Creating your estate plan can be complicated, and if you have a disabled loved one, your plan can be even more complicated. One option you have available to you in New York is the special needs trust, also referred to as a supplemental needs trust. The special needs...
Unlike what movies and TV would have you believe, the administration of an estate does not occur immediately after someone passes on. Typically, a trustee does not begin handling a trust until after the funeral and memorial arrangements. Trusts can stipulate assets...
It is nearly unheard of for the death of a celebrity to lead to positive headlines about estate planning. The typical news that follows is about who has been disinherited and what feuds arose out of the proceedings. There are several reasons why celebrity cases should...
Many Rochester, New York residents may have heard horror stories about families who go through long waits and a lot of hassle during the probate process and be told that they need a trust in order to "avoid probate." While it is true that having a trust cuts out much...
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 about...
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...
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...
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...
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 goes into...
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...
