estate planning and probate Archives

The importance of updating your estate plan

We have covered many different facets of estate planning on this blog, but there are a number of other considerations to keep in mind with respect to your estate. For example, there are times when it may become necessary to review and modify your estate plan, whether a child was born, you have found yourself in a new marriage, you have relocated to another state, or a number of other circumstances have necessitated the revision of your estate plan. Moreover, there are a number of reasons why it is so crucial to make these revisions.

Estate planning and blended families

There are many different topics to examine with respect to estate plans, from creating a trust or will for the first time to revising an estate plan following a divorce. Moreover, some people may find themselves in a unique position which requires an individualized approach, such as those who are part of a blended family. In recent years, many people have ended their marriage and remarried, which can have a significant impact on an estate plan. If you are in this position, carefully examining your choices is critical.

Handling fiduciary duties as the executor of an estate

For those who have been named the executor of an estate, various responsibilities may be on their plate. Sometimes, people are unsure of what they are required to do, while others have anxiety about a particular aspect of the process, such as distributing assets among beneficiaries. In some cases, an executor is accused of breaching his or her fiduciary duties, which is not to be taken lightly. There are different reasons these cases arise, including some which may not even be valid. As an executor, it is important for you to know your responsibilities and carefully address any issues that arise with beneficiaries or others interconnected with the estate.

Minimizing estate-related taxes

From beneficiaries to naming an executor, there are many different questions that arise during estate planning. However, you should not overlook the potential tax consequences of your estate. When creating an estate plan, you want to make sure that your assets are handled properly once you pass away. Unfortunately, estate taxes can create stress and confusion for family members and beneficiaries, or even have a significant impact on the assets they are able to receive. During estate planning, it may be very helpful to look into different ways that you might be able to reduce estate-related taxes.

Including cryptocurrency in your estate plan

Distributing the assets of an estate can bring up many issues for those creating or managing estate plans, executors, and beneficiaries alike. Sometimes, people are unsure of what they should include in their will and in the digital age, there are even more questions to ask. For example, with cryptocurrency, some people are not sure whether they should include this asset in their estate plan or how to distribute their funds among beneficiaries.

Handling probate as a surviving spouse

If your spouse recently passed away, your life may be different in many ways and you could be dealing with unimaginable emotional pain. Whether you have decided to move, are struggling with day-to-day aspects of your life, or feel depressed, this can be an incredibly hard time. Worse, you might be stressed out or unsure of how to handle legal matters related to your spouse's estate. Often, those who were married to a person when they passed away will have a great deal of involvement in probate proceedings, due to their intimate financial and emotional connection. In cities throughout New York, it is critical for surviving spouses in this position to handle probate matters correctly.

Naming beneficiaries and tough decisions

Estate planning can lead to all sorts of difficult decisions that must be made, from deciding which type of plan is best for you to going over tax-related matters. However, it can be particularly challenging to name beneficiaries and decide how your property will be distributed. We know that many people in New York City have struggled with this issue and that the choices made by decedents can have a major impact on an entire family, from relationships between siblings to the way in which a family business is run. Codispoti & Associates knows how hard it can be to determine the best course of action, which is why you should be mindful of your options and plan ahead carefully.

What is an estate tax closing letter?

Various questions could be on your mind if you are the executor of an estate, or if you are in the early stages of planning your own estate. For example, you could be wondering how to distribute assets appropriately or which beneficiaries to include in your estate plan. However, estate matters can be particularly difficult for some executors who may not have much experience with these issues and a number of questions may arise. For example, you may be wondering what an estate tax closing letter is or how to obtain this document. Across New York City, people with these types of concerns should not hesitate to reach out for answers.

Estate issues and social media

In the information age, life has become more complicated in various ways, including the distribution of assets after someone passes away. With social media, people are able to find support and access an abundance of information, but this technology can also lead to problems. For example, someone may threaten a family member online because they are unhappy about how property was split up. Or, someone may reveal information related to an estate that could be used against them. Our law firm knows how important it can be to watch what you decide to share on social networking sites and other online platforms.

Does New York recognize holographic wills?

People have many different questions with regard to estate planning and it is paramount to find answers if you are uncertain about any aspect of the process. Whether you are not sure what to include in your trust or do not know if a certain type of will is even valid in New York, such as a holographic will, finding answers is essential. Unfortunately, some people push off estate planning issues, whether they are under high levels of stress or simply do not want to deal with it, which can have consequences later on.

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  • National Italian American Bar Association Representing The Italian American Legal Community
  • Columbian Lawyers Association of Brooklyn
  • Columbian Lawyers Association of Rockland County
  • The Copyright Society of the USA
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