Serving as the executor or administrator of an estate means settling all of the obligations of the deceased person. It also means distributing their assets in compliance with their wishes. Some people become so fixated on that second requirement that they don't fully...
Year: 2020
Will the New York courts uphold a no-contest clause in your will?
There are many reasons why you might suspect that someone in your family would challenge your last will. Perhaps you chose to disinherit one of your children or maybe you know that your relatives will fight no matter what you do. A challenge to your estate could...
What can you do when you need to disinherit a beneficiary?
No one hopes to disinherit a beneficiary named in their will or trust. Yet, relationships change over time, and you may now find yourself estranged from one of your beneficiaries. Or, the beneficiary in question might have endured personal hardships that could make it...
What Are Medicaid’s Asset Rules?
The Medicaid requirements may appear like an additional indignity when entering an assisted living facility or placing a loved one in long-term care. The majority of the remaining money you have left is liquidated before that Medicaid initiates. Medicaid is...
Do I need a trust for my newborn child?
The birth of a first child is the first time many New York residents think about estate planning. One question that parents often have is if setting up a trust is a good idea now that they have the responsibility of caring for a newborn. There was a time when many...
5 reasons people don’t do their estate planning
If you haven’t done your estate planning yet, that’s understandable. Most people haven’t. Throwing age out entirely, studies have found that the majority of Americans have no plan -- despite generally acknowledging how important planning is and saying that they...
Setting up a special needs trust
You know that your son needs around-the-clock care. For years, you and your spouse have provided it as much as you could and with a little help from others. Your son is severely disabled with limited physical and mental capacities, requiring a wheelchair and extra...
What 3 factors should you look for in a guardian for your kids?
It is often difficult and stressful for people to consider their own eventual death and try to create an estate plan. Just needing to distribute your property to people can be a difficult series of decisions. If you have to worry about who will care for your children,...
How to Prepare Your Heirs for an Inheritance
Many New York families own significant assets and have one or more adult children who will receive an inheritance. The amounts bequeathed generally are significant but can have varying effects on the beneficiaries. That makes it important to discuss pending...
When should you revise your estate plan?
Many people consider estate planning to be a one-and-done task. They take the time to develop a comprehensive plan and then put it completely out of their minds. Unfortunately, significant life events necessitate a revision to one or more parts of the plan. While not...