Archive for the Blog Category

Big GOP Tax Bill Could Change Your Estate Planning in 2025

Big GOP Tax Bill Could Change Your Estate Planning in 2025

Here’s what you need to know now. The landscape of estate planning may shift dramatically if the GOP’s new tax bill, dubbed the “One Big Beautiful Bill Act,”—makes it through Congress. The proposed legislation includes permanent increases to the federal estate and gift tax exemption and adjustments to the Alternative Minimum Tax (AMT), both of which could reshape how families structure their estate plans moving forward. A Quick Refresher: What’s at Stake? Under current law, the federal estate tax exemption is set at $13.99 million per person (or $27.98 million for married couples). These generous limits stem from the 2017 Tax Cuts and Jobs Act (TCJA) and are scheduled to sunset at the end of 2025, halving the exemption back to around $7 million per person unless new legislation intervenes. The GOP proposal doesn’t just aim to extend the TCJA limits—it goes further: Proposed New Exemption: $15 million for single

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Estate Planning and Financial Planning Go Hand in Hand: How to Choose the Right Financial Advisor

Estate Planning and Financial Planning Go Hand in Hand: How to Choose the Right Financial Advisor

At the Estate Planning Law Center, we believe estate planning isn’t just about preparing for what happens after you’re gone—it’s about making confident, coordinated decisions during your lifetime that protect your family, simplify your estate, and secure your legacy. That’s why financial planning and estate planning go hand in hand. To make your estate plan truly work, you need the right team—and that often includes a financial advisor who can partner with us to align your investments, retirement strategies, tax goals, and long-term wishes. But with over 300,000 financial advisors in the U.S., how do you choose the right one? Here’s what to look for when building a financial team that supports your estate planning goals—and helps you stay in control of what you’ve worked so hard to build. Do They Offer Services That Support Your Estate Plan? Not every financial advisor has the tools to integrate with your estate

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Caught in the Middle? Estate Planning Tips for the Sandwich Generation

Caught in the Middle? Estate Planning Tips for the Sandwich Generation

Let’s be real—being in your 40s or 50s isn’t exactly the breezy midlife cruise you imagined, right? You’re raising kids, checking homework, managing work stress, and somewhere in between, helping your aging parents navigate doctor visits, medications, and financial uncertainty. Welcome to the sandwich generation—that not-so-exclusive club of adults caught between two generations who need you, often at the exact same time. And while you’re juggling all of that, here’s a thought that might feel like one more thing—but hear us out: estate planning matters. Not just for your parents, but for you, your kids, and maybe even your grandkids someday. At the Estate Planning Law Center, we help families like yours get ahead of the overwhelm and start conversations before things get messy. Because if you wait for a crisis, chances are it’s already too late to plan calmly. When’s the Right Time to Talk? (Spoiler: It’s Now.) You

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Your First Probate Hearing? Here’s What to Expect—and Why You Might Want to Avoid the Next One

Your First Probate Hearing? Here’s What to Expect—and Why You Might Want to Avoid the Next One

Going to probate court for the first time feels a bit like stepping into a new city without GPS. There are forms. Judges. Rules you didn’t know existed. And you’re probably doing all this while grieving someone you love. Not exactly the easiest combo. At the Estate Planning Law Center, we help people like you make sense of the probate process—and just as importantly, we help families avoid it altogether next time through smart, trust-based planning. Whether you’re in it now, preparing for it, or hoping to never go through it again, this is your starting point. Probate 101: What It Is and Why It Happens Probate is the court-supervised process of settling someone’s estate after they pass. It involves validating the will, paying off debts, distributing assets, and closing out accounts. Sounds simple enough—until it’s not. Probate can take months (or longer), cost thousands in fees, and make personal

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The High Cost of Cutting Corners in Estate Planning: A Lesson from the Alan Lorenz Case

The High Cost of Cutting Corners in Estate Planning: A Lesson from the Alan Lorenz Case

When multimillionaire Alan Lorenz passed away in 2021, he left behind a fortune—and a legal nightmare. A former divorce attorney turned top executive in the health and wellness industry, Lorenz built wealth through decades of hard work. But despite his success, his estate plan was anything but buttoned up. At The Estate Planning Law Center, we say it often: It’s not how much you have—it’s how clearly you’ve planned. Lorenz’s case is a textbook example of how cutting corners in estate planning can leave behind confusion, court battles, and lasting damage to families. When Words Aren’t Enough Just weeks before his passing, Lorenz entered into a civil partnership with his long-time partner, Sheila Caruana. He updated his will, leaving his £18 million estate entirely to her. Seems straightforward, right? Not quite. His siblings have since taken the matter to court, claiming he made a verbal promise that Sheila would divide

