Now that you are finally getting around to having your Will prepared or updated, or even considering adding a Revocable Trust to your planning documents, it is also important to plan for those assets that are subject to a document commonly referred to as a beneficiary designation form. Most commonly, my clients inquire: Doesn’t my Will take care of these assets as well? The answer is “no.” Although in some cases you may desire that those assets be directed to your estate so that they pass through your Will, or even a trust you have created, you must do something to make that happen. That something is done through your beneficiary designation forms. This is of the utmost importance because the assets that pass by beneficiary designation may very well comprise a large percentage of your total assets. Continue reading “Beneficiary Designation Forms: A Good Estate Plan Is Not Complete Without A Review Of These As Well”
Tag: Inheriting Property
Vacation Home Owners – The Tale of Two Estates
While over 19 million Americans call New York State home, countless other non-residents own second homes in the state. Similarly, over 19 million Americans call Florida home but many non-resident retirees and snowbirds own vacation homes in the state to enjoy the warmer climate in the winter months.
The Problem
Whether you own a second home in Florida or New York, you should be aware that owning a second home in another state will expose your estate and loved ones to additional costs and burdens when you pass away.
Continue reading “Vacation Home Owners – The Tale of Two Estates”
Keeping the family Cottage in the Family
We are frequently asked by our clients how to keep the family cottage in the family and structure the ownership and governance of the same to meet their goals. These questions are frequently asked by older owners who are at an age where their assets will begin to pass down to children, grandchildren or other relatives.