Best Estate Planning and Probate Attorneys in Queens, New YorkPosted by Skyseo Roundtable on March 28th, 2024 National Estate Planning Month is in October National Estate Planning Month falls in October. Do you believe this is exclusive to the wealthy? Rethink that! Estate planning is necessary if:
What is the Most Common Error in Estate Planning? AMC: Putting your house in your children's names is the number one error. By doing this, they will lose any senior real property tax exemptions, be hit with capital gains taxes, and expose the house to responsibility claims and even divorce from the kids. I write about a retired judge who titled his house in his daughter's name in the book. He had complete faith in her. She tragically passed away in a vehicle accident without leaving a will, and her husband ended up getting the house according to the state's default inheritance laws. It's common to hear about trusts. Could you explain the differences between a trust and a will? AMC: Kindness ought to be our common trait. But using it is not the aim because a will goes to.PROBATE: this is an open procedure that can be contested and has substantial delays as well as legal costs. In contrast, a private trust becomes effective right away and doesn't need legal assistance when it comes to probate. Do It Yourself Estate Planning? In such case, is it true or false? AMC: In the midst of nowhere. Can an individual draft their own will? Well, if you're on a game show, then sure. But in practical terms, I would advise against it. Despite being a creative genius, Aretha Franklin's DIY will was challenged in court years after her passing. However, you can complete certain paperwork by yourself. I'll let you know which ones! Like it? Share it!More by this author |