For many families, the person they trust most to care for their children or administer their estate after their death lives outside the United States. It may be a sibling in Canada, parents in Italy, a brother in Vietnam, or another trusted relative abroad. That can create problems under New York law because a foreigner … Read more
When creating a trust, one of the most important decisions is selecting the right trustee. A trustee is responsible for managing trust assets, carrying out the terms of the trust, making distributions to beneficiaries, maintaining records and acting in the best interests of the trust and its beneficiaries. You can choose an individual or an … Read more
Trusts are often used in an estate plan to protect assets and avoid probate. Creating the trust with the help of an attorney is the first step, but not the only one needed. Many people make a critical mistake after signing their trust documents: They never fund the trust, making it virtually useless. Think of … Read more
Most people rush to file their tax return if they are owed a refund. But what happens if you cannot file on time for health reasons? You may think the IRS will forgive the delay. Unfortunately, missing a tax deadline can have permanent consequences, even when caused by serious illness. The Internal Revenue Code does … Read more
Today, people use AI to help with many important matters, like planning a wedding, getting an education or a job, or writing a business plan. Why not ask AI to create a trust or will? It’s easy to type a question or prompt into an AI engine and watch it generate a will within minutes. … Read more