Trusts are either irrevocable or revocable. Many people prefer revocable trusts because they want to avoid placing their assets into a trust whose terms they can never change. Simply put, irrevocable trusts are trusts that cannot be modified or terminated without the permission of the trust’s beneficiary. After passing…
If you decide to establish a trust, you will likely need to select someone to make sure that the trust is administered in accordance with your wishes. A trustee is a person who assumes the position of managing a trust’s assets. The regulations to which the trustee must comply are…
Unfortunately, there’s no one size fits all estate plan. This couldn’t be truer during a year when a large number of uncertainties exist about the future. The Covid-19 pandemic has changed our lives in countless ways, which includes an increased concern about end of life issues. As a result, as…
Estate planning disputes can arise in countless ways. One of the most common types of disputes involves individuals who cannot successfully represent themselves or argue for what is in their best interest like mentally incapacitated adults or unborn beneficiaries. In these situations, a New York judge will often appoint a…
It’s a common predicament. After the holidays have concluded, adult children are frequently left concerned about whether their parents can live safe independent lives. These adults often are left feeling uncertain about what the best decision is to make so that their parents remain safe but also do not have…
The best types of estate planning involves a multi-faceted approach, which both addresses financial as well as health concerns. While many people are aware of the benefits provided by estate planning tools like wills and advance healthcare directives, one helpful but commonly overlooked estate planning tools are life insurance policies.…
Estate planning does not always appear on people’s things to do. Living through the coronavirus pandemic as well as approaching the second wave of the COVID-19 pandemic, however, should change the urgency with which people approach estate planning. New York currently has the fifth-highest number of COVID-19 cases among the…
It’s a common occurrence for family and friends to be the caregiver for disabled and elderly loved ones. In these situations, it is critical to understand that caregiver assignments are legal documents that both define as well as describe how a loved one should be cared for by another individual,…
Communities in New York are dedicated to stopping the spread of the COVID-19 pandemic. As a result, the state has declared various cautionary measures to control the spread of the disease throughout the state. Tragically, despite these measures, New York is still facing a substantially high number of deaths due…
Electronic wills are likely to play a large role in future estate plans. The ability to both create and store a document align has greatly facilitated the creation of estate plans. The Uniform Law Commission also recently passed the Uniform Electronic Wills Act, which has greatly influenced how many states…