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Wednesday, October 16, 2019

Disinheriting a Child


Under the laws of New York, if you die intestate (without a Will) some or all of your property would go to your children who survive you, in equal shares. However, you can choose to disinherit – leave nothing – to a child.

The disinherited child, of course, may have very hurt feelings, both against you and against the heirs who are ultimately receiving the money. As a result, the disinherited child may choose to challenge your Will: either by claiming that you did not have the mental capacity to write one, by claiming that you were under undue influence from unscrupulous people, or by claiming that the Will was not executed properly. Even if this Will challenge does not ultimately succeed, it can delay the process of asset distribution by years.


Read more . . .


Wednesday, September 25, 2019

Planning for Step-Children


If you have married someone who had children from a previous relationship, these are your step-children. Even if you have helped raised the child from a very young age, unless you have legally adopted the child, he will not be considered your child for inheritance purposes. This can have significant implications for your family.

For example, when Harry and Sally got married, Sally had a child John from a previous relationship. Harry helped to raise John from a young age, but he could not adopt him, because John’s father did not want to give up his parental rights.
Read more . . .


Saturday, April 13, 2019

Adoption Ends Inheritance Rights of Biological Family


Once a person is adopted (either as a child or as an adult) all inheritance rights of the biological family of the decedent are terminated.


In the past, prior to the legalization of same-sex marriage, many partners in same-sex relationships adopted each other, to create a legal recognition of the relationship. Adoption also happens often during second marriages, when one biological parent has either died or abandoned the child. Adoption also frequently happens now by grandparents adopting their own grandchildren, whom they are raising full time, because the biological parents are either in jail or addicted to drugs.


When adoption happens, all past biological relationship is terminated for the purpose of inheritance.


Read more . . .


Tuesday, January 22, 2019

Estate Planning for 21st Century Families: A Primer


As families continue to change and evolve, so do estate planning policies. In 2019, when we discuss estate planning, we must account for a broader definition of family than ever before. Here are several issues to look out for when planning for the future.

 

Marriage: The first issue concerns marriage; specifically, who is a Spouse and whether or not a person is legally married.  Legal  marriage is usually determined in accordance with  state law.
Read more . . .


Wednesday, April 4, 2018

Guest Blogger: Ashley Taylor from www.disabledparents.org - Preparing Your Home and Your Life for Children as a Disabled Parent


Preparing Your Home and Your Life for Children as a Disabled Parent

 

Preparing your home for parenthood is something every new parent needs to do, but for parents with disabilities, this sometimes takes a bit more planning. For example, just holding your child might be a special challenge for you depending on your disability, so it’s important to make sure your plans accommodate special circumstances. Perhaps you need to hire someone to modify baby furniture or buy special items that make carrying your baby easier.

Safeguarding Your Home

Childproofing is not a new concept, and it is mostly the same process for you.
Read more . . .


Tuesday, November 7, 2017

Estate Planning Tips for same-sex couples


In the United States v. Windsor, the Supreme Court rules that federal government must recognize same-sex marriages legally performed in a state for federal law purposes. Below are some tips in an estate planning concept:

  1. Boomerang assets.

Lots of same-sex couples do not have children. While the couple may want to provide for each other, after the death of the second-to-die spouse, they each may have different dispositive wishes.
Read more . . .


Tuesday, October 24, 2017

Imagine your family at peace: How to Have Crucial Conversations with Your Loved Ones about End-of-Life issues


Talking about end of life issues with a loved one who is already sick is difficult. Your loved one may not be thinking clearly, may be in pain, and everyone is likely to be very emotional. That’s why it’s important to have this conversation early, while everyone is thinking clearly. A plan is likely to be empowering for all involved.

A parent may be resistant to receiving care and having crucial conversations with you because she is afraid of losing her way of life, losing privacy, getting old, not having sufficient financial assets, being a burden, having her money taken away from her, being thrown into a nursing home and dying.


Read more . . .


Tuesday, February 14, 2017

Main Reasons Why Families Fight Over Estates

1. Location of Siblings. It is often the case that one sibling provides care and support for an aging parent, while other siblings are distant (either physically or psychologically). While the local sibling provides support, that same sibling may also control the parent’s finances. The same sibling may also bring the parent to an attorney to get his affairs in order.


Read more . . .


Tuesday, January 10, 2017

Can you adopt an adult in New York?


Sometimes adults get adopted. Even though most adults no longer need a parent to make legal and financial decisions for them, adult adoptions still happen for other reasons.

The main reason for adult adoption is usually inheritance. If a person is not related to you biologically or legally, if there is no Will, then the person will not inherit your money. Of course, this issue can often be easily resolved by writing a Will and naming that specific person in the Will.


Read more . . .


Tuesday, January 3, 2017

Don't live an isolated life (and help seniors in your life to connect)


It's a New Year. People are trying to fulfill their new resolutions about money,  weight loss and projects.

I would suggest a resolution about friends.

It is well known that seniors who are isolated are more likely to be sick and depressed. We all need companions, if only to complain to about our health and current politics.


Read more . . .


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