A terminal diagnosis often prompts a rapid shift in priorities, and the importance of estate planning. In New York’s complex legal landscape, decisive estate planning preserves autonomy and eases future burdens on loved ones. Illness, especially fatal illnesses,...
Many New Yorkers will have to go through the trial of watching a loved one progress through the stages of dementia. Many others will experience Alzheimer’s Disease or other types of dementia themselves. Dementia is a progressive disease, meaning that early on, people...
Creating an estate plan should help solidify your vision of the future. Yet, all of that can be thrown into doubt if you have heirs and beneficiaries who you’re concerned will squander away or otherwise mismanage their inheritance. This, in turn, can threaten to cut...
In New York, managing personal assets requires flexibility, security and efficiency. One powerful way to achieve this balance is through a living (revocable) trust. Unlike wills, trusts offer distinct advantages during your lifetime, not just afterward, and New...
A living will is one of two advance medical directives that people can add to their estate plans. They can also fill out health care proxy paperwork to appoint a trustworthy person to make medical decisions on their behalf if they become incapacitated due to illness,...
When you create a trust, you must pick a trustee to manage the assets. The trustee has a duty to manage the assets for the benefit of the designated beneficiaries, and this can be a serious responsibility. Depending on the terms of your trust and the assets involved,...
New York parents building an estate plan should not overlook one important piece, which is setting up a guardianship for their children. Guardianship allows someone to take legal responsibility for children if neither parent is available. As your child’s parent, you...
Trusts are very useful estate planning tools because, among other qualities, they are adaptable to many purposes. Many people set up a trust to go into effect only upon their death, like a will. But you can also set up a trust to go into effect during your life. If...
Picture this: you've spent your whole life building your legacy, working hard to provide for your loved ones and securing your future. But what if, when the time comes, the state decides what happens to everything you've worked for? Dying without a will can come with...
Generation-skipping trusts (GSTs) are estate planning tools that transfer assets directly to grandchildren or later generations, skipping the trust creator’s children. Contrary to popular belief, GSTs are not only for wealthy families. Regardless of your economic...