Trusts Planning

If you’ve written a will, you may feel like your estate is now protected. However, while that is true for your current situation, it’s not necessarily the case for the future. Your will needs to be updated regularly because your life, and your estate, is likely to change. Here are a few reasons why it’s...  read more

Creating a trust is one way of ensuring that your heirs are taken care of and that at least some of your assets do not go through probate. Trusts also have some tax benefits and give you some control over how your heirs use their inheritance. If you are married, you and your spouse could...  read more

There are a number of different types of trust funds you can create to leave assets to your heirs. One of the more limited types of trusts is called a spendthrift trust. This type of trust does not give the beneficiary direct access to any of the money in the trust. Instead, the trust pays...  read more

If you have had a major falling out with a family member, you may want to legally disinherit them. This term simply means you leave them nothing in your will. Legally, they are not entitled to any asset or part of your estate. Of course, as with any legal action related to your estate, there...  read more

You may have heard of someone leaving one of their children or other relatives a dollar in their will. Why would they do that? Was it a joke? In many cases, leaving someone a token inheritance is not a joke. It’s actually a legal strategy that can help stop that person from contesting the will....  read more

NEW YORK – The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit, which shows that total household debt increased by $193 billion (1.4%) to $14.15 trillion in the fourth quarter of 2019. This marks the 22nd consecutive quarter with an increase, and the...  read more

Generally, when a person is writing a will, they talk to the person they plan on naming as their executor to let them know that such a responsibility is coming. This is, ideally, the best time to decline being named as executor. However, circumstances may lead to you being named executor of an estate without...  read more

When a person dies, their estate will go through the probate process. The main point of probate in New York is to examine the person’s will or other document to determine if it is valid and legally binding. If it is, the process can be quite short. If it’s not, however, or if there’s a...  read more

If you have a good amount of money or other assets, you likely want to make certain your heirs receive this inheritance and use it in a way that helps them get ahead in life. However, if you simply leave them your assets in a will, they can legally do whatever they want with the...  read more

One of the reasons why you may want to create a trust instead of a will is because wills can be easily contested. While the contesting party may not always get the result they want, contesting a will does leave your legitimate heirs stuck in court for quite some time. However, while a living trust...  read more