There are many estate planning options available. One you might not have heard of is called a dynasty trust. This is a way of passing your assets to future generations while shielding those assets from tax liabilities. It’s a tool that tends to be used more by...
As a parent making your estate plan brings extra responsibilities, you need to name a guardian to raise your children if you pass away before they become adults and think about how your assets can help pay for their upbringing. Yet, what if your children are already...
When you appoint an executor of your will, you hope not to need them for a long time. A lot can change in a year, let alone a few decades, so do you need to tell your executor when things change? Or can you just leave them to work it all out when you die? It’s up to...
Writing a will is a crucial estate planning step because this legal document outlines how your assets will be distributed to your beneficiaries. Unfortunately, many people make mistakes during this process that can cause complications down the line. Are you...
You’ve created a valid will. That means you have taken an important step toward safeguarding your legacy and loved ones’ futures. At the very basic, a will speaks for you when you are no longer around to make important declarations. Without one, New York intestacy...
Making an estate plan is a great first step, but don’t forget that the estate plan can become outdated and inaccurate. It is very important to review it periodically so that you know that it actually reflects your true wishes. After all, you wouldn’t want an...
Those who have finally created a will can breathe a sigh of relief. They have decided and codified how their assets will be distributed upon their death. Are all wills valid in New York? What might make one invalid? If you have questions or concerns about estate...
For some people, deciding what to do with the family vacation home is one of the most difficult decisions in their estate planning. Whether you have a place up in New England where you spend holiday vacations, a beach house in the Hamptons where you spend part of...
Congratulations if you already have an estate plan in place. Not enough people understand how such a plan protects their family and assets in life and death. If you have not created a plan or failed to review yours for a long while, now is your chance to make sure it...
New York is one of a number of states with an estate tax. That means if someone dies with enough assets located in the state, that estate is taxed by the state of New York in addition to the federal government. As of 2022, the federal exemption limit is $12.06...
