Americans are confused. They're confused about estate planning and rightfully so, it's a diverse topic. Should you create a will, a trust or both? It depends because they serve different purposes, but both can be beneficial to form a complete estate plan. Will and...
What are my duties as a special needs trustee?
A Supplemental Needs Trust is designed to assist individuals who qualify for certain governmental benefits such as Medicaid and Supplemental Security Income. Also commonly referred to as a Special Needs Trust, an SNT is basically a trust which ensures that...Probate litigation and inheritance-related disputes
The death of a relative is difficult to cope with no matter how the person passes away. Whether it is an aged parent who has finally lost a long battle with old age or illness, or a son or daughter who dies suddenly without any kind of notice, the emotions that...Details emerge about the estate planning of comedian Joan Rivers
Earlier this year, the famous comedian Joan Rivers died after suffering complications during a surgery to repair damaged vocal cords. The comedian’s daughter has since been named as the executor of the late comedian’s estate. In a will dated November 2011,...Why do you need to consider appointing a guardian in New York?
To understand why an adult guardian may need to be appointed, it is wise to look at the duties that such a person will have. If it is clear that these responsibilities would be beneficial, then it may be the right time to set up a guardianship in New York. One of the...Types of taxes due in New York for estate planning purposes
Estate planning in New York is a bit different than most other states because it is included in a small group of states that collects a state estate tax. Even if you don’t live in New York, you may still be subject to this tax if you own property, real estate or...Regarding the identification of assets in your New York will
When a person dies in New York, decisions have to be made regarding the distribution of his or her assets. The New York Surrogate’s Courts are tasked with ensuring that a decedent’s estate is properly distributed amongst his or her beneficiaries....Questions to ask during the long-term planning process
When a loved one becomes too elderly or infirm to care for him- or herself, New York families may be faced with the problem of finding a suitable long term care provider. Whether you need to find a nursing home for yourself later in life or for a loved one, you might...Perpetual trusts are a potential risk for New York residents
Estate planning is a complicated yet important component for individuals seeking to protect their life’s work and provide for their family’s future. On another page of our website we discussed how trusts are essentially tools which can be used to legally...Taking control of your health decisions in New York
Planning for your elderly years often means setting up things so that you can get the long-term care assistance that you need. This is something that should be done in advance, and it is never too early to start. Some things to consider are: — Who will make your...
