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....
Estate planning is no longer just about passing assets to the next generation. For high-net-worth individuals – particularly those navigating the complicated dynamics of blended families – long-term financial protection is a big priority. Many parents hope to leave a...
A Medicaid Asset Protection Trust (MAPT) is a specialized legal tool designed to help people protect their assets while planning for long-term care expenses and qualifying for Medicaid. Medicaid is a federal and state program that provides healthcare coverage,...
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...
