New York Estate Planning & Elder Law BlogFor 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 […]
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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 […]
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 […]
Remedying Estate Planning Mistakes with Trusts
Even the most cautious and informed people sometimes end up making estate planning mistakes that result in unintended consequences for loved ones. A trust might have become outdated due to the introduction of new laws. Or, unforeseen life events might have left a person’s estate planning goals impossible. As a result, it is vital to […]
When a Beneficiary Passes Away before a Testator in New York
One of the most repeated pieces of estate planning advice is to routinely review and update estate planning documents. It is particularly important to revise estate planning documents following major life changes or if a beneficiary under a will passes away before the testator does. If a person fails to make the necessary estate planning […]
Mistakes to Avoid When Establishing Trusts, Part 2
This is the last post in our in-depth series of trusts and why and how to include them in your estate plan. For prior topics, click here. We were last discussing common mistakes we see in the establishment of trust instruments. Our last post examined failing to fund the trust. The next topics surround beneficiary […]
Lessons Learned from In re Peter Val Preda Trusts
The Vermont Supreme Court recently heard the case of In re Peter Val Preda Trusts, which introduced some important estate planning issues that all individuals interested in creating trusts should understand. Both the individual who created the trust as well as his wife were deceased. In June 2018, the petitioners requested the Georgia probate […]
Irrevocable Trusts and Divorce: Words of Caution
A recurring theme in estate planning is that it is not a once and done activity. Instead, it is critical to revise estate plans following major life changes. One of the countless life changes that many people still do not think necessitates changes to estate plans is divorce. In reality, divorce changes a number […]
A Quick Guide to Revocable Trusts
Estate planning is a difficult activity, but it’s a necessary one. Many people, however, that estate planning is only necessary for the richest of the rich. In reality, most people can benefit from some form of estate planning. There are a number of different options when a person begins to consider how to create […]