When you welcome your first child, your life forever changes. For the first few months, you are busy caring for a newborn—figuring out how to soothe your child, feed them and survive some sleepless nights. While many parents do lots of research on the best car seat,...
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...What are some benefits you receive from trusts?
Trusts are complex legal vehicles, but they can bring some very simple and profound benefits to your estate and your heirs. One key to getting the most out of a trust is understanding what kind of trust you need. Working with a legal professional to choose a trust and...What if a child doesn’t go to college after being given a fund?
As part of your estate, you may want to set up a trust or a savings account for children or grandchildren to go to college. This can be a great way to distribute your earnings, especially if you want to help but you also want to make sure the money is really used the...Can a trust be challenged after the grantor has died?
Even if a deceased person made you sole heir and beneficiary of his or her trust prior to passing away, it is possible that the trust could be challenged in court. For example, if you had one sibling who was disinherited, that sibling may try to invalidate the trust...
