Creating an estate plan can give you peace of mind at any stage of life. If you pass away unexpectedly, your estate plan ensures that your loved ones have the support they need, your children will have a loving home and your business remains secure and prosperous....
The benefits of an irrevocable trust
When forming a trust, many people opt for a revocable arrangement. This means that you can alter or dissolve the trust during your lifetime. An irrevocable trust doesn’t have this advantage. But it comes with a different set of benefits that makes it worth...Using an irrevocable trust to qualify for Medicaid
To qualify for Medicaid coverage of long-term care in New York, you cannot have more than $15,450 in assets. But with nursing home costs as high as $6,000 to $7,000 a month, you may need Medicaid benefits to afford your care. If you want to qualify for Medicaid...Parents of minor children may prefer leaving assets in a trust
Parents of young children usually have different estate planning considerations than parents of adult children have. One of those considerations should be who to appoint as the guardian of minor children in case both parents unexpectedly pass away. However, a less...4 types of trusts you have probably never heard of
Trusts are arguably one of the most useful and versatile documents a person can add to an estate plan. They offer creative solutions to money management while offering efficient ways to provide for one’s heirs. Most New York residents have heard a great deal...Have a loved one with special needs? There is a trust for that
All parents worry about the long-term health, safety and wellbeing of their children. However, parents of children with special needs face challenges the rest of us do not. Not only must these parents care for their special needs family members far longer than parents...The components of a trust
A trust document allows you to spell out how you want the property contained inside the trust to be distributed to beneficiaries. This article will discuss the various essential components of a trust that are required for its creation. First, you need to have an...Who will manage your trust? Choosing a trust administrator
When a New York resident decides to create a trust, one of the most important decisions they must make is who will serve as trust administrator. It is crucial to think about this decision carefully before making the decision. After all, this person will be responsible...Let a lawyer refamiliarize you with living trusts
The term “living trust” has fallen by the wayside in recent years, but this type of estate planning document is still relevant. What is a living trust? It is a type of trust you establish during your lifetime instead of a will or other legal document that...Planning for estate taxes in New York
Tax consequences are something that all New York residents need to consider when planning their estates. Indeed, if you do nothing to limit your estate tax liabilities, the inheritance you plan to leave to your heirs could be much smaller than you think it is. Federal...
