When does a health care proxy become effective?
One of the best ways to prepare for the unexpected is to have a trusted friend or family member act as a health care proxy. It is not mandatory by law to name a health care proxy, but doing so might be helpful in case of a serious accident or sickness. If and when the time […]
Can a power of attorney authorize medical decisions?
A power of attorney is a legal document that authorizes an agent to make decisions on your behalf. Despite what the document’s name suggests, the agent does not always have to be a lawyer. It might be a relative, friend, or someone you trust who has your best interests in mind. A power of attorney […]
What does a supplemental needs trust do?
In estate planning, it is typical for individuals to consider multiple tools to ensure they are preparing the appropriate documents for their needs. If one of the grantor’s beneficiaries has a disability, one of the estate planning tools they consider is a supplemental needs trust (SNT). Understanding the trust The supplemental needs trust is an estate planning […]
Should your teen have a living will before attending college?
As a parent, you are proud to have raised a smart and well-rounded son or daughter. Now that your child’s high school graduation is on the horizon, you are probably busy finding the right college or university. Your teen probably has some work to do prior to moving into the dorms, though. Before your teen […]
What is a living trust?
The vast majority of Americans understand the concept of wills and know why they are important. However, particularly if you have many assets, wills are not the only tools available to you. Many Americans choose to place some of their assets in living trusts. Living trusts provide benefits that wills do not, and depending on […]
Choosing the right trustee for your estate
Estate planning is difficult but necessary. To make sure your estate gets the treatment it deserves after your passing, you should record in detail your final wishes and appoint a trustee to carry out your last will. Your trustee should be healthy The person you appoint to handle affairs on your behalf after your death should be […]
Can an estate executor manipulate the estate owner?
Estate plans cover a lot of ground. After all, one estate plan needs to cover every single one of a person’s assets, what they want to do with said assets, who their beneficiaries are, how they want their body handled, and much, much more. Unfortunately, while most estate owners will leave these matters to a […]
What are some signs of a good executor?
Writing your will and thinking about probate can leave you wondering who you should choose for an executor. This person is responsible for helping fulfill your wishes after death as well as paying off important debts. While you may know many people and feel close to them, the traits that would work best for this […]
Do you need to update a will?
After creating an estate plan, you may think that you do not need to look at these documents again. However, you should review your estate plan regularly to make sure it still reflects your current circumstances. You may need to reexamine an estate plan for practical reasons. U.S. News and World Report says that New […]
What do you know about choosing an estate executor?
You have a lot of documents to draft and complete while tending to your estate, but you have a lot of other decisions to make, too. Do you know whom you want to serve as your executor? CNBC explains the role of executor and qualities to look for. Get insight into making the right choice for the […]
At what age may I start creating an estate plan?
An estate plan is a tool that you may create and update at any age. If you have young children or an elderly parent, you may begin thinking about who would care for them in the event of your unexpected death. With the right legal documents in place, you may designate a relative or an […]
Planning for the potential of estate taxes
Past posts on this blog touched upon the fact that New York residents fact the potential of both state and federal estate taxes. Knowing this might dishearten those engaged in the estate planning process, with them assuming that there is nothing they can do to avoid this liability against their estates. However, that may not […]
How should you prepare an estate plan for a special needs child?
Every family has unique estate planning needs and yours is no different. If you are the parent of a special needs child, you have to consider his or her needs when drawing your estate plan. According to Fidelity, special needs children may remain dependent on others for their entire life. You will not be there […]
Is it time to update your estate plan?
Your estate plan is a constantly evolving piece of legal work. You do not just create an estate plan and allow it to sit there, as-is. You want it to reflect your most current life circumstances at any given point in time. To this end, it is important to understand when you need to update […]
The New York health care proxy: What is it, and do you need one?
When you begin your estate planning tasks, you will likely hear or see terminology that is not 100% clear to you. For example, do you know what the term health care proxy means? Most Mount Morris, New York, residents do not have a firm grasp of this term and how such a document can benefit their estate […]
What should you know about incentive trusts?
You may have heard of incentive or conditional trusts. They are typically established by people as part of their estate plan to motivate beneficiaries (often adult children) to do things like finish college, maintain a job, participate in charitable organizations or remain sober. The beneficiaries will receive proceeds from the trust only if they meet […]
Do you need to plan for estate taxes as a New York resident?
There are so many considerations you have to keep in mind when planning your estate. You need to think about all of the assets you have and the needs of the people you love. You may also have to think about whether creditors or government insurance programs can make a claim against your estate. For […]
If you have an estate plan, you’re in the minority
Estate planning is a necessity for almost everyone in the United States. If you have any assets whatsoever, you need a legal plan to pass them on to your designated beneficiaries. That’s true regardless of your net worth, even if the value appears to be negligible. Estates with higher value may become more complicated, but […]
How to set up a trust without ruining your kids
If you are like most parents, you want your money to go to your children after you die. It is your way of continuing to be there for them financially when you can’t be there physically. Setting up a trust may seem the logical thing to do, but do it wrong, and you could do more harm […]
Do you have a medical power of attorney?
Imagine that you came down with a serious illness and could not tell your doctors what type of treatment you wanted to try. Or, imagine that the same thing was true after a serious injury, perhaps in a car accident. Regardless of what happened, you can’t communicate. Now what should the doctors do? While they […]
Why should I update my will?
While it is crucial that you have a will in place, it is equally important that you update will documents as necessary. There are many different circumstances that can directly impact your will, from bringing a new child home to getting a divorce. If you neglect to alter your will after a significant life event, the document […]
Understanding intestate succession
Many in Mount Morris have avoided estate planning; you may be among them. The typical assumption is that many avoid estate planning because it forces them to confront the reality of their own mortality. Yet of you are like many of those that we here at Sciarrino & Sciarrino P.C. have worked with in the […]
What is a living will?
More and more people are deciding to create living wills every day here in New York. However, before you can decide if you would like to follow suit, it is important to understand exactly what a living will can and cannot do. Many people confuse a living will with a regular will. However, a living […]
Creating an estate plan for a blended family
New York residents who have been married and then divorced or widowed and who are planning to get married again should put reviewing their estate plan near the top of their list of things to do as they approach their new marriage. Thinking about one’s estate plans is not generally considered to be a hot […]
How do you care for your kids while drafting a will?
When parents in New York set down to create an estate plan, one of the most important things they consider is what will happen to their children if they pass away unexpectedly. Who will care for them, will they have enough money and who will walk them through the steps of grieving after losing their […]
How can I create a solid estate plan?
If you are currently creating an estate plan in New York, you want to ensure the document is valid. Mistakes in your plan can lead to the wrong people receiving your assets, which can be devastating for your family. The Street explains a few of the more common estate planning mistakes and how you can avoid them. […]
How can I avoid common estate planning mistakes?
An estate plan ensures your family will be taken care of after you’re gone. It also offers peace of mind, as you can rest assured that your assets will be in good hands. That’s why it’s crucial that your estate plan, whether it consists of a will, trust, or both, is valid and free of […]