According to IRS Notice 2014-21, bitcoins are not to be handled as currency in estate planning proceedings. Rather, they are to be viewed as property by courts. This creates some unique scenarios that New York estate planners who own bitcoin should be aware of. First,...
Having a will in place can be a true blessing. Knowing what will happen when you are gone and can no longer voice your preferences can be such a good thing. Your will can see that your property and assets are left to the people or organizations that you want them to...
Changing your will is not that difficult, but it needs to be done right in order to avoid problems later on down the road. Most importantly, during the drafting a new will, the old will must be revoked. Revoking an old will is achieved by including a special statement...
New York allows people to designate how their property and assets should be distributed after they die. Typically, this is accomplished through the formation of a legally valid will as part of a larger estate planning effort. For example, the person who creates the...
Getting a will in place not only assures that your last wishes will be fulfilled but also gives you great peace of mind. In New York, there are certain restrictions and requirements that must be fulfilled for you to have a successful will executed. First of all, you...
People often overlook the fact that a will is usually one of the most commonly used estate planning tools. Generally, you will outline in your will the property and assets you currently possess, and how you want those items disposed of after you die. A last will and...
If you write up a will in New York and then don't have any major life changes -- like a divorce or the birth of another child -- you may just assume it still works. Some people sit on their wills for 10 or 20 years without changing them. However, the reality is that...
Engaging in estate planning often requires careful consideration of many future contingencies. That is an important lesson highlighted by the recent deaths of Robin Williams and Philip Seymour Hoffman. Robin Williams's case in particular demonstrates the need to...
Proper estate planning can be as important to ordinary people as it is for wealthy individuals like celebrities. That's despite the fact that the vast majority of us don't consider ourselves as having acquired a lot of wealth. Perhaps you own a home and a few...
Here in New York, the legal document that tells a court how you want your property and assets distributed is called a last will and testament. Up until very recently, it was fairly easy for the executor of a will to use a decedent's bank statements and unpaid bills as...
