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• Shred Outdated Records - If you have outdated records with your Social Security number on it, or any other financial information, you should shred them.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.

How to Include Your Loved Ones In Your Estate Plan

 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

Valentine's Day is perfect for showing loved ones that you care and appreciate them.  This Valentine's Day, give your loved ones more than just chocolates and roses.  Taking the time to plan your will and estate will help provide your loved ones with the peace of mind that comes from having an estate plan in place.

Take a look at these estate planning tips from AARP:

• Create a Health Care Power of Attorney - Before making a decision about who your estate will pass to, you should decide who will represent your best interests in the event you become disabled.  With a health care power of attorney, you will also need a living will.  This will ensure the medical staff know what to do if you are placed on life support.
• Create a Financial Power of Attorney - This document will work in a similar capacity as your health care power of attorney.  This will identify the person who you want to manage your financial affairs.
• Plan Your Will and Trust - Trusts are drafted in addition a will, describing how the assets in your will are going to be executed.  This will help avoid lengthy and expensive court procedures down the line.
• Seek Professional Advice - Give our office a call.  Our attorneys can help make sure that your estate plan provides the best instructions on how to distribute your assets.  We will help make sure that the process is simple for you and your family.

If you are over the age of 50, we recommend contacting our office to begin the estate planning process.  Our experience, combined with our successful track record makes us Long Island’s premier law firm.  We will work with you to make the process simple for you and your family. 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.

Estate Planning Advice for Non-Traditional Families

 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

Non-traditional households are becoming more and more common.  Did you know that about three quarters of people who divorce decide to remarry?

If you are in a relationship, but not married, you have been married more than once, or you have children by more than one partner, your estate planning may not be so straight forward.

Here are a few tips and things you and your spouse should consider before agreeing on an estate plan for your family.

Estate Planning Tips:

• Provide Your Partner With Rights - There are laws that allow property to pass on to spouses and children, but no laws to protect unmarried partners and adopted children.  Create a will, trust and power of attorney that distributes your wealth to your loved ones.
• Update Your Estate Frequently - Despite your good intentions, issues can arise when parents remarry.  Make sure that all of your legal documents provide directions that best suit your family's needs.
• Don't Be Wary of a Pre-Nup - Before getting married again, you should talk with your spouse about what they have in mind in terms of mutual financial support for children from previous marriages.  This can help eliminate confusion and ensure that the right family members receive the financial assets they are entitled to.
• Create a Trust - Trusts allow for more flexible planning.  A trust will allow you to plan for scenarios that give your spouse rights, but someone else the power to manage the property and protect it (such as children).

Read this article for more estate planning tips and contact our office if you have any questions about how you can legally protect your family.  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.

Estate Planning Tips to Keep In Mind

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 took a look at your estate plan?  It's important to keep your estate plan updated.  Here are a few tips to to help you stay ahead.

Estate Planning Tips:

• Take Another Look - Always go back and reexamine your estate plan after any major change in your life.  
• Focus on Income Tax - Only the top 1% of wealthy individuals will be subject to federal estate tax.  This is an important consideration in your plans.
• Talk to Your Children - Let your kids know about your estate plan.  It's important that they have a good understanding of what will happen with your finances.
• Determine How to Distribute Assets - Don't assume that your family members will be able to amicably work things out.  Including your assets in your estate plan will help to eliminate problems in the future.

Read this article for more estate planning tips or contact our office to go over your estate.  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.

Social Media and Estate Planning

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

Will social media play a role in your estate planning?  Many people don’t consider working their digital lives into their estate plans.  Here are a few tips to keep in mind.

Social Media Tips:

• Wills –Don’t put passwords or websites you have sign-on access to into your will.  Since wills are subject to probate court, you don’t want this information to become part of the public process.
• Social Media – If you run a small business, make sure that your social media accounts are in the name of your business. 
• Spreadsheets – This is one of the best ways to protect your online data.  Track every website where you have a digital account, including your bank accounts, email accounts, and Facebook.  Many people forget that they have online accounts that have credit card and other information stored.

For more tips on how social media pages should factor into your estate planning, read this article from the Chicago Tribune.

Law Offices of Louis D. Stober Jr. are experienced in all aspects of law.  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.

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

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.