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Wills vs. Revocable Trusts

You probably already know what a Will is. Wills are often dramatized on television and in movies. We always see someone drafting a Will under harrowing experiences, like in a fox hole in war or on their death bed. Then, of course, there’s always the dramatic reading of the Will before the surviving family members. I always found those to be awkward scenes. Perhaps it’s because,

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A Guide for the Journey

A common mistake one can make in crafting an estate plan is adopting a “Do it Yourself” strategy. Building an estate plan is not like building a table. You can’t just Google how to do it, walk into your local hardware store, buy some lumber and start sawing away. Tax laws are complicated and as we just discussed, they change all the time. You need a

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Make Sure to Designate Beneficiaries

Some people make the unfortunate mistake of preparing a comprehensive estate plan but forgetting that not all of their assets will be governed by the dispositive provisions in their will or revocable trust. For example, if real estate is co-owned with other people, the way the property is titled will govern who inherits the property upon death. For example, a house owned by husband and wife

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Keep Your Original Will Safe and Locatable

Most states require that an original signed and witnessed will be produced to the court for probate. Duplicate copies are most often not accepted. Courts are extremely cautious and the general legal assumption is that if you cannot produce an original will it is because the decedent (otherwise known as a “Testator”) destroyed it with the intention that it not be probated. There are some exceptions

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Keep Your Estate Plan Current

In our last entry we talked about the failure to plan. You may have breathed a sigh of relief. You may be thinking, thank goodness that discussion isn’t about me. I didn’t make the mistake of failing to plan because I already executed my estate plan. Well, this statement too must be challenged. Many people who actually do take the time to prepare their estate plan

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Don’t Fail to Plan

We have already discussed the first mistake one can make vis-à-vis their estate plan. Namely, not to make one; simply failing to plan. There is a common misperception that estate planning is only for the wealthy; only for the 1%. This is entirely false. Everyone needs a plan. If you are reading this and you yourself haven’t yet begun to plan you may be under the

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Live Your Life, Plan Your Death, and Leave a Legacy

I’m a big Harry Potter fan. As a young adult I read all the books and watched all the movies. Now my children love them too. One of my favorite parts of the series, and in my humble opinion, the most genius of J.K. Rowling’s writings is the sub-story of the Deathly Hallows, a fabled children’s story from the Tales of Beedle the Bard, which tells

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Announcing Our Newsletter

Dear Friends, Happy New Year! Welcome to our new newsletter, “Legally Speaking,” which we at Daniel B. Faizakoff P.C. will be sending out periodically, with updates on important news and legal insights. We hope you’ll subscribe and enjoy the newsletter, finding it both informative as well as entertaining. (If you decide you no longer wish to receive our newsletter, you may opt-out anytime by clicking the

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Welcome to Our New Site

We are very proud to launch our new site! It is the culmination of a great deal of work and was created in direct response to the comments and suggestions of our varied clients who wanted to know more about the services we provide, the clients we represent, updates on the state of business law in New York and news relevant to small businesses and entrepreneurs.

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