Did you know that the IRS will still demand an estate tax on the property that devolves to your beneficiaries? If not thought out, the estate tax would massively diminish the portions beneficiaries ought to receive. Estate taxes are separate from probate fees that are...
Good health is no guarantee for anyone in New York, young or old. Sometimes a person is so injured or ill that they are incapable of making decisions on their own behalf, for example, if they are in a coma or develop dementia. In such situations, the vulnerable adult,...
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...
You will want to name an executor or personal representative to help administer your estate after you’re gone. Most people think that a family member is the best person to perform this task. However, this may not always be the case. Estate administration is a big...
People in New York plan for many aspects of their lives. This is important to do and it should include one of the only guarantees in life which is that everyone passes away at some point in time. It may not be something that people like to think about, but as they...
There’s no beating around the bush. If you want to protect your healthcare decisions, your financial decisions, your assets, and your loved ones’ wellbeing, then you need to engage in holistic estate planning. If you don’t, or you only put forth minimal effort, then...
When making an estate plan, you want to avoid mistakes. And one of those mistakes could be choosing an executor who just is not the right fit or is just plain incompetent. The responsibilities of the executor run the gamut and remain vital in helping you pass along...
For Millennials, at this point in their lives, they should be concentrating on buying their first home, getting married and maybe, even having children. Unfortunately, with souring student loan debt, Millennials are often delaying these major life event, especially in...
While estate planning can sometimes be a difficult subject to broach, it is often one of the most important conversations for a family to have. Estate plans are not just for wealthy individuals. Instead, estate plans are varied and nuanced and can help address a...
The connection between presidential politics and estate planning is undeniable, as policies tend to change depending upon who sits in the White House. That’s why it’s essential, especially for high-net-worth individuals, to review your current estate plan and examine...
