What are Beneficiaries?
A Beneficiary may be a Person or an Organization Beneficiaries are individuals, trusts, or even organizations who are designated in estate planning documents to receive assets of the estate. Beneficiaries ...
Testator and Testamentary Capacity
Commonly Used Estate Planning Words There are many words used commonly in estate planning which are not used commonly in everyday language. Two of those terms are testator and testamentary ...
Rules for a Valid Will in New York
A Will Must be Witnessed In the state of New York holographic wills are generally not valid and will not be enforced except in limited emergency situations. A holographic will ...
When Should I Update my Will?
This is a common question most people are afraid to ask because they assume if they ask the answer will be “now”. A properly drafted last will and testament should ...
Leaving Unequal Distributions to Children in an Estate Plan
Difficult Estate Planning Decisions Maybe you have a son who has made horrible financial decisions in his adult life and you are worried about leaving him a large sum of ...
Irrevocable Life Insurance Trust (ILIT) Protects Assets
An ILIT is Protected from Creditors One of the great benefits of an ILIT is the protection it provides from creditors. When a person dies, commonly there are debts owed ...
What is an Irrevocable Life Insurance Trust (ILIT)?
ILIT’s There basically two types of ILITs. One is a single life insurance trust. This trust is designed to insure the life of one person. The other type is a ...
Don’t Name a Married Couple as Guardians of your Children
A Common Misconception Parents commonly assume naming a married couple to be guardians of their children is a good choice. You may have a sister and brother-in-law who are great ...
When Parents Cannot Agree on a Guardian
Choosing a Guardian is Not an Easy Decision Choosing a guardian for your children in case something happens to you and your spouse is an important decision which should be ...
New Jersey’s 529 College Savings Program
New Jersey’s Plan Each state offers its own 529 program for saving for college and most programs are available to residents of any state. So a resident of Colorado ...