How to Spring Clean Your Finances and Documents

 Law Offices of Louis D. Stober, Jr., L.L.C.

350 Old Country Road, Suite 205, Garden City, NY 11530

877-791-8076 / StoberLaw.com

Have you started spring cleaning yet? 

Spring is the perfect season to get rid of the clutter that has built up over the winter and start fresh.  In addition to dusting and getting rid of old clothes, it's important to spring clean your legal affairs.  

Here are a few tips to help you get started on spring cleaning your legal documents, files and finances.

Spring Cleaning Tips:

• Shred Old Documents - You should always keep your tax returns, canceled checks and records that support tax deductions for auditing purposes.  However, you can shred old financial records and pay stubs that you've been saving for years.  The IRS recommends keeping tax documents for 3-7 years.
• Review Your Estate Plan - It's important to have an estate plan in place to efficiently pass on assets to your loved ones.  It helps avoid the stress and cost of probate after you have passed away.  Take the time to update your estate plan and make sure that it is up-to-date this spring.
• Check Your Insurance Coverage - Now is a great time to review your insurance policy to make sure that you are still paying the lowest possible rate.  You can also review any changes that have incurred over the last year to make sure that you are still covered for what is necessary for you and your family.

Check out this article for more tips on how to spring clean your finances and legal documents.

If you are in need of legal expertise this spring, contact our office!  Our experience, combined with our successful track record makes us Long Island’s premier law firm.  Contact our office by calling 877-791-8076.  You can also like us on Facebook and follow us on Twitter for the latest news stories and legal tips.

Spring Clean Your Finances This Year

 Law Offices of Louis D. Stober, Jr., L.L.C.

350 Old Country Road, Suite 205, Garden City, NY 11530

877-791-8076 / StoberLaw.com

It's time to begin spring cleaning!  Have you started yet?  Now is the perfect time to go through your finances and make sure everything is up-to-date.  Here are a few tips to help you get started.

Financial Tips:

• Check Your Credit Report - There are sites and services that offer credit reports for a price, but there are also sources where you can safely receive a credit report at no cost to you.
• Create/Update Your Estate Plan - Have you taken the time to put together an estate plan?  While it is not something that everyone wants to think about, it's important to have your affairs in order so that your assets are properly distributed to your family.
• Shred Outdated Records - If you have outdated records with your Social Security number on it, or any other financial information, you should shred them.  Spring cleaning ist he perfect time to go through your old documents.

Check out this article for more spring money saving tips.  You can also contact our office with any questions you have about how to your estate plan in order.

Our experience, combined with our successful track record makes us Long Island’s premier law firm.  Contact our office by calling 877-791-8076.  You can also like us on Facebook and follow us on Twitter for the latest news stories and legal tips.

Don't Make These Estate Planning Mistakes

Law Offices of Louis D. Stober, Jr., L.L.C.

350 Old Country Road, Suite 205, Garden City, NY 11530

877-791-8076 / StoberLaw.com

Have you created your estate plan yet?  Estate plans are a valuable asset to you and your family.  Make sure you avoid these common estate planning mistakes!

Estate Planning Mistakes to Avoid:

• Don't Leave it Up to the State - A will indicates who receives what when you pass away.  However, you estate may have to go through a public probate process, which can be very expensive.  Creating a trust will eliminate this process and ensure your privacy.
• Don't Forget to Fund the Trust - Your trust doesn't exist until it holds assets.  You need to retitle your accounts in the name of your trust.
• Don't Forget to Update Them - Many people create their estate-planning documents and forget about them.  However, your relationships with people may change over time.  You should always keep your documents up-to-date.
• Don't Forget to Look at Beneficiary Forms - Retirement accounts and insurance policies do not flow through your trust or will.  They are governed by the beneficiary you elected when you created them.  It's a good idea to look over these forms and revise them after you have gone through a divorce or had more children.
• Don't Forget to Consult Us - Our experienced attorneys can help you make sure that you are following all of the steps necessary to get your estate in order.  You don't want to end up with unnecessary fees!

CNBC offers more tips and mistakes that you should avoid when planning your estate.  If you are in need of legal expertise, contact our office. Our experience, combined with our successful track record makes us Long Island’s premier law firm.  Contact our office by calling 877-791-8076.  You can also like us on Facebook and follow us on Twitter for the latest news stories and legal tips.

