Most estate planning advice stories include one theme over and over–plan early and update consistently. Because no one know what the future holds and life changes occur frequently, it is critical to ensure your legal planning will work as you want it to when you need it. However, that does…
You have probably heard the term “Executor.” Under New York law, this is the name given to the person (or trust company or bank) that is named in a Will and instructed to carry out the decedent’s wishes as outlined in a Will. Executors are entitled to a fee for…
Many New York families have vacation homes. While the reference often conjures up images of the super-wealthy wintering in palacial estates, the truth is that owning a second piece of real estate in a favorite location is not only for the elite. Middle class families who prudently save often decide…
The State recently reported on another “will contest” involving a well-known South Carolina family. The story is an example of a very common estate planning problem, disagreement between adult children and a second (or third) spouse. The basics of the family situation are well known. The patriarch, former University of…
How should you decide who you should name as beneficiaries in your estate planning documents? For many, the answer is not too complicated: leave it all to the children. However, just because that model is the most common form of passing on assets does not mean that there are not…
Last week we discussed the recently unearthed will of former Sopranos star James Gandolfini. The document was filed with a Manhattan court late last month, with the actor’s assets being left to a wide range of people including his two children, wife, sisters, and several friends. Those earlier reports noted…
Last month many in the entertainment world were shocked and saddened by the sudden death of New Yorker James Gandolfini at the age of 51. His passing from an apparent heart attack is a somber reminder that none of us know for sure what the future holds. This week reports…
If you read a bit about estate planning you may come across the term “Per Stirpes.” It is an awkward phrase to say, and there is little reason to use it outside the context of inheritance planning. It comes up when one lays out their inheritance designations, perhaps with a…
The New York Times shared a story late last week on developments in the settling of the estate of copper heiress Huguette Clark. It is a reminder of the sensitive nature of estate planning, particularly for those with wealth, and the lengths that all involved parties may go to influence…
Earlier this month we discussed the unique estate issues connected to the murder of a wealthy investor named Raveesh Kumra. Mr. Kumra was murdered during a robbery late last year. It has since been learned that the suspects include several men with connections to alleged prostitutes with whom Kumra apparently…