Articles written by
As a general rule, you do not need to be perfect or flawless to inherit under someone’s will. If someone includes you in their will, you are entitled to your bequest, even if other people or the Court do not agree with the decision. The court’s goal is to determine and carry out the intent … Read more
Much of estate planning is built around how best to use assets accumulated during life to benefit future generations and other dependents. However, what happens if one of your beneficiaries needs assets during your lifetime? The fact that your beneficiary will inherit $100,000 at some point in the future is little comfort in the face … Read more
It’s not unusual for individuals who are left out of a family member’s or friend’s will to challenge the will on the grounds of undue influence or lack of testamentary capacity. However, as demonstrated in a recent decision of the New York Appellate Division, it can be difficult to prove your case. The decision highlights … Read more
When developing your estate plan, it is important to provide your lawyer with information on all of your financial assets. This is because executing a will is not sufficient to dispose of certain assets, known as “non-probate assets.” Such assets are not controlled by the terms of your will but must be considered in your … Read more
You are probably not going to receive a nine-figure payment, whether by accident or on purpose. However, you can still learn some valuable lessons from a group of finance firms that did get $1 billion mistakenly. In a recent case in the U.S. Courts of Appeals for the Second Circuit, the Court addressed whether the … Read more
If a loved one no longer has the capacity to take care of themselves or their finances, it may be time to seek guardianship. Under New York law, an interested person can file a petition to have a guardian appointed over either the ‘person’ or property of the incapacitated person. Once appointed, the guardian is … Read more
When preparing and filing personal income tax returns, it’s common to have deductions that exceed the amount you are allowed to take on the current year’s tax return. In those cases, you may be able to carry over those losses to apply against income earned in future years. But what happens if you die without … Read more
If someone is injured by an employee, there may be grounds for suing the employer for negligent hiring and retention of that employee. However, there are strict requirements for bringing a claim which can be difficult to establish, as we discussed in a prior blog post involving a lawsuit against a church. In that case, … Read more
A proper estate plan involves more than just drafting a will. That’s because a will only controls the distribution of what are known as “probate assets.” These are assets that do not have separate beneficiary designations. “Non-probate assets,” which include life insurance, retirement accounts, joint bank accounts, and real property owned “with rights of survivorship,” … Read more
Conflicts between fiduciaries (whether executors or trustees) and beneficiaries are not unusual. For instance, these often occur with trusts of long duration, where the trustee controls a beneficiary’s access to assets which the beneficiary would prefer to have outright. Disputes may also arise among co-executors or co-trustees, especially if they have differing views on how … Read more