may typically ask of friends or family. While your estate can compensate them for their time, it is a relatively small amount given the work involved. Hence, you may be...
If you have worked hard your entire life to build a successful business, it is only sensible that you come up with its succession plan. With a solid plan, you can have peace of mind knowing that your legacy will be in safe hands. Fortunately, estate planning offers a...
Most parents leave their assets to their children. Whether you intend to do that or not, it is what most people expect, so it is worth discussing things with them either way. Here are some of the advantages of such conversations: They can put in any special requests...
