Tag: legal

Creating a Trust: What You Need to Know

Nydia Menendez
Revocable Trust

by Estate Planning Attorney Nydia Menendez You have probably heard some common myths about Trusts: “A Trust is only for wealthy people,” or “I don’t have a great deal of assets, so why do I need a Trust?” Others may think “I already have a Will, isn’t that enough?” or “A Trust is too expensive.” But, if this was a True or False quiz, the response to each of those myths would be a big, fat FALSE!  What is a Trust? Here we will be talking about a Revocable Living…

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Points to Consider Regarding a Will

Nydia Menendez
Points to Consider Regarding a Will

by Estate Planning Attorney Nydia Menendez This may be the most myth-dispelling article you will ever read on the topic of Estate Planning. That’s because Wills are the Estate Planning tool with which most people are familiar. And people also believe Wills are sufficient for their needs. In fact, most clients call our office asking to prepare a Will so that they can leave their affairs in order and their loved ones taken care of. But is a Will the best way to do that? Our goal is to clarify…

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What is Guardianship?

Nydia Menendez
What is Guardianship

by Estate Planning Attorney Nydia Menendez When people hear the word “Guardianship”, they tend to think of someone taking care of a minor child. However, Guardianship also comes into play when someone over 18 years old is alive but does not have capacity to care for themselves or manage their affairs. The incapacitated person, who could be a minor, someone with special needs or a disability, or any person who has lost capacity, is the Ward. The person with responsibility and authority over the Ward is the Guardian. The Guardian…

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Probate: A Nightmare to Avoid

Nydia Menendez
Probate Court

by Estate Planning Attorney Nydia Menendez When someone passes away, their estate consists of everything left behind, including all the deceased person’s assets. Many people think a Will is the key to planning and leaving their affairs in order for when the time comes. But that is not the case. In fact, Wills are very ineffective because they must be administered by a court through the probate process. Simply stated, when someone dies, with or without a Will and nothing more, the dreadful probate process is required. There are several…

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Where Would Our Pets Be Without Family Members Who Love Them?

Nydia Menendez
where would our pets be

by Estate Planning Attorney Nydia Menendez As an estate planning attorney, I understand the value of protecting our loved ones. And as a passionate pet owner, I believe that protection must also extend to our four-legged family members as well. That’s why, when clients have fur babies in their families, I offer a comprehensive (and complimentary) Pet Trust for that family. For many of us, our pets are part of our family, much like a child. Yet, we see many plans (not prepared by our firm) which fail to address…

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Planning to Protect Special Needs Beneficiaries

Nydia Menendez
special needs

by Estate Planning Attorney Nydia Menendez In matters of Estate Planning, there is never a one-size-fits-all document. Every family is different, and each of its members have specific needs and concerns that must be met using various planning tools. When a person’s Estate Plan includes a beneficiary with special needs, mentally or physically disabled, the planning needs to include the right tools to implement a Special Needs Trust. Otherwise, if the distributions are done outright to the family member with special needs, this could jeopardize their eligibility for government benefits…

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Puerto Ricans: Non-U.S. Persons With A Lower Tax Exemption

Nydia Menendez

by Estate Planning Attorney Nydia Menendez Our great forefather, Benjamin Franklin warned that “in this world nothing can be said to be certain, except death and taxes.” One good example is the Estate Tax. The Estate Tax is levied on the value of a person’s worldwide assets at the time of death. Currently the Estate Tax has a $10 million exemption; adjusted for inflation the exemption is $11.7 million in 2021 (which is set to be reduced to $5 million by 2026, if not sooner). But, as is the case with…

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Michael Jackson … This Estate Plan Is A Thriller

Nydia Menendez

by Estate Planning Attorney Nydia Menendez   Michael Jackson was born on August 29, 1958 in Indiana. When he was only eight years old, he joined the family music group composed of Michael and his four brothers Tito, Marlon, Jermaine and Jackie. They were called the Jackson 5. Michael was a musical prodigy and soon became the lead voice of the group. His singing and dancing talents were extremely mature for a kid that age. By the 1970s the Jackson 5 became one of the most accomplished black pop/soul vocal…

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Elvis Presley’s Estate … Not Quite Fit For A King

Nydia Menendez

by Estate Planning Attorney Nydia Menendez   Elvis Presley was an American singer, musician and actor, well known as an iconic global symbol, winning the title “King of Rock and Roll,” or simply “The King”. The King sold over one billion records, starred in 33 films, made history with television appearances and specials, and played many record-breaking live concert performances in Las Vegas and throughout the country. Elvis died at his Memphis home on August 16, 1977, at the young age of 42, from heart failure related to drug addiction.…

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Walt Disney’s Daughter’s Estate Plan Left Much To The Imagination

Nydia Menendez
Sharon Mae Disney

by Estate Planning Attorney Nydia Menendez Walt Disney passed away in 1966 at the young age of 65. His Estate was valued at 23 million dollars. Walt was a good steward; he had done Estate Planning which left half his wealth to charity – an excellent way to reduce taxes. The other half went to his wife and two daughters, Diane and Sharon, in a Trust. So, why am I talking about this famous Estate? Because even though Walt Disney did good planning, the youngest daughter – Sharon – may…

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