A will essentially serves as instructions for distributing your assets after you are gone. To ensure that your will is legally binding, you should make sure that it meets all state requirements. Under New York estate laws, a will must meet the following requirements:...
It is likely that the vast majority of people in New York who draft an estate plan do so with the intent to leave their assets to their children. In essence, the estate plan is a way to lessen the burden of the transfer of assets to the children, or to make sure that...
As the year comes to a close, New Yorkers are not only thinking about their resolutions for the coming year. With family gatherings during the winter holidays, it is important to think about the future and how to protect your assets and care for loved ones. Estate...
The probate litigation process can be long, time-consuming, expensive and very public. Sometimes it can lead to contentious litigation that can rip apart families. In New York, depending on your estate planning goals, you very well could avoid probate entirely with a...
Even if you have an estate plan, you may not have planned for incapacitation and unable to make decisions for yourself. If you are in a coma, for example, who would pay the bills or manage your business? Who would make your health care decisions? And, if you have...
As your parents age, you might find yourself concerned about their final arrangements, especially whether they have an effective estate plan. This is an understandable concern. After all, your parents have worked hard to generate their wealth, and you want to ensure...
When New Yorkers think about estate planning, they might automatically focus on wills or trusts. However, there are other aspects of estate planning that can also be important. For people who are concerned about what will happen if they are unable to make health care...
When you have children to provide for, there are some additional considerations for estate planning. Where will the children live if you die before they’re grown up? Who will take care of them? Is there anything you can add to your last will and testament to express...
Estate planning can include creating a trust or will, but people may be less familiar with a family limited partnership as an estate planning option. A family limited partnership (FLP) is an entity created to manage and protect family assets. There are two types of...
Many people think that only older people need an estate plan, but do young New Yorkers need an estate plan too? The answer is yes. Not just about death An estate plan is not just about what happens to your assets after you die. It is also about what happens to you and...