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....
When you and your spouse have built a life together over the years – with a shared home and merged finances – it’s only natural to think your estate plan should be shared, too. But is that really the best option for you? Many couples assume that a joint will can cover...
Estate planning is no longer concerned just with physical assets like your homes, bank accounts and family heirlooms. These days, you also have to consider your digital assets – which include everything from cryptocurrency and cloud storage of your photos to your...
When applying for the Medicaid program, familiarizing yourself with its eligibility rules is necessary. The one element you must not overlook is the allowable asset and income limit. Exceeding the allowable limits can complicate your application, which may lead to...
If you own property in more than one state, it’s important to understand how that can affect your estate plan. One issue that often surprises families is the necessity for multi-state probate – an extra legal process that can be time-consuming, expensive and...
Most people associate the phrase “prenuptial agreement” with celebrity marriages and high-stakes divorces. In truth, a well-drafted prenup is not just a tool designed to make divorce easier – it’s also a solid part of a broader estate planning and asset protection...
