In the past, same-sex couples had to do much of their estate planning individually, seeing as how they could not get married. However, when the Defense of Marriage Act was overturned, same-sex marriages became legal in many states, and this changed the rights that...
Do you have an estate that is worth more than the cap for the amount of gift and estate tax exemption? If you have an estate of any size, a private annuity may be the way to go to avoid taxes that your heirs will have to pay. A private annuity transfers property to...
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...
The baby boomer generation is not getting any younger and more and more individuals in this age category are entering into retirement. However, a lot of them are doing so without any kind of long term care plan finalized. This is because some people think it is too...
Many New York residents wrongly believe that they should wait until they are elderly before considering long-term care planning. If you share that opinion, then you may be woefully unprepared if you should encounter some kind of life-changing event. Imagine a car...
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...
Proper estate planning includes attempting to foresee many potential problems and prevent them before they actually occur. That's because once you are gone your estate will depend on those you have entrusted to look after how your affairs are handled in the future....
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...
Most estate planning begins with the formation of a will. Typically, people will draft a will in order to designate how they want their property and assets distributed upon their deaths. Here in the state of New York, the Surrogate's Court is the venue that will...
Before a New York resident makes the decision to purchase long-term care insurance, it is important to examine the exact likelihood that the insurance will ever be used. In fact, insurance companies often inform their soon-to-be clients that the likelihood of them...
