New York Estate Planning & Elder Law BlogBy now most people know that trusts avoid probate which is required with a will — if there are “probatable” assets, in other words those in your name alone. While many assets can be set up to avoid probate by putting joint owners on or by naming beneficiaries, titles to real estate in New York […]
Search Results for: New York trust lawyer
Avoiding Guardianship in New York
For the ever-increasing number of those who become legally incapacitated later in life (i.e. unable to handle their legal and financial affairs) having a legal guardian appointed looms as a distinct possibility. A guardianship proceeding may be commenced by a hospital, nursing home, assisted living residence, family member or a professional involved in the affairs […]
Considering Using a Will vs. Trust in Your Estate Plan
Many people were forced to think about how to adequately manage their estates in 2020. While a will and last testament was for many years the most common estate planning, trusts have grown in popularity. As part of a will, a person must specify how his or her properties should be distributed after that individual […]
New Jersey Court Decides Influential Elder Law Case
Many legal scholars and others who are impacted by elder law issues are positively responding to a landmark decision in favor of people who care for their parents at home. This decision has the potential to result in a substantial increase in the number of homes that are transferred to caregivers. The case in question, […]
California Court Decides Sonoma Trust Case
A Court of Appeals in California recently affirmed a trial court’s award of attorney fees to a trust. This decision came after the trust tried to enforce a conservation easement. The defendants in the case owned land and were accused of intentionally violating an easement. This case raises an important lesson about the role that […]
5 Mistakes in Trusts Or Wills that Courts Might Correct
The value of carefully drafting a trust or will is emphasized by understanding the limited situations in which a court corrects mistakes that might arise in trusts or wills. The court’s response varies based on not the jurisdiction, but also often the type of estate planning mistake that was made. This article reviews some critical […]
3 Things to Consider about Handwritten Wills in New York
Following his passing on January 23, 2021, Larry King’s widow remains locked in a dispute with the late celebrity’s son concerning the distribution of King’s assets. While estate battles are often challenging, this case is particularly complex for several reasons. One, a divorce was pending between Larry King and his widow. Additionally, King’s widow alleges […]
Deciding Whether a Revocable or Irrevocable Trust Is Best For You
Trusts are either irrevocable or revocable. Many people prefer revocable trusts because they want to avoid placing their assets into a trust whose terms they can never change. Simply put, irrevocable trusts are trusts that cannot be modified or terminated without the permission of the trust’s beneficiary. After passing assets into the trust, a […]
A Quick Guide to Spousal Lifetime Access Trusts
While the coronavirus pandemic has left many people uncertain about what the future holds, now might be an excellent time to take advantage of a historically low tax environment. Although it is unclear how long rates created by the Tax Cuts and Jobs Act of 2017 will remain low, remember that many provisions of this […]
Trusts and Family-Run Government Contractor Companies
It’s a common tactic for families to utilize trusts to both own, control, and transfer ownership of family businesses. Among other reasons, these trusts help to achieve goals related to asset protection, tax savings, and estate planning. If your family-run business is also a government contractor, it is critical that you be aware of […]