Weinstock Manion is pleased to present the February/March 2020 issue of Insight on Estate Planning, our bi-monthly newsletter. We encourage you to read it for ways to implement your estate plan more effectively, including ways to minimize taxes on your estate so as to maximize its value for your loved ones. We realize that we cannot fully address these complex issues in a few short articles, so we invite you to contact us to discuss your specific needs.
Elizabeth Acevedo Named as the Firm's Newest Shareholder
The firm is pleased to announce that
Elizabeth G. Acevedo has been named a shareholder of the firm, effective February 1, 2020. Beth applies a broad background in estate planning, estate and trust administration and tax law to develop customized, multi-generational estate plans for high net worth individuals and families.
Beth has been practicing since 2010 and joined Weinstock Manion in 2017. She earned her Juris Doctor from the University at Buffalo School of Law, and her Executive LL.M. in Taxation from New York University. While in law school, she served as Note and Comment Editor on the
Buffalo Law Review, and as Submissions Editor for the
Buffalo Public Interest Law Journal.
Executors and Trustees: The Name Game
It's important to name executors and trustees who can provide the necessary expertise in handling assets and duties. This article details the duties of an executor and a trustee. A sidebar explains the need to name successors in the event one's first choice can't meet obligations.
No one likes to think about being incapacitated, but the threat is real. This raises some troubling thoughts about how one's personal and financial affairs will be handled in the event they're incapacitated. This article notes that a common solution to this problem is to create a power of attorney, and explains why the optimal protection is afforded by a durable power of attorney.
The digital revolution has touched virtually every aspect of our lives. The result is that one likely has at least a handful of "digital assets." These assets may include personal assets, such as online bank and brokerage accounts, and business assets, such as a company's website, domain name, client databases and electronic invoices. This article explains that, as with all assets, a person needs to account for them in their estate plan.
Estate Planning Pitfall: You're Hiding Assets Without Telling Anyone
People sometimes keep assets hidden without letting their family know about their existence or location. Similarly, they may have life insurance policies no one knows about. This brief article explains, through a fictional example, why full disclosure to loved ones is recommended.