One of the more common questions I get: when should I think about updating my estate plan?
It’s an important question, and the answer is simultaneously simple and complex.
Simple answer: a review of one’s estate plan should accompany all major life events.
So…what qualifies as a “major life event”?
Probate is difficult enough under the best of circumstances. It’s a lot of confusing paperwork, back and forth with the Surrogate’s Court, and months of delay before an executor is finally empowered to act on behalf of an estate. When an estate includes real estate, the problem is amplified.
Most of the time when people set their beneficiaries on things like 401(k)s, IRAs, life insurance policies, and brokerage accounts they name their spouse as “primary” (assuming they have one), and their kids as “contingent.” We’ve been told this eases the burden on our family, so they can avoid probate when we pass - a noble goal! Unfortunately, if your children are under eighteen, this well-intentioned plan can lead to unintended complexities – even if you have a will.
A lot of the issues in running a business are solved by simply doing a great job for your clients, being honest about what you know and what you don’t, and being a clear communicator. Many others, like those around efficiency and sustainable growth, are a little more complicated yet vitally important to the survival and success of a business.
Most of the time when people set their beneficiaries on things like 401(k)s, IRAs, life insurance policies, and brokerage accounts they name their spouse as “primary” (assuming they have one), and their kids as “contingent.” We’ve been told this eases the burden on our family, so they can avoid probate when we pass - a noble goal! Unfortunately, if your children are under eighteen, this well-intentioned plan can lead to unintended complexities – even if you have a will.
A lot of the issues in running a business are solved by simply doing a great job for your clients, being honest about what you know and what you don’t, and being a clear communicator. Many others, like those around efficiency and sustainable growth, are a little more complicated yet vitally important to the survival and success of a business.
Good planning situates people so that they are poised to react strategically no matter the path forward. So, depending on the value of your estate and the type of assets you own, there may be tactics that can be utilized now to properly position yourself to made the right changes (if necessary) between election day and the 1st of the new year.
Our lives have been affected in countless ways, different for each of us, more difficult for some than others, but undeniably impactful to all. Still, it’s important to make sure that we don’t allow important housekeeping matters to slip through the cracks while adapting to the current circumstances.
Last summer, Mayor Bill de Blasio signed into law the Stop Sexual Harassment in NYC Act. This expansive set of laws attempts to ensure that employers and employees are informed of their rights and responsibilities to allow for a safe and comfortable workplace. Here are some key provisions and some thoughts for employers on implementing the new rules.
Our lives are increasingly digital. Many of us have gone largely paperless with bank and other financial statements. Bills of all kinds arrive by email and are paid online. Our photos, music, movies, and documents sit on phones and computers and are backed up to the cloud. We spend substantial portions of our days on Facebook, using Gmail, listening to Spotify, networking through LinkedIn, scrolling through Twitter, buying on Amazon, and on and on. Well, what happens to all this when we pass away?
