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...
Although New Yorkers are worried about their own well being, those married also put much effort into caring for and about your spouse. This is why discussions about the end of their life and their estate plan are essential throughout a marriage. While understanding...
While some people in New York are diligent about preparing wills, trusts and other documents related to estate planning, one area that sometimes gets overlooked is establishing a power of attorney. Not having a power of attorney in place can have repercussions in...
