When someone passes away, the basic principles of settling the estate seem straightforward: collect assets, pay off debts, and distribute what is remaining per the deceased’s wishes. While that cursory sketch appears easy enough, in practice, dealing with these matters can take years, have a significant cost, and result in…
This week Forbes published an article that outlines the basics of how to fund an estate plan for spouses. The story is a helpful reiteration of many of the basic issues that are common for all New York couples thinking about their future and trying to create security no matter…
Most lists of “common estate planning mistakes” include the frequent error of failure to properly update beneficiary designations. Yet, even that mistake is deceiving, because updating is just one thing to consider with these designations. Even if the names are evaluated on a consistent basis, it is still important to…
The New York City Bar Association’s “Committee on Animal Law” recently released a helpful report on the many different legal issues to consider regarding the care of your pet in an uncertain future. The document offers a comprehensive examination of a wide range of issues which many fail to consider.…
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…
Estate planning attorneys frequently urge residents to be careful about creating long-term plans to avoid family feuding. Careful consideration of inheritances, open communication between families, and prudent use of tools like trusts are usually the best way to ensure that families are not torn apart after a passing. Some seniors…
If you pass away without a will designating how you’d like your affairs to be handled, you are deemed to have died “intestate.” Some of the most significant legal battles and family feuding occurs in those situation because it is essentially a free-for-all. Generic legal rules apply, but without any…
Feuding after a death has been common for centuries. However, observers point out that in recent years estate battles have actually grown and more frequent. The trend is noted for all families, both those with sizeable wealth and those of much smaller estates. It is a crucial reminder for residents…
One common excuse for putting off basic estate planning is the assumption that others–spouse, children, siblings, close friends–already know exactly what you want, and so there is little need to go through the legal hoops to solidify it. Sadly, in the aftermath of a passing, there is no way to…
Drafting a will can be a delicate process, because various legal requirements must be met before the document will have any legal effect. Cases abound of wills which were thrown out because they did not conform to the technical requirements. Ensuring that everything will be done pursuant to legal rules…