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After you pass, and leave behind an estate you cannot always control what happens to your property. Your family or beneficiaries may fight over who gets what, and the estate may be tied up in court for years. However, there are some important steps that yo can take to...
When creating an estate plan, many wonder whether they need a trust, and if so what kind. To that end, there are generally two kinds of trusts, revocable and irrevocable - both of which operate differently, and help achieve different estate panning goals. The main...
Estate planning is something all New York residents should do to protect their families. It’s important to know when you should update some or all of its component documents. There are various situations that make it necessary. Your marital status has changed Whether...
If you live in New York and are nearing retirement, it's an excellent time to consider estate planning. Doing so can help minimize expenses and taxes, ensure your property goes to the proper beneficiaries, plan for any incapacity and safeguard a business you own....
An irrevocable life insurance trust, or ILIT, allows you to invest in a life insurance policy and use a trustee to handle your New York estate. The terms must be irrevocable or unchangeable, and an agreement must be drafted between the grantor and the trustee. There...
One of the drawbacks of having a will as opposed to a trust is that wills tend to be easier to challenge. However, this doesn't mean that you necessarily have the right to contest the terms of a loved one's estate plan. It also doesn't mean that you should pursue a...
If you are wondering what to do when your spouse in New York wants a divorce, here are some things to consider as things unfold. If you have children, don’t move out When divorce is imminent, it is common for one spouse to move out of the family home to avoid the...
The essence of a well-done estate plan is that it distributes the testator's wealth to their heirs with a minimal tax impact -- and a minimum of conflict. With everything carefully and properly taken care of, a person who might wish to challenge the validity of your...
If you are an adult in New York state, it is a good idea to have a will. Creating such a document gives you more control over who inherits your assets upon your death. It also allows you to name a guardian for your children and take other steps to limit litigation...
Estate planning is the only way to avoid the challenges your family could face if you die without a will. Even a business you own falls into uncertainty if you haven't legally named successors for it. When someone dies intestate, which means without a will, their...
