Raising Stewards, Not Just Beneficiaries: Preparing Your Family for Inheritance Inheritance Is About More Than Money When families think about estate planning, the focus is often on what will be passed down. Just as important, however, is how the next generation is prepared to receive it. At Rincker Law, we often talk with clients who want their children or heirs …
When Grief Meets Paperwork, Preparation Matters Losing a loved one is overwhelming. Unfortunately, it is also the moment when families are suddenly expected to find legal documents, access accounts, and make important decisions—often with little guidance. One simple but powerful estate planning tool can make this time much easier: a death box. A death box (sometimes called a death binder, …
Planning for Medical Decisions Before a Crisis Happens Most people associate estate planning with wills and finances. But one of the most important documents focuses on something even more personal: your healthcare. A medical power of attorney allows you to choose someone you trust to make medical decisions for you if you are unable to speak for yourself. Choosing the …
Planning Ahead Makes Education Goals More Achievable The cost of education continues to rise, and many families worry about how they will pay for school without creating financial stress. Because tuition, fees, and related expenses can add up quickly, planning ahead matters more than ever. Fortunately, estate planning can play an important role in saving for school. Instead of relying …
Planning for College Is Smart—But Life Doesn’t Always Go as Planned Many parents and grandparents set aside money to help pay for a child’s or grandchild’s education. However, education paths often change. For example, a student may earn scholarships, choose a less expensive school, attend trade school, or skip college altogether. As a result, families often ask an important question: …
Estate planning is the process of developing a strategy for the care and management of your estate if you become incapacitated or upon your death. One commonly known purpose of estate planning is to minimize taxes and costs, including taxes imposed on gifts, estates, generation skipping transfer and probate court costs. However, your plan must also name someone who will …
During estate planning many documents are prepared in order to designate an agent or agents in the event that you are not of sound mind and body and unable to make decisions on your own, such as a health care proxy, a living will, and a power of attorney. Additionally, New York State Public Health Law § 4201 allows a …
Farms and pets go hand-in-hand. There are three vehicles that can be used to protect your pets (including horses) after you die: 1) Last Will and Testament, 2) Pet Trusts, and 3) Pet Protection Agreement. Last Will and Testament: In New York, pets are considered personal property like a car or a diamond ring. It should be noted that wills …
Despite popular belief, the succession and estate planning process is more than just getting a Last Will and Testament – it’s taking a solid look at your estate planning goals and coming up with a plan that works for you and your family farm (no matter the size). I think it’s really important for family farms to “improve the default …
I really love Neil Harl’s book titled “Farm Estate & Business Planning.” He briefly talks about the “power issue” when it comes to farm families and warns folks to consider this issue when formulating an estate plan. He illustrates this point with the following example: “An aggressive, able farmer died unexpectedly just days short of his 50th birthday. The business, …
Many people think that “estate planning” is really just hiring a lawyer or downloading a program off the internet (which I do not suggest) to draft a Last Will and Testament. However, it’s more complicated than that. A good estate planning attorney will have you complete a questionnaire giving him/her information on your family tree, assets and liabilities in order …
Let’s face it. Estate planning is easy to push off. What’s another week… another month… another year… another five years… After all, I’m healthy. My spouse is healthy. We don’t have kids. We don’t have a lot of assets. I don’t care if what-little-I-do-have follows the rules of intestacy (i.e., the “default rules” if you die without a Last Will …