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,...
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...
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,...
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...
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...
Estate planning can be complex, especially for blended families. Unique challenges arise as individuals strive to protect their loved ones and ensure their wishes are honored. Understanding these challenges can help families navigate the process more effectively. 1....
Authorizing a person to have power of attorney is a crucial part of both estate and long-term care planning. Giving someone power of attorney is equivalent to giving them the reins to your estate or health. It is a huge responsibility for anyone to undertake. If you...
When you are in your twenties or early thirties, building your career and enjoying the freedom of a single life, estate planning might seem irrelevant. It is a common misconception that only married couples or older individuals must concern themselves with such...
Selecting the right trustee is crucial when setting up a trust in New York. This person or entity must manage your assets and carry out your wishes. A trustee's role is complex and requires careful consideration. Understanding the qualities of an effective trustee can...
Choosing people you trust to make decisions on your behalf if you are no longer able to make your own is an essential step in the estate planning process. You may do this by creating powers of attorney (sometimes referred to as POAs). There are several types of POAs...