Brooklyn Probate & Estate Administration Law Blog

These estate planning mistakes could impact you, your family

On behalf of Polizzotto & Polizzotto posted in Estate Planning & Administration on Friday, February 8, 2019.

Even if you're serious about estate planning and making sure you have everything in order, there's no guarantee that a mistake won't creep into view at some point. It's important that you do your best to avoid potential mistakes, as this will give both you and your family greater peace of mind.

Here are some of the most common estate planning mistakes:

Thinking it's okay to ignore it: No, you don't have to create an estate plan, but you're taking a big risk by ignoring the importance of doing so.
Forgetting to update your estate plan: There are times when you need to make changes, such as if you go through a divorce, get married or have a child.
Neglecting to plan for disability: Your estate plan doesn't just come into play when you pass on. It can also protect you in the event of a disability, such as one related to a serious illness or injury.
Choosing the wrong executor or trustee: Choosing an executor is a big decision that requires great attention to detail. If you choose the wrong person, they could have bad intentions when it comes time to tackle the probate process or administer your trust.
Forgetting to name a guardian for your children: You don't want just anyone to care for your children should you pass away before they reach age 18. When you name a guardian, you know the right person will step in to care for them.

Revocable and irrevocable trusts. Do you know the difference?

On behalf of Polizzotto & Polizzotto on Tuesday, January 29, 2019.

Everyone has that one chore that always falls to the bottom of the to do list. It’s usually cleaning the gutters or washing windows. All too often, people wrongly lump estate planning into the “chore” category, pushing it to the bottom of the priority list. When the time comes to get serious about estate planning, people often feel that it is too much information at once.

To avoid such a steep learning curve, it is important to absorb information over time. Here is an overview of the difference between revocable and irrevocable trusts.

The importance of estate planning for art collectors

On behalf of Polizzotto & Polizzotto posted in Estate Planning & Administration on Thursday, January 24, 2019.

Art collectors generally put a lot of thought into what artwork to bring into their collection. It can also be very important for them to give careful thought as to what will happen with their collection when they pass away.

Given the great emotional and financial value artwork can have, collectors may have very strong feelings regarding what should happen with their collection when they are gone. So, careful estate planning can be critical for art collectors.

Do good and avoid taxes with a trust

On behalf of Polizzotto & Polizzotto on Friday, January 18, 2019.

Everyone wants to establish a legacy during their lifetime – whether it’s for their career, their generosity or their ambition. People tend to underestimate how little actions can leave a considerable impact on the world around you.

One simple way you can create a strong legacy is by establishing a charitable trust that allows you to support a cause that benefits you or people in need.

Can permanent residents travel outside the U.S.?

On behalf of Polizzotto & Polizzotto posted in Immigration on Wednesday, January 16, 2019.

There is a misconception about a resident's ability to travel while holding a visa in the United States. Most people believe that once you are in America, you are not allowed to leave U.S. soil or else your visa may be at risk.

The truth is that permeant residents are free to travel abroad as long as they have a valid, unexpired visa. There are only a few questions residents should ask before buying their next plane ticket.

Why you should start estate planning as soon as possible

On behalf of Polizzotto & Polizzotto on Friday, January 4, 2019.

Being forced to talk about a day when you are no longer around for your family is probably not your ideal evening, but it may be something you need to do. Estate planning is necessary for all families, though it does require you to talk about an unpleasant topic.

Even if you are relatively young, with a new family, you should start estate planning as soon as possible. It is smart to have an estate plan in place, no matter what your age or the status of your family, in order to protect your assets and your loved ones.

Divorce and estate planning information you need

On behalf of Polizzotto & Polizzotto on Friday, January 4, 2019.

Creating an estate plan and getting a divorce are both huge life events, but many people do not realize that they are connected. During a divorce, there are probably a million different things going through your head, but is estate planning one of them? If not, it should be.

Divorce and estate planning are linked and each influences the other. If you get divorced, there are a few crucial estate planning moves you will need to make. Here are three important steps to take to make sure your estate plan is still effective after a divorce.

Helpful ways to talk estate planning with your parents

On behalf of Polizzotto & Polizzotto on Friday, December 7, 2018.

During this holiday season as you are visiting with your parents, it may be the right time to speak to them about their estate planning. You may feel this is not the right time of year to bring up the subject, but if not now, when? If you address estate planning with your parents from the standpoint of caring and love, the holiday season can be the perfect time talk about it.

Less than half of the adult population has not yet worked on their estate planning or even prepared a will. Most people think they have time or it is something to worry about later. However, estate planning takes into consideration more than just what happens to a person’s property after they die.

Understanding removal proceedings

On behalf of Polizzotto & Polizzotto on Thursday, November 29, 2018.

Receiving a Notice to Appear (NTA) in front of an immigration judge can fill you and your family with dread. Though it means you are not involved in the expedited removal process, it is still the beginning of the traditional removal process.

The prospect of removal, commonly called deportation, is a stressful experience for your family. For many immigrants, it is their greatest fear. However, the Notice to Appear is not the end of the road. Understanding the removal proceedings and your rights may help reduce your fear in the face of removal. It may also help you challenge the removal.

Do you need a power of attorney as part of your estate plan?

On behalf of Polizzotto & Polizzotto posted in Estate Planning on Wednesday, October 17, 2018.

If you have been thinking about your estate plan lately, you may be wondering the same thing that many other people ask, "do I need a power of attorney?"

Of course, you may also be wondering what can a power of attorney do, is one really needed and when would you need to name them?