Even though 64% of adults view estate planning as important, a 2024 survey conducted by Caring.com reveals that only 32% of Americans currently have a will, marking a 6% decline from the previous year. This is the first decrease in estate planning rates since 2020. Among those without a will, 40% believe they do not […]
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As of the end of 2022, approximately 18.6 million individual taxpayers owed the Internal Revenue Service (IRS) a total of $316 billion in overdue taxes. Yes, you can buy a house if you owe taxes, but getting a mortgage can be more difficult if you owe taxes to the Internal Revenue Service (IRS) or state […]
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Your last will and testament is one of your most important estate planning documents. Although only about 42% of U.S. adults have a will, this critical document enables you to provide instructions regarding how you want to pass on your accounts, property, and other assets and, if you have minor children or pets, how you […]
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Decanting is pouring liquid from one container to another. When decanting wine, the process is supposed to be done carefully to avoid disturbing any sediment or impurities that may have settled at the bottom of the container. Wine exposed to oxygen, over time, becomes vinegar. So, how does this apply to an irrevocable trust? Typically, […]
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Whether you are a relative, beneficiary, or executor of an estate, you may need to know how to claim deceased bank accounts without probate. Generally, the process to claim a deceased person’s bank account is straightforward if there are clearly defined payable-on-death beneficiaries or a joint account owner, but occasionally, there may be no beneficiaries […]
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A joint bank account is a common way to share funds with another person, such as a spouse, partner, or child. Upon the death of one account holder, if the joint account has rights of survivorship, the assets in the account pass to the surviving joint account owner. Besides joint tenants with rights of survivorship […]
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A last will and testament is an important part of your estate-planning documents. Using this document, you can express your wishes for how your possessions will be distributed, name an executor to manage your estate, and appoint guardians for minor children or pets. Accounts with beneficiaries should be left out of your will to avoid […]
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An irrevocable trust known as a Medicaid Asset Protection Trust (MAPT) safeguards assets like the family home during the application process for Medicaid long-term care benefits. To qualify for Medicaid, your assets must be under a certain level, and home equity often exceeds this threshold. Advance estate planning is critical because you can’t just transfer […]
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Imagine you just completed a full bathroom remodel for a new client in New York. Though you have a signed contract, and you complete the work to their satisfaction, they refuse to pay. You take them to court and win a verdict in your favor. The court enters a judgment. The judge instructs your client […]
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Key Takeaways The homestead exemption protects a portion of home equity from creditors. New York homestead exemption amounts vary by county and marital status. Homestead protection generally does not apply to mortgage or tax foreclosures. Surviving spouses may retain the right to live in the homestead property. New York offers property tax exemptions for qualifying […]
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