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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...
Revocable living trusts can be excellent financial options for New York residents who want to protect certain assets by removing them from grantor ownership. The primary goal of establishing a revocable living trust is avoiding the probate process following death....
What is a trust? When creating an Estate Plan, one should always consider whether or not a Trust is a useful way to help ensure that after your passing your assets are distributed in an efficient and cost-effective manner. Generally speaking, Trusts are used to hold...
Putting together an effective Estate Plan requires some proactive effort, but the end result of thoughtful planning with an attorney will ensure that your Estate is distributed in the manner that you - and only you – want. The Primary Advantage of having a Will When...
