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...
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...
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...
With the uncertain times of the last two years, we all know what we must do. We all must have an estate plan. It does not matter whether one believes they are wealthy, everyone has wealth, even if it is just the joy we give to our loved ones. And, the attorneys at...
New York residents who have gone through the estate planning process have most likely had power of attorney set up. This is an important step in estate planning because it ensures that a person has someone who will take care of their medical and financial affairs...
Many New York City residents have gone through the process of updating or creating their estate plan. This is an important process for everyone, regardless of what stage they are in life. Although every person’s estate needs are different, many families choose to...
As many people in New York City may agree, estate planning needs differ from person to person. For some, a will and a power of attorney are sufficient while for others, trusts may be the next estate planning tool. However, for more complex estates, something more than...
Most people will encounter the estate planning process at some point in our lives. However, few people actually understand, in detail, what the process entails. For this reason, estate planning myths have become ubiquitous. Here are three such myths and why they are...
Many accounts have a “transfer on death” (TOD) provision that allows the assets to go directly to a beneficiary and avoid probate. While this is a good first step towards estate planning, it is important to keep in mind that this is not the only step that should be...
When people are advised of the importance of advanced directives such as a living will or a power of attorney for healthcare to accompany a will or trust, they may also want to consider setting up a financial POA to oversee the financial wellbeing of the estate....