Medical and technological breakthroughs in recent decades have impacted virtually every facet of life–estate planning is no exception. For example, many rules in the field hinge on definitions of legal heirs. In the past, it was pretty clear who those heirs were, typically biological or legally adopted children. When an…
Life insurance is an important piece of long-term financial security for local families. It is entirely reasonable for parents and family breadwinners to wish to provide some security to their loved ones in case the unthinkable happens. However, with money tight and uncertainty about financial security remaining, some are unsure…
The New York Times published an fascinating story this week on a foreign court ruling that is a testament to the way that estate wishes sometimes have ripples effects for decades and generations into the future. Of course, it is critical to note that the legal rules underlying this case…
Unfortunately, there is a tendancy to assume that so long as end-of-life affairs are reasonably spelled out, then everything will go as planned. The reality is that when making estate plans it is usually best to reiterate Murphy’s Law: “Everything that can go wrong, will go wrong.” It is only…
The importance of selecting a trustee to manage a trust or otherwise handle the affairs of an estate is hard to underestimate. There is a misconception that this task is always a “one-time” affair, with the individual (or individuals) taking care of various paperwork details after a death, and then…
It is a common TV and fiction fantasy: your life changes in the blink of an eye when you discover that you’ve inherited a fortune from an unknown relative who passed away. While the dream is far-fetched and rarely based on true-life, it is not entirely without precedent. Every once…
When an individual uses only a will (instead of a trust) and does not have professional advice, there is a greater chance that the intended beneficiaries will not receive the property that the testator (the person who creates a will) wanted them to receive. For one thing, the will itself…
Last week AOL Money shared the story of yet another estate planning feud–this time involving Turkish business magnate Bernard Matthews who died two years ago when he was 80 years old. Like many others, Matthews family life did not quite fit the traditional mold. He married his wife decades ago…
A trust is the central legal tool used to provide the flexibility and protection most residents use when planning for their long term financial, inheritance, and health care needs. There are many different types of trusts which provide different benefits to residents; each type comes with its own rules. However,…
The Defense of Marriage Act continues to make headlines, as several states have now challenged the constitutionality of the federal law which defines marriage as exclusively between a man and a woman. New York is among three states (including Vermont and Connecticut) which currently allow same-sex couples to wed and…