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Many people - including many estate planning lawyers - think of an estate plan as a set of documents: Once you have a will, a trust, a healthcare proxy, and a power of attorney, you’re all set, right? Well, not quite. Those documents provide legal authority for someone to implement your wishes, but legal authority alone does not make an actual plan. In addition to legal documents, every good plan includes instructions and important information for your loved ones. It should also ensure that nonprobate assets - or assets that don’t go through your will - are set up properly. Without these additional steps, your “estate plan” can leave your loved ones with more questions than answers.

We’ve all thought it – why don’t we have financial education courses in school? American children spend endless hours in the classroom, but when it comes to important financial decisions we walk away from the education system without much guidance when it comes to money. This puts the onus on parents to have those early conversations about finances.

Here are some strategies that may help you reduce or defer certain tax obligations for the 2022 tax year.
 

As we approach the holidays, we look forward to a little rest and relaxation (and possibly a lot of chaos!) with our families. If you’re traveling to see family, especially aging loved ones, it may be a good opportunity to discuss what their plan is for the future.

At The Village Law Firm, we understand the many different shapes a family can take. As a firm in New York City, we see and meet with people from all over the world. This experience with hundreds of immigrants and people with close family members in other countries allows us to understand the particular estate planning challenges these families face.

Estate planning looks different for just about every family. This is especially true for members of the LGBTQ community. If you are a member of the LGBTQ community, below are a few issues that can impact your family.

Your estate plan is a living document or set of legal documents. This means the plan you set today likely won’t be the plan you have five or ten years down the road. It’s important to take time to update your plan when important changes happen in your life, and divorce may be the most important example of this.

There’s pride and honor that comes with being asked to be the executor (or administrator) of someone’s estate. You’re unlikely to find a clearer sign that this person trusts you as you’d be carrying out serious legal and fiduciary responsibilities to fulfill their last wishes.
 

This year, on the cusp of the Fourth of July, many Americans were shocked to learn that some of their freedoms had been scaled back by the Supreme Court in the case of Dobbs v. Jackson Women’s Health Center. The Dobbs case overturned the landmark case of Roe v. Wade and eviscerated any constitutional right to abortion.   
 

One of the most common mistakes we see New York parents make is naming a minor child as a beneficiary on a life insurance policy or retirement account, or naming them as beneficiaries to inherit assets directly under your will.  
 

We previously talked about the process of picking the right guardian for your children in your will, but another option many attorneys and families don’t consider is standby guardianship.  
 

If you’ve read anything about estate planning, you’ve probably heard the term probate, and perhaps have been advised to avoid it at all costs.  
 

Estate plans involve many steps and considerations, but when children are involved there’s nothing more important than designating the person who will take care of them.