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...
In North Carolina Department of Revenue v. Kimberly Rice Kaestner 1992 Family Trust, a beneficiary received a tax bill from the state for over $1 million.The problem? She had not received the income the state was attempting to tax. The state was attempting to apply a...
Tom Petty, the world-renowned singer-songwriter, passed away in 2017. His beneficiaries include two adult daughters and a wife. His wife at the time of his passing was not the mother of his children.Like most blended families, the death of the uniting factor -- in...
A trust is an estate planning tool that can reduce one's estate tax obligation. As a result, some may think the increased estate tax exemption rates that went into effect with the passage of the Tax Cuts and Jobs Act (TCJA) have made the need for a trust...
A special needs trust is a legal document that can help to better ensure the care of loved ones who are unable to make decisions on their own. This legal tool, also referred to as a supplemental needs trust, offers many benefits.What are the benefits of a supplemental...
New Yorkers are our own breed: Our pets are our 'fur babies'. They come in all sorts of shapes and sizes and are, unequivocally, an integral part of the family. Perhaps a tough thought, but what happens to them should you pass away? Here's a chilling fact: the law...
Many of us are animal lovers and non-human companions come in a lot of shapes and sizes. As we have noted in another section of our site, millions of New Yorkers have pets they love as much as (or perhaps more than) family. Understandably, it's not unusual for pets to...
