Estate planning is a critical aspect of everyone's life. It is not just about managing your assets -even though it does that- but also about ensuring you take care of your family members and loved ones after you pass on. Life can take unexpected twists and turns, so...
Preserving & Protecting Your Family’s Assets & Legacy
Estate Law And Asset Protection
Trusts: Revocable vs Irrevocable
A trust can become an important part of your estate plan. There are different types of trusts, and each type comes with its own benefits. Which type is appropriate depends on your goals, and the facts and circumstances of your case. There are two main categories of...
Asset protection tips for New York business owners
Business owners, particularly small business owners, often learn hard lessons on the fly while turning a promising idea into a profitable reality. The possibility of lawsuits, divorce or bankruptcy is the last thing you want to consider while making your dream come...
Asset protection myths debunked
The internet can be both a resource and a liability. Searching for asset protection advice online, like searching the internet for medical advice, could end in prudent information or complete falsehoods written by artificial intelligence. Sometimes, bad advice is...
Four reasons you want to avoid probate
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...
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...
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