Kirkham Raikes PLLC

Tip Tuesday: You don't have to extreme wealth to endure communication issues or mismanagement of funds when it comes to distributing wealth among family. Here are a few highlights from our friends Bloomberg: 1) Communication is KEY: set expectations by having an upfront and candid conversation about your estate plan and how you will distribute your wealth or assets. ... 2) Mixing money and family is often an accident waiting to happen. Instead, opt to hire a neutral third party for your brokerage, life insurance or other wealth management accounts. 3) Make a list of trusted contacts for your banks, mortgage, legal team, accountant and more. Having this list available means everyone is on the same page and no one person is left out of the loop (see point 1!) 4) Find out if a Power of Attorney will help your family in the future: A regular power of attorney without a durable power designation expires when someone becomes mentally incompetent; with a durable power of attorney, there’s no expiration when that happens. Also, a relative who is financially dependent on you could have a conflict of interest if they are given financial power of attorney and can act as your legal representative. Opt for a neutral third party when possible. (noticing a trend? Neutral is best!) 5) Avoiding sibling resentment: To avoid resentment, parents could work with an attorney on estate equalization to even things out or explain to children their reasons why things aren’t even. Families should try to agree on a division of labor emotional, physical, mental and financial. For the complete article and list of scenarios that a family could face, check out https://bloom.bg/3lKMgZj To ask our team a direct question about your estate plan DM us here or visit us at www.kirkhamraikes.com . . . . . #estateplanning #estateplanningattorney #money #weatlh #moneymanagement #wealthmanagement #willsandtrusts #trust #attorneyatlaw #neutral #thirdparty #newyorkstatebar #planyourestate #planyourwill #trustee #trustor #children #godparents #lifeinsurance #lifeplans #makeaplan #dependents #taxes #statetaxes #newyorkcity #newyorkrules #taxable #questionsandanswers #womenowned #powerofattorney

The No. 1 Estate Planning Mistake? Simply put, not creating one with a licensed attorney. Estate planning doesn't have to be difficult, but the biggest misstep is not establishing an estate plan at all. Common misconception? A will does not equal an estate plan. Many people assume a will IS an estate planning--rather a will is one tool, not a substitute for an estate plan itself, and in many instances, they are worthless in ensuring your wishes are adhered to. Check out mor...e basics to understand from this article Forbes https://bit.ly/3ezH7SC To speak directly with Ashley or Victoria simply start a message here or visit our website to set up a time to learn more. www.kirkhamraikes.com #estateplanning #estateplanningattorney #willsandtrusts #womenowned #attorneyatlaw #newyorkstatebar #planyourestate #planyourwill #trustee #trustor #children #godparents #lifeinsurance #lifeplans #makeaplan #dependents #taxes #statetaxes #newyorkcity #newyorkrules #taxable #questionsandanswers #letushelpyou #heretohelp #bookacalltoday #contactfree #powerofattorney

Estate Planning "can be" like this heart shaped box of chocolates. If you take one piece out, will the rest of the pieces stay in their place? Will the right people know where to look for your information? (And in chocolate terms, will everyone get the piece that they want?) We're using this Hallmark-ish analogy in light of the more than 50% of families who leave their estate for their loved ones to sort out after they pass. If you forget your loved ones on Valentine's (or... in your estate plan ) how will they feel? We think it's best to plan ahead in both cases. Check out this Bloomberg article by a #Millennial author #ErinLowry on her experience with her parents' estate plan. https://bloom.bg/3b43HPA #lightreading #estateplan #estateplanning #planningahead #gifts #assets #trusts #willsandtrusts #love #familyaffair #familymatters #passwords #importantpapers #documentreview #executor #guarantor #trustee #estateplanningattorney #newyorkstatebar #nystate #newyork

If you work well with lists you’ll want to screenshot or save this post for future reference. When filling out your list of assets and property you’re legally allowed to give away use this list as a general guide to get started: Money, stocks, bonds, coins and stamp collections; Real estate and houses;... Furniture, artwork, books, appliances, or anything else in your house or houses; Personal papers, personal items, including your pets (which are considered personal property); Cars and other vehicles; Future interests in propertythat is, something that you don’t own now, but you have a right to own in the future. You can leave your future right to own the property or asset; Jewelrywhen leaving personal items, make sure that the items are fully described in detail, so there is no confusion between different pieces of jewelry. For example, fully describe the gems, the arrangement, the watch manufacturer and any photos or serial numbers. *Have an item that’s NOT on this list? Ask us below, we bet someone else is wondering, too. **Need to change the designation of who you’re leaving something or have a recently acquired new property and want to update your will? Send us a message. #estateplanningattorney #estateplanning #willsandtrusts #kirkhamraikes #whatsinthebox #jewelry #realestate #pets #stocks

Do you know what "The Cliff" is in Estate Planning terms? If you don't, how do you know you won't fall over it? New York State has its own #estatetax, and once a taxable estate reaches 105% of the basic exclusion amount, the estate tax is levied from dollar one of the estate. Check whether your taxable estate (including any life insurance amounts!) is approaching "The Cliff". Not sure where to start or need to update your estate in 2021? #KirkhamRaikesPLLC can help you to ...minimize and defer estate taxes on the legacy you leave your loved ones. Send us a DM to schedule an inquiry. #estateplanning #estateplanningattorney #lifeinsurance #dependents #willsandtrusts #taxes #statetaxes #newyorkcity #newyorkrules #taxable #exclusionsapply #thecliff #questionsandanswers #termsandconditions #letushelpyou #womenowned #attorneyatlaw #newyorkstatebar