May 28, 2025 by Ledwidge & Associates
Estate planning is more than just writing a will or creating a trust. One often-overlooked detail that carries significant weight is the designation of beneficiaries. These decisions can directly affect how your assets are distributed and whether your intentions are followed after you pass. Many people in New York assume that once they’ve set up a will, everything is covered. In reality, that’s not always true. Some assets pass outside ... [Read More]
May 21, 2025 by Ledwidge & Associates
Running a successful business takes vision, hard work, and commitment. But one thing many business owners overlook is what happens when it's time to step away. Whether due to retirement, disability, or an unexpected event, having a plan in place for who will take over can protect both the business and the people who rely on it. Business succession planning is the process of preparing for the future transfer of ... [Read More]
Apr 30, 2025 by Ledwidge & Associates
Planning for the future involves more than just writing a will. A comprehensive estate plan ensures your wishes are carried out, your loved ones are protected, and unnecessary legal complications are avoided. But even with good intentions, people often make critical mistakes that create confusion, delays, and financial strain for their families. If you’re creating or updating an estate plan in New York, understanding where things commonly go wrong can ... [Read More]
Apr 23, 2025 by Ledwidge & Associates
When planning your estate, many people focus on real estate, personal assets, and other valuables. However, retirement accounts like 401(k)s, IRAs, and pensions can play a significant role in your overall estate plan. These accounts may not be as tangible as property or heirlooms, but they often represent a large portion of a person’s wealth. Understanding how these assets fit into your estate planning is crucial for ensuring that your ... [Read More]
Apr 9, 2025 by Ledwidge & Associates
No one plans to become seriously ill or incapacitated. But when it happens, having a plan in place can make all the difference. If you are unable to communicate your medical wishes due to an accident, illness, or age-related decline, having the right legal documents can help protect your health, your dignity, and your family. In New York, two essential tools used in this type of planning are the health ... [Read More]
Apr 2, 2025 by Ledwidge & Associates
When putting together an estate plan, most people focus on the assets they own close to home. For New York residents, that often means a primary residence, bank accounts, retirement savings, and personal property. But what happens when you own property in another state? Whether it’s a vacation home in Florida, a rental property in New Jersey, or inherited land in Pennsylvania, it’s essential to make sure these assets are ... [Read More]
Mar 26, 2025 by Ledwidge & Associates
Creating a trust is a key part of estate planning, helping to manage your assets and ensure they are distributed according to your wishes. If you are considering setting up a trust in New York, one of the first decisions you’ll need to make is whether to choose a revocable or irrevocable trust. Both options serve different purposes and come with unique benefits and limitations. Understanding these differences can help ... [Read More]
Mar 19, 2025 by Ledwidge & Associates
Divorce brings significant life changes, and estate planning is one area that should not be overlooked. Many people assume that once a divorce is finalized, their ex-spouse is automatically removed from their will and other legal documents. However, in New York, while some provisions may be revoked by law, relying on state statutes alone can lead to unintended consequences. Reviewing and updating an estate plan after a divorce ensures that ... [Read More]
Mar 12, 2025 by Ledwidge & Associates
Planning for the future is important, especially when it comes to protecting your assets and ensuring your loved ones are taken care of. Many people assume a will is all they need, but a living trust offers significant advantages. It provides greater control over how your estate is managed and distributed while helping your family avoid unnecessary stress and expenses. Avoiding Probate and Reducing Delays One of the biggest advantages ... [Read More]
Mar 5, 2025 by Ledwidge & Associates
When thinking about an estate plan, many people focus on legal documents like wills, trusts, and powers of attorney. However, one crucial aspect that often gets overlooked is life insurance. Life insurance isn't just a tool for providing financial security to your loved ones in the event of your passing; it can also play an important role in complementing your estate plan, ensuring your assets are distributed according to your ... [Read More]