There are two main types of trusts: revocable and irrevocable. Basically, each trust is self-explanatory on the surface. For the most part, you have unfettered ability to revoke or amend a revocable trust. In contrast, it is extremely difficult and sometimes impossible to revoke or even amend an irrevocable trust.…
In the second part of our two-part series on recognizing fraudulent Wills, we will continue to explore various characteristics of a Last Will and Testament that might indicate it is fraudulent. While some of the factors in the first part of this series might be a little more obvious, the…
Unfortunately, there are many unscrupulous people in the world that will go to great lengths to take advantage of certain situations. This is true when it comes to a person’s Last Will and Testament. While you might never contemplate changing a person’s Will to suit your needs, that does not…
Once a tool for extremely wealthy individuals, trusts have gained in popularity over recent decades. Changes in laws governing trusts and the development of new approaches to estate planning have made trusts an invaluable tool for many working class families to ensure they are able to provide financial security to…
Advance directives for health care are legal documents that ensure an individual’s wishes are carried out if he or she cannot make decision. New York State recognizes three types of advance directives including a health care proxy, living wills, and do not resuscitate orders (DNR). Even younger and more healthy…
In the second part of our series on the topic of things you need to do when a loved one dies, we will explore some of the things that should be addressed within roughly six months of the death of a loved one. Again, these lists are not exhaustive. However,…
Death is a challenging subject, even more so when we are confronted with it directly. When a loved one dies, it is an immeasurably difficult experience. People experience a range of emotions, and often it can be hard to understand what to do next. In this series, we will explore…
Planning your estate and having a last will and testament is important to ensuring your final wishes are carried out and your heirs receive everything you intend to pass on to them. Whether you are the testator or executor, there are many duties you will need to perform to make…
Today, financial planning and estate planning are inherently intertwined in a number of different ways. Comprehensive estate planning requires responsible financial planning, and responsible financial planning will create assets which comprehensive estate planning will help you protect. One of the world’s most important assets is our children. Once children enter…
When planning their estate, many individuals consider setting up some form of trust to avoid family squabbles over assets, particularly the home. To achieve the goal of a smooth transition of assets and maintaining family harmony, most folks choose to set up some form of trust to avoid probate and…