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...
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...
Have you ever wondered how to ensure the distribution of your assets to your wishes after you pass? A testamentary trust might be the answer you are looking for. This powerful estate planning tool could help protect your legacy and provide for your loved ones long...
Trusts are powerful estate planning tools that may help you manage and protect your assets. But with different types available, how do you know which suits your needs? Understanding the difference between revocable and irrevocable trusts could help you make an...
When you care for a loved one with special needs, planning for their future becomes a top priority. One powerful tool that could help secure their financial well-being is a special needs trust. Understanding the nature of these trusts and how they can benefit your...
Being a parent is one of the most rewarding and challenging tasks there is. You want to secure your child's long-term care and financial security no matter what the future holds for your family. However, this task takes a whole new level of complexity when your child...
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...
Just because you have a trust fund does not mean that you have to agree with everything that your trustee does, approves or denies. Indeed, during the New York trust administration process, beneficiaries possess the lawful authority to bring a lawsuit against a...
A trust is an estate planning tool that – among many other things --can give you peace of mind that your wishes will be carried out. There are several items that must be included in the trust. Trust elements First, the document should clearly state the purpose of the...
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...