New York Estate Planning & Elder Law BlogSome New Yorkers eschew an estate plan because they assume their wishes are very simple. “I just want the kids to split it” is a common refrain. For one thing, default rules in the state do not automatically mean that children will split a parents’ assets. The only way to do that is by ensuring […]
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New York Estate Planning Beyond Taxes
Some mistakenly assume that estate planning only deals with minimizing taxes. With all of the focus on the estate tax in recent weeks it is easy to see how this assumption might gain ground. And it is true that for some families, significant planning must be conducted to ensure that as large a portion of […]
Gifts & New York Estate Planning
Passing on wealth to subsequent generations is a crucial part of New York elder law estate planning. At times, giving assets to others as a gift may be an important part of that strategy. While giving a gift may seem like a straight-forward step, in the overall estate planning process it comes with various complications. […]
New York Estate Planning Feud Ends for Astor Family
The New York Times reported last week on the seeming end to one of the most high-profile New York estate planning feuds in decades. For almost five years Brooke Astor’s only son was engaged in a prolonged battle to settle his inheritance and control over other portions of the family estate. The extended legal saga […]
New York Estate Planning Attorney on Funding of Trusts
This weekend the Times Herald-Record published an article written by our New York elder law estate planning attorney, Bonnie Kraham, discussing a basic estate planning concept–the proper funding of trusts. There is often a misunderstanding among some residents about the effect of signing the trust documents. Signing the trust documents is a necessary but not […]
Famous Feuds and New York Estate Planning Lessons for Every Family
A Reuters story late last week suggested that while estate planning feuds of the famous usually involve millions, the principle issues are the same as those faced by all local residents. Every case must be evaluated individually, but the same main issues are found again and again. That is why our New York estate planning […]
New York Estate Planning Attorney Discusses Beneficiary Designations
This weekend our New York estate planning attorney Bonnie Kraham had an article published in the Times Herald-Record where she explained the importance of beneficiary designations in New York estate plans. These designations are often less well-known than other aspects of an estate plan, such as trusts, wills, health-care proxies, and powers of attorney. The […]
New York Estate Planning Best Done Before Health Declines
When it comes to New York estate planning, timing matters. While it is always better to conduct some long-term financial and well-being preparation than none, there is a large benefit to handling the planning while one is still capable. This means before a medical emergency strikes. Of course, it is also necessary to regularly update […]
New York Estate Planning Lawyer Explains Dangers of Joint Accounts
Many local residents have found themselves facing unexpected problems after trying to create a New York estate plan on their own. Community members often mistakenly believe that joint ownership of property and accounts can be used to avoid probate and transfer assets. While joint ownership may be helpful in certain circumstances, in most cases it […]
New York Estate Planning Pitfalls to Avoid for Widows
No matter what stage in life, all local residents have much to gain from conducting New York estate planning. However, proper financial preparation is particularly vital for those who have assets built up over a lifetime or who are nearing the age when long-term care planning is becoming more of a concern. One group which […]