New York Estate Planning & Elder Law BlogIn recent decades, “pet trusts” have grown in popularity as a way for residents to include their beloved animal companions in their estate plans. Our estate planning attorneys work with residents in this regard, setting aside appropriate assets to ensure pet dogs, cats, and other animals have funds available to pay for their well-being for […]
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Back to the Basics: Trusts Are Not Only For the Wealthy
One of the biggest misconceptions about general estate planning is that a “trust” is something that only rich families need to consider. This perception likely arises from colloquial use of “trust funds” to signify wealthy individuals who are living off substantial earnings preserved for them in a trust. A better understanding of the legal tool […]
Mysterious Will Filed in New York Intestate Case
Earlier this year we shared information about a $40 million New York inheritance that was destined to go entirely to the government. 97-year old former NY developer Roman Blum died in January, leaving behind the multi-million dollar estate. Yet, it seems that Blum conducted no estate planning–no trust was created and no will was found. […]
Back to the Basics: Understanding Medicaid Asset Protection Trusts in New York
The tremendous benefit of planning ahead for possible long-term care needs cannot be explained enough. The typical New York family is understandably most concerned about paying monthly bills, attending birthday parties, fixing up the house, and the thousand other activities that fill the day. Taking the time to think about serious illness, death, and inheritance […]
New Twist in Huguette Clark Estate Plan Controversy
Yesterday there was a new twist in the high-profile New York estate planning story involving Huguette Clark, the woman who died this year leaving behind a $400 million Gilded Age fortune. As we discussed earlier this week, the woman’s family was not provided for in her will. Instead her fortune was given mostly to a […]
Questions Remain About Huguette Clark’s $400 Million New York Estate Plan
New York estate planning is a necessity for virtually all local residents, no matter where on the income scale one falls. Easing the emotional, social, and financial burden on one’s family and ensuring wishes are carried out upon one’s death is important if one has $400,000 or $400 million to pass on. Unfortunately, New York […]
New York Estate Plans Tailored for Those with Multiple Sclerosis
No two New York estate plans are exactly the same. Proper long-term planning demands that each unique life circumstance and family issue be considered and incorporated into the legal preparations. For example, our New York estate planning attorneys have helped many families over the years make special arrangements to provide assistance for family members who […]
Steve Jobs Likely Paid No Estate Taxes By Using Trusts in Estate Plans
News spread quickly last week of the death of Steve Jobs, the popular technology guru who pioneered so many technological marvels with Apple and the animation company Pixar. While Mr. Jobs was a billionaire, those familiar with his estate planning affairs explain that even middle class families have much to gain by following his lead […]
Medicaid Asset Protection Trust Is Important Tool for New York Seniors
A Medicaid Asset Protection Trust (MAPT) is one of the best tools available for seniors who do not have long-term care insurance to protect their assets from the staggering cost of nursing home care. This weekend our New York elder law attorney, Bonnie Kraham Esq., had a story published in the Times Herald-Record where she […]
Many Middle Class Families in New York Use Trusts in Estate Plan
One of our New York estate planning attorneys, Bonnie Kraham, Esq., recently authored an article that shares information on the increasing use of trusts in the estate plan of many local middle class families. The story was published in this weekend’s Times Herald-Record, and explains the various types of trusts that residents can use and […]