Estate planning has certainly come a long way over the last 20 years. You can minimize the complexity now for trying to avoid federal estate taxes and it is much simpler because of how it evolved. Some of it can still be a bit complicated, so focusing on that will be...
Trusts
Creating charitable trusts can be very complex
In 1639, Gardiner's Island in East Hampton, New York, was purchased by an English settler from the Montaukett Indians. The buyer was given the title of the "Lord of the Manor" in a English charter, along with the "right to possess the land forever." Sagtikos Manor is...
Setting up a trust can give you peace of mind
When you are in the midst estate planning, one of the activities will probably be setting up a trust of some sort. The attorney team at has a vast knowledge base for different types of trusts and can make the process airtight. If your...
Help can be had to write a rock-solid trust document
Having an estate plan in place can give you a real sense of peace. Part of that plan can be a trust. A trust can be set up for many reasons. It is a financial vehicle to give or donate money and assets from one person to another person or charity. There are some real...
Understanding cy-pres doctrine and how it applies to trusts
Many people create charitable trusts as part of their estate planning portfolios. Generally, a charitable trust is an allocation of assets that provides funding for certain types of charitable causes. For example, a person with a lifetime interest in classical music...
District Court reverses bankruptcy court’s trust ruling
A U.S. District Court recently made a very big ruling that could impact future cases, but some background is needed to see how things got to this point. The case involves a living trust and a bankruptcy filing. It all began back in 1997, when a woman decided to set up...
Does your estate plan need a trust?
You don't have to use a trust with your estate plan in New York. You can simply divide your assets in your will and call it a day. However, there are some benefits to trusts that you may want to consider. First of all, you may want to begin distributing your assets...
Should I consider forming a trust for a family pet?
There are a lot of things to think about when considering estate planning. Most of us are primarily concerned with what will happen to our assets and property in the event that we should become unable to look after those interests on our own. Your pets can also be...
How are retirement accounts passed to your heirs?
A retirement account is something that you really need to understand when considering your will and your heirs, as it may be a large portion of your overall wealth. There are a few different ways in which it can be passed on, and your will typically does not decide...
What does the term decanting mean for my New York trust?
One of the biggest considerations in estate planning is avoiding an adverse tax consequence. When a person dies and his or her estate goes to another, there is often an estate tax associated with that transfer that must be paid. These estate taxes can be quite...