A family member steps in to manage your affairs but cannot access your accounts. The bank requires a login. The email is inaccessible. The phone needed for verification is encrypted. In New York, an estate plan that exists only on paper is often a plan that fails...
If a trustee refuses to serve or steps down mid-administration, it can delay distributions and shift control to the court. In New York, specific procedures address these situations, ensuring the trust can continue operating for the benefit of its beneficiaries. When a...
Guardianship is a legal arrangement in which one adult assumes responsibility for another. A legal guardian has an obligation to act in the best interests of the adult ward in their care. The courts have the authority to award guardianship to a competent adult, but...
The half-a-loaf strategy once sounded simple. You gave away part of your assets and kept the rest to cover a Medicaid penalty period. On paper, it looked like a balanced move that protected something while still opening the door to benefits. Now, the picture looks...
When a person is appointed as an estate administrator, executor or trustee, they take on significant legal and ethical responsibilities. Their primary duties are to 1) carry out the terms of the will or trust, 2) preserve the estate/trust assets, 3) ensure the...
Passing wealth to your grandchildren sounds straightforward, but federal tax rules and the New York state estate tax can reduce what actually reaches them. A generation-skipping trust is an estate planning tool that can help you transfer your assets beyond your...
Every testator putting together an estate plan has different needs and priorities. The extent of an individual's holdings, the various relationships they have developed and their personal values all influence what they want to happen with their assets after they die. ...
When a loved one passes away, taxes can be a confusing topic for families. Two terms often come up: estate tax and inheritance tax. While they sound similar, they work in different ways. In New York, knowing the difference helps you understand what happens to property...
A well-drafted rust is one of the most effective estate-planning tools that you may have at your disposal if you want to avoid probate, protect your family’s assets, plan for your long-term care and ensure that your wishes are carried out after your passing. However,...
When planning their estates, many people struggle with how to handle inheritances for certain beneficiaries. They worry that some heirs have not been responsible with money or assets in the past, and fear leaving them resources that could harm rather than help....
