Every adult should have certain key legal documents, including a Last Will & Testament (a “Will”), Health Care Proxy, Power of Attorney and a Living Will. However, in many cases, it’s also beneficial to have a trust (Revocable or Irrevocable). Among the benefits...
Preserving & Protecting Your Family’s Assets & Legacy
Estate Law And Asset Protection
What you can do now to avoid probate later
One of the most fundamental estate planning documents is the Last Will & Testament. In a Will, the creator, or testator, can appoint an executor to settle the affairs of the estate, which includes, among other things, paying expenses and distributing assets to...
Medicaid trusts may be a better planning option than transfers to a family member
You've lived in your home for decades, and now that you're getting older, it is time to make some difficult decisions with respect to your estate and/or Medicaid planning. You wish to protect your home for your loved ones should you require long-term care in the...
New York estate tax update for 2022
When you die your estate is not subject to the federal estate tax if the value of your estate is less than the “exemption amount” (Federally) or the “basic exclusion amount” in New York State. For people who pass away in 2022, the Federal exemption amount will be...
Oral claim for one-third of an estate hits snag in court
The passing of a loved one is not an easy transition and many experience financial troubles on top of the grief. While family members are the usual people dealing with this stressful period, close friends and companions are just as susceptible. In the event that these...
How may a generation-skipping trust benefit your family?
You have spent years saving up money for your children, but now that you have grandchildren, you want to provide for them as well. Some families in this situation believe the only way their grandchildren receive an inheritance is through their children first. This is...
When should you update your will?
A will is one of the most important documents to include in your estate plan. In its most basic form, a will dictates how to divide your assets after you die. Without a will, the American Bar Association states that who receives your property after your die could be...
What is a lookback period?
When your parents get older and need more care, you likely will begin investigating how much it costs to live in an assisted-living facility or nursing home in New York. Very quickly, you’ll realize your parents’ nest egg may not cover the high costs. A month in a...
Benefits of adding a trust to your estate plan
New York residents can protect their estate using a variety of financial tools. Although having a will can reduce probate costs and ensure the distribution of your property, it may not meet all your needs. We often help clients establish trusts as part of a...
Could debt affect your heirs?
Debt does not easily go away when you die. In fact, part of the probate process will involve settling your debts. This could spell trouble for your heirs if they expect to inherit significant assets from you, and you failed to protect those assets. According to CNBC,...
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