Many estate plans require the person who owns the assets of the estate to place significant trust in another person to take possession of the assets and to manage them in a manner that does not violate the trustee’s duty of care to the person creating the trust...
Your family may enjoy the vacation home over in Cape Cod, or perhaps even a beachfront property down in the Carolinas. Whether it is a place to vacation in the summer or to escape the New York winters, it may be a haven where your family gathers together. However,...
In New York, when someone writes a will, it details how they want their property to be distributed and to whom at the time it is written. However, with life changes will likely come a desire to update a will. There could be a divorce, a new marriage, children,...
Many New Yorkers use trusts as vital parts of their estate plan. And of course, each trust requires the appointment of a trustee. What happens if the person who makes the trust (the “settlor”) makes a vital mistake in managing the trust? Can the trustee be removed?...
Many people are aware that they can create an estate plan, but they may not be aware that there is another option to protect their assets. Asset protection planning can help protect an individual’s assets from creditors, certain taxes and other claims. Asset...
It can be difficult to think about needing assistance from other people as we age, however most individuals will need long-term care in their lifetime. Long-term care planning Long-term care refers to services that an individual uses when he or she is no longer able...
Many New York residents have taken the time to create an estate plan. Estate plans are important for allocating your assets upon your death and to direct your financial and medical needs in the event that you become incapacitated. A letter of instruction is another...
Many New Yorkers might wish to try to qualify for Medicaid in order to pay for long-term care like a nursing home stay. Doing so will require some carefully planned giving and estate organization in order to be effective. For many other people in the city, this is...
The executor of a will has several important responsibilities when enforcing a New Yorker’s will and administering an estate. In cases where a person dies without a will, the appropriate Surrogate’s Court will appoint an administrator of the estate. Although this...
Often, a will goes through the probate process and the estate is closed without issue. Sometimes, however, the beneficiaries of the will want to challenge it, known as a will contest. If the beneficiaries are unhappy with their share of the deceased person's assets,...