Irrevocable trusts are powerful estate planning tools – and a lot of people use them to protect their assets and control what happens to their wealth after they are gone. However, life circumstances, laws and financial situations can change over time, and that can...
There are multiple, relatively simple ways of transferring specific assets to someone's children when they die. A will is arguably the best-known instrument for arranging for the transfer of property. People can also attach transfer-on-death designations to major...
Many families in New York have disabled family members. Taking care of a disabled family member is a lifelong endeavor for most. Providing for this family member extends beyond the life of the caregiver in many cases. The solution to providing for the long-term care...
Individuals often assume that their health insurance will adequately cover their medical expenses, including long-term care in an assisted living facility or a nursing home. The prospect that insurance coverage will be adequate to cover these costs is low. Most...
Recent changes occurred to the New York estate tax legislation in 2019 concerning Qualified Terminable Interest Property (QTIP). The following will focus on what a QTIP trust is, the benefits of a QTIP trust, and a summary of the estate tax legislation enacted in...
In New York, a trust may be created for any lawful purpose. A trust differs from a will in that a will sets out how a person would like her assets and property distributed after she dies, and a trust creates a fiduciary (trust) relationship where the person authorizes...
People in New York who are creating an estate plan might wonder whether they should use a revocable or irrevocable trust. A revocable trust can be changed at any time in a person's lifetime while an irrevocable trust cannot, but it does not offer the same protections....
Some people in New York may wonder whether a revocable or irrevocable trust would be best for their estate plan. In most cases, a revocable trust, which remains in the creator's control, is sufficient for keeping the assets out of probate so they can pass quickly and...
Many New Yorkers put off the estate planning process because they think they have too few assets to bother. However, an estate plan is important for all adults who want to have the final say in how their assets will be distributed. It can also appoint people to make...
Trusts can act as useful protection for assets, especially ones that need distributing after a person's death. When the time comes to handle those remaining assets, the successor trustee has the responsibility of following instructions involved with administering the...