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What Pope Francis’ Will Teaches Us About Leaving a Legacy on Your Terms

What Pope Francis’ Will Teaches Us About Leaving a Legacy on Your Terms

When Pope Francis passed away on April 21, 2025, the world paused to honor his legacy of faith, humility, and service. But amid the global tributes, one deeply personal decision stood out: his handwritten will. In just a few brief lines, Pope Francis made a single, powerful request—he asked to be buried quietly at the Papal Basilica of Santa Maria Maggiore in Rome. No papal fanfare. No mention of his title. Just a simple grave with one word: Franciscus. At The Estate Planning Law Center, we talk a lot about control, clarity, and peace of mind. And this is exactly why. Because estate planning isn’t just about documents. It’s about making sure your voice is heard—right to the very end. One Page. One Powerful Message. Pope Francis didn’t use his will to list property or delegate wealth. He used it to speak from the heart. To ensure that his final

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What Gene Hackman’s Estate Teaches Us About the Power of Planning (and the Cost of Not)

What Gene Hackman’s Estate Teaches Us About the Power of Planning (and the Cost of Not)

When actor Gene Hackman passed away in February 2025 at age 95, he left behind an unforgettable legacy in film—and an estate planning disaster that no one saw coming. Despite decades of success and ample resources, his plan was outdated, incomplete, and ultimately, ineffective. At The Estate Planning Law Center, we often say estate planning isn’t about how much money you have—it’s about protecting the people you love and ensuring your wishes are honored. Hackman’s story is a real-time reminder of what can happen when that plan isn’t built to last. What Went Wrong? Hackman updated his will back in 2005, naming his wife Betsy Arakawa as the sole heir to his $80 million estate. Tragically, Betsy passed away just one week before Gene—and that’s where the cracks in his plan showed. He had no alternate beneficiaries listed. No contingency. No backup. So now? His estate is in limbo. His

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Simultaneous Death: What Gene Hackman and Betsy Arakawa Can Teach Us About Estate Planning

When we think about estate planning, we often focus on the big milestones: marriage, retirement, the birth of children or grandchildren. But life rarely follows a perfect script, and sometimes tragedy strikes in ways we can’t predict. The recent passing of acclaimed actor Gene Hackman and his wife, Betsy Arakawa, just days apart, offers a sobering reminder of a lesser-known, but critically important, issue in estate planning: what happens when spouses die in close succession? At first glance, it may seem like a rare scenario. But in our decades of experience helping New York families protect their assets and legacies, we know that real life is unpredictable.  That’s why understanding how simultaneous or near-simultaneous death impacts your estate plan isn’t just important, it’s essential. Why the Order of Death Can Change Everything In traditional estate plans, when one spouse passes, their assets typically go to the surviving spouse, unless directed

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Is Your Estate Plan Ready for the Changes Ahead?

Is Your Estate Plan Ready for the Changes Ahead?

Every season of change brings new possibilities—and potential risks to your estate plan. From estate tax thresholds to capital gains laws and asset protection strategies, political shifts can impact how well your current plan protects you and your loved ones. We’re not about panic—we’re about preparation. Whether you’re just beginning or have an existing trust and will in place, now is the perfect time to review your documents, strategies, and financial structure to ensure they’re still working for you. Not sure where to begin? Take our quick four question survey to see where you stand.

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Understanding the CDPAP Transition: What You Need to Know Before the March 2025 Deadline

Understanding the CDPAP Transition: What You Need to Know Before the March 2025 Deadline

If you rely on the Consumer Directed Personal Assistance Program (CDPAP) in New York, you may have heard about some big changes coming soon. Starting in March 2025, CDPAP consumers and their personal assistants (PAs) will need to transition to a new system with Public Partnership LLC (PPL), the statewide fiscal intermediary. We understand that these changes can feel overwhelming, especially if you’ve been comfortable with the current system. We’re here to help you navigate this transition so you’re fully prepared before the deadline. Here’s what you need to know, step by step. What Is CDPAP and Why Does It Matter? The Consumer Directed Personal Assistance Program (CDPAP) is a Medicaid program that helps people with disabilities, chronic illnesses, or other long-term health conditions get the care they need at home. Instead of using agency-provided caregivers, CDPAP lets you hire your own personal assistants (PAs): whether that’s a family member,

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