Creating a detailed estate plan that addresses different contingencies is the best way to ensure your plan is effective when the time comes. A crucial aspect of this process involves naming beneficiaries, typically including both a primary and a contingent beneficiary for each asset. Contingent beneficiaries receive assets only if they meet certain conditions or when the primary beneficiary...
Continue ReadingUsually, to receive benefits after someone dies, the recipient has to survive the deceased person (decedent). But multiple people can die at the same time or, at least, near in time. When a decedent and beneficiary die close in time, a common disaster clause determines the order in which other beneficiaries should receive estate property or insurance proceeds. Law...
Continue ReadingWelcome to the Law Office of Andrew M. Lamkin, P.C., where we specialize in helping Long Island residents navigate the intricate world of estate planning. You’re in the right place if you’re curious about how New York estate law impacts your estate planning decisions. In this comprehensive guide, we’ll delve into the importance of estate planning, key concepts of...
Continue ReadingPlanning for the end of your life can be intimidating even before you factor in trusts and estates law. Before you dive into discussions about Totten trusts or spendthrift clauses, you need to know the basics. What is trusts and estates law? Wills and trusts are at the core of estate planning, where you make provisions for your care...
Continue ReadingEveryone knows they should plan for what happens to their property when they die. Yet, only some know how or even the options, resulting in many people failing to create comprehensive estate plans. Mastering effective and efficient estate planning is a skill that takes years to develop, but this guide, which you can use as an estate planning checklist,...
Continue ReadingA life estate deed in New York is an estate planning tool that allows the current owner, the grantor, to designate a beneficiary, known as a grantee, who will inherit the property when the grantor dies. Upon the grantor’s death, the property transfers to the grantee named in the life estate deed and doesn’t have to go through probate....
Continue ReadingWhen a loved one dies intestate (without a will), the procedures surrounding the distribution of their estate can be opaque and confusing. In New York, intestate succession laws govern how the estate must be distributed, and the Surrogate Court’s procedural laws dictate who may serve as administrator of a decedent’s estate. These laws are relatively rigid and can leave...
Continue ReadingLife Estate vs Trust A life estate lets someone use property for life, with ownership passing to a beneficiary after death. A trust, managed by a trustee, controls assets for beneficiaries and offers more flexibility, tax benefits, and avoids probate. Preserving our assets for future generations can be a difficult task. There is a large array of estate planning...
Continue ReadingEstate planning is critical for everyone, whether you’re married, single, straight, or LGBTQ. Marriage equality became the law of the land in 2015, with the U.S. Supreme Court decision in Obergefell v. Hodges. However, because of historical and ongoing discrimination, those in the LGBTQ community who are aging often rely on partners or caregivers with whom they have no...
Continue ReadingWhile many people know the value of estate planning, only one in three Americans has a will. For most people, the number one reason for not having an estate plan is that they simply haven’t gotten around to it yet. Neglecting to plan for the future can have unexpected and undesirable consequences for your family. An estate plan can...
Continue ReadingEstate planning encompasses a wide range of things you can do to prepare for retirement, disability, or death. With a comprehensive estate plan, you can grow older knowing that your family will be cared for after your death. Memorializing your plan means your family can receive what you wish them to inherit without fighting through probate. You can know...
Continue ReadingEstate planning is the process of determining how you will provide for your loved ones after your death. When you sit down with your estate planning lawyer, they will ask about your assets and thoughts on how you want to distribute them. They will also help you plan for when you are incapacitated and unable to explain your wishes....
Continue ReadingCreating an estate plan often involves a certain amount of looking into the future. Estate planners often wish they could give their clients a crystal ball to help them predict their family’s future emotional and financial situations when they pass away. After all, your lawyer could help you create a will or trust today, and you could live for...
Continue ReadingNo one likes to think about their eventual death, but planning ahead can smooth the way for your family. Most people seek to limit the burden and expense imposed on their loved ones after they die. While a will and trust often provide the best way to achieve this goal, you can pass some assets more easily with transfer...
Continue ReadingLong-term healthcare can be a costly necessity that takes you by surprise. In fact, 60% of people will require help with basic living needs at some point during their life. Whether it’s the result of a severe accident, sudden illness, or the effects of aging, long-term care is something to anticipate when estate planning. In this blog, we discuss...
Continue ReadingEstate planning involves finding unique ways to protect your assets and provide for your loved ones. One way to do that is by using a trust. In this blog, we define what a trust is, explain the different types available, and discuss how you may benefit from including a trust in your estate plan. What Is a Trust? A...
Continue ReadingIf someone you love or know recently passed away, you may have questions about handling their estate. The process of settling a deceased person’s affairs is called estate administration, and each state has its own set of rules and procedures. In this blog, we help you gain a better understanding of what it means to administer an estate. At...
Continue ReadingEstate planning is all about anticipating the unexpected. Life insurance is all about protecting those you love when the unexpected occurs. Including a life insurance policy in your estate plan can provide financial support for your family and reduce tax burdens. If you need help with a life insurance plan or with estate planning, don’t hesitate to contact the...
Continue ReadingOf all the awkward conversations to have with your parents, discussing their death might top them all. However, talking about estate planning with parents and retirees is important and necessary. In this blog, we discuss the importance of an estate plan and share tips on having this important conversation with your mom and dad. If you need someone to...
Continue ReadingYou spend your whole life building wealth and gaining financial stability so you can breathe easier as you near retirement. Without protecting your assets, you might be left holding your breath instead. Asset protection planning uses financial and legal strategies to safeguard your assets from creditors, lawsuits, seizure, and taxation. When you create a solid asset protection plan, you...
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