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When planning your estate, you may encounter the terms revocable and irrevocable trust. Each one serves a unique purpose and offers distinct advantages. It is essential to understand the critical differences between these trust types. Doing so could enable you to make...
You may be interested in bringing up estate planning with your parents. They’re getting older and you want to know if they have a plan in place. You’re just not sure how to bring the topic up. Fortunately, there are some steps you can take to make this conversation go...
When you turn 18, it’s possible for you to make an estate plan. You cannot do it when you’re a minor, so this is your first chance to get a plan in place. But you may find yourself wondering why it would even be necessary. Maybe you just graduated from high school and...
Imagine this scenario: You rush to the hospital after learning your long-time partner has been in a serious accident. As you arrive, your heart racing with worry and fear, you confront a harsh reality. Because you are not married, you have no legal right to make...
If you passed away today, who would take care of your child? You may say that your spouse would do so, but what if neither one of you were there to provide this care and upbringing yourselves? Who would step into that role? This can be a concerning question for...
Every adult 18 and older should have the most basic aspects of estate planning — a simple will, an advanced care directive and a power of attorney. More complex estates might include trusts as well. But New Yorkers would do well to take a page from our European...
Creating an estate plan requires you to think carefully about how you’ll pass your assets down to your beneficiaries. If you only have simple assets, you may be able to pass everything down in your will. If you have more complex or valuable assets, you may need to use...
One of the most important aspects of estate planning is making medical decisions in advance. This is part of the reason why it’s beneficial for people to have a plan even when they are young. They can still use a medical advance directive to make decisions or a power...
When it comes to making decisions for someone unable to make them for themselves, two legal arrangements often come into play: guardianships and powers of attorney. While both serve similar purposes, they have key differences that are important to understand....
New York, unlike most states, has an estate tax. That means large estates may end up being subject to state as well as federal estate tax. Like federal estate taxes, state estate taxes can be avoided or at least minimized with careful estate planning. New York has...