Estate planning is a complicated yet important component for individuals seeking to protect their life's work and provide for their family's future. On another page of our website we discussed how trusts are essentially tools which can be used to legally transfer...
When it comes to estate planning, whether in Rochester or other areas of New York, the legal jargon can cause confusion. For example, when people hear the term legal trust, it sounds simple, but when they learn that there are many different types of legal trusts, they...
A will may be the estate planning document that most New York residents are familiar with, but a living trust can also be beneficial in certain circumstances. A trust functions in much the same was as a will because it tells how your assets are to be divided, but it...
The cy-pres doctrine is employed when the original charitable purpose of a charitable trust is no longer possible to carry out. Because charitable trusts can continue on into perpetuity, it is not uncommon for trusts to outgrow or outlive their original purposes. When...
In New York, many people set up a trust in order to add a layer of protection and place assets with a specifically designed legal entity. This may be a family member or, more often, a trusted attorney who approves expenditures from the trust. Sometimes it is necessary...
The loss of comedian Robin Williams from this world was indeed a grave one. Nevertheless, it seems that there is at least one positive side to his story, which involves the estate plan he left for his heirs. Indeed, it appears that Williams tied up his loose ends well...
In New York, a trust is something that falls into two categories: a living trust and a testamentary trust. A living trust is set up while you are still living, while a testamentary trust is created after your death. The decision to set up a trust is a very personal...
Perhaps the first thing that people need to understand about creating a living trust, also known as an inter vivos trust, is why a person would want one in the first place. The advantage of creating a living trust is that it will preserve the ownership and disposition...
Estate planning should be a focus of every New York resident's life, but having the proper plans in place can be even more important for parents or guardians of children with special needs. Because Medicaid and Supplemental Security Income recipients cannot have more...
Did you know that it is possible to increase the amount of control you have over your estate plan through the use of a special type of trust? That is right; the incentive trust is a specific program that allows posthumous gifts to be closely monitored according to a...