Avoid Family Issues with These Estate Planning Tips

Law Offices of Louis D. Stober, Jr., L.L.C.

350 Old Country Road, Suite 205, Garden City, NY 11530

877-791-8076 / StoberLaw.com 

A well thought out estate plan can eliminate issues among your loved ones.  With careful planning, you can avoid family fighting and estrangement.  Here are a few estate planning tips to keep in mind.

Estate Planning Tips:

• Don’t Keep It A Secret – It’s a difficult topic to discuss, but you should let your family know what they can expect before you pass away.  This avoids unpleasant surprises.
• Define Terms – You may want to expand the definition of “descendant” to encompass modern methods of conception.  Modern methods, including in-vitro fertilization, surrogate mothers, adopted children, and non-biological children should be specified in legal documents.
• Consider Trust Protectors – A trust protector is a fiduciary, separate from the trustee.  They have the power to remove and replace a trustee, to amend trust agreement and to change the situs of the trust.
• Inform Beneficiaries – Don’t leave your beneficiaries in the dark.  All beneficiaries are entilted to a copy of the trust agreement. 
• Make Edits – It is ok – and even encouraged - to make estate planning adjustments along the way.  Circumstances change over time and you want your estate plan to be current and complete.

Check out this article for more estate planning tips.

Law Offices of Louis D. Stober Jr. are experienced in estate planning.  Our experience, combined with our successful track record makes us Long Island’s premier law firm. Contact our office for a consultation by calling 877-791-8076.  You can also like us on Facebook and follow us on Twitter for the latest news stories and legal tips.

photo credit: iowa_spirit_walker via photopin cc

Estate Planning: Common Objectives for Married Couples

Law Offices of Louis D. Stober, Jr., L.L.C.

350 Old Country Road, Suite 205, Garden City, NY 11530

877-791-8076 / StoberLaw.com 

The best estate plan for your future depends on your individual needs and concerns.  Despite this variability, many couples share the same values when it comes to planning their estate.  Here are a few common estate planning objectives that couples share.

Common Estate Planning Objectives:

• Providing for Family and Loved Ones – Most married couples want to ensure that their loved ones are provided for in the unfortunate event both spouses become incapacitated or pass away.
• Minimizing Tax Payments – Federal estate taxes, state estate taxes, federal income taxes, and state income taxes are all concerns.
• Protecting Assets – Married couples want to ensure that their assets are getting passed on to loved ones and are kept away from creditors.
• Maintaining Privacy – Elderly individuals are increasingly the targets of fraudulent schemes and fraudulent solicitations.  Couples want their estate plan to protect their surviving spouse from these schemes.

Learn more about common estate planning objectives of married couples in Forbes.  You can also contact the Law Offices of Louis D. Stober Jr.  Our experience, combined with our successful track record makes us Long Island’s premier law firm. Contact our office for a consultation by calling 877-791-8076.  You can also like us on Facebook and follow us on Twitter for the latest news stories and legal tips.

Don’t Overlook These Estate Planning Elements

Law Offices of Louis D. Stober, Jr., L.L.C.

350 Old Country Road, Suite 205, Garden City, NY 11530

877-791-8076 / StoberLaw.com 

When was the last time you thought about your estate plan?  New government regulations are constantly changing the way that we should plan for the future.  The American Taxpayer Relief Act that was enacted last year reduced the number of US residents that are subjected to federal transfer tax.  Here are a few techniques and strategies that shouldn’t be overlooked when planning your estate.

Source: Wikimedia

Estate Planning Tips:

• Reexamine – Estate tax is no longer applicable to many people.  If you completed your estate plan before the American Taxpayer Relief Act, you should reexamine the document to make sure that your plan is effective.
• Focus on Income Tax – Many who were once subject to federal estate tax are now exempt.  The focus for many should be on income tax, rather than federal tax.
• Catch Mistakes – It is always important to take another look at your estate plan to make sure that your finances are in order.
• Discuss with Family – Unfortunately, many of us are unable to manage our assets properly as we age.  It is important that your children or trusted family member understands how you want to manage your assets.

The Law Offices of Louis D. Stober Jr. are experienced in all aspects estate planning. Our experience, combined with our successful track record makes us Long Island’s premier law firm. Contact our office for a consultation by calling 877-791-8076.  You can also like us on Facebook and follow us on Twitter for the latest news stories and legal tips.