Estate planning isn’t just about dividing assets—it’s about creating a legacy that reflects your values and priorities. At The Estate Planning Law Center, we believe your estate plan should grow and evolve as your life does. Take Lisa, for example. When she first created her estate plan 25 years ago, her main focus was naming guardians for her children and splitting assets equally. But now, her life looks very different. She’s a grandmother, has grown her investments, and wants to support causes she cares deeply about. When Lisa came to The Estate Planning Law Center, we worked with her to update her plan. Together, we: Created a trust for her grandchildren to fund their education. Designed a charitable giving plan to honor her passion for environmental conservation. Developed a business succession plan to ensure her family business would continue to thrive. Your estate plan is a reflection of your life.
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You’ve worked hard to build financial security for yourself and your family. But financial wellness doesn’t stop at saving and investing—it requires protecting what you’ve built. At The Estate Planning Law Center, we’ve seen families with strong financial strategies face significant challenges because they lacked an estate plan. Take David and Sarah, for example. They owned their home outright, had robust savings, and even set aside money for their grandchildren’s education. But when David passed away unexpectedly, Sarah discovered their financial stability wasn’t as secure as they thought. The house had to go through probate because it wasn’t in a trust. Their accounts didn’t have updated beneficiaries, leading to delays and disputes. Without a healthcare directive, Sarah faced difficult decisions without knowing David’s wishes. After working with The Estate Planning Law Center, Sarah regained control of her financial future. We helped her create a trust, update her powers of attorney,
Continue Reading... →Every new year brings an opportunity for a fresh start. While many people focus on resolutions like eating healthier or saving money, one resolution that can make a lasting difference is updating or creating an estate plan. At The Estate Planning Law Center, we’ve seen firsthand how an outdated plan can cause more harm than good. Take the case of John and Carol. They created their estate plan over 20 years ago when their children were young, and their assets were minimal. But life changed—new properties, grandchildren, and shifting family dynamics. When John passed away last year, Carol discovered their outdated plan created unnecessary complications: The vacation home they purchased wasn’t included in their trust, so it went through probate. Their adult children weren’t properly listed in their documents, creating confusion over asset distribution. No updated healthcare directives meant Carol had to petition the court for decision-making authority. By contrast,
Continue Reading... →As a new year begins, it’s natural to reflect on where you’ve been and what you want to achieve in the future. For many New Hartford families, estate planning becomes a priority at this time—a way to honor the past while protecting their loved ones moving forward. At The Estate Planning Law Center, we help clients create plans that align with their goals, values, and family needs. Take the story of Claire, who came to us after losing her father. Claire was overwhelmed by the lack of planning her father had done and was determined to make sure her own children wouldn’t face the same challenges. Together, we created an estate plan that reflected her priorities, included support for a local charity her father loved, and provided clear instructions for her family’s future. For Claire, estate planning wasn’t just about paperwork—it was about creating a legacy of love, clarity, and
Continue Reading... →As the end of the year approaches, New Hartford families are busy checking off to-do lists and preparing for the winter ahead. While holiday shopping and snow shoveling might top your list, don’t forget about one of the most important tasks: reviewing your estate plan. At The Estate Planning Law Center, we encourage you to use this time to ensure your plan is ready for the year ahead. One of our clients, Mike, came to us last December with a simple goal: to ensure his family wouldn’t face uncertainty if something unexpected happened. Together, we updated his will, set up a trust for his grandchildren, and reviewed his healthcare directives. Mike said it felt like “checking off the biggest box of all.” How to Prepare Your Estate Plan for the New Year: Review Your Core Documents Make sure your will, trusts, and powers of attorney reflect your current life circumstances.
Continue Reading... →Here are some additional planning tips to bring you peace of mind in the new year. Review your asset allocation. The start of the new year is an excellent time to reassess your investment portfolio to make sure your asset allocation is where it should be to accomplish your investment goals. Additionally, a stock, mutual fund or other investment that out-performed the market two years ago may not have done as well in 2019. If so, take a long, hard look at it. Make a detailed monthly and annual budget. One of the greatest fears among retirees and seniors is outliving one’s life savings. If you haven’t done so already, create a detailed monthly and annual budget. If you already have a budget, be sure to update it to account for any changes in your income or unforeseen expenses. Take a home inventory for insurance purposes. What is the precise
Continue Reading... →It’s impossible to predict what the new year has in store for us. However, if you follow some (or all) of these tips, 2020 should bring you greater peace of mind. Update your estate plan. We’ve said it before, but as an estate planning firm dedicated to making sure your plan continues to address your needs and goals, we’ll say it again: Don’t let your plan become obsolete. It is vitally important to have us review your plan whenever changes have taken place in your life. Has your financial or medical situation changed since your plan was created? Have any of your children gotten divorced and remarried, or started families of their own? Do your beneficiary designations continue to reflect your wishes? Are all of your trusts properly funded? Your estate plan must take all of these issues, and more, into account for it to accomplish your goals. The fact
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