The failure of several banks in the last year caused many to question whether their money was protected if their bank went under. FDIC insurance is available up to a certain limit and not just for individual accounts. Almost all funded trusts have bank accounts that are insured by the FDIC. However, the amount of … Read more
Adults can provide instructions in their will regarding disposition of their remains or designate a person in their will who will make that decision. However, many people die without a will. In that situation, who decides what happens to your body when you die? Who Decides How Your Remains Are Disposed of When You Die … 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
If you were injured on the job and were awarded workers’ compensation for a set amount of time, what happens if you die during that timeframe from something unrelated to the injury? Do your heirs lose the entire unaccrued portion of the award? Well, the first inquiry required to resolve this question is 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
Generally, people have broad discretion in deciding how to distribute their assets when they die. However, one limitation in New York is that you cannot disinherit your spouse unless your spouse waived the right to inherit in a prenuptial or postnuptial agreement. If you improperly exclude your spouse from your will, he or she can … 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
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
A fiduciary is a person who acts on behalf of another and is legally required to act in that person’s best interest. The administrator of a trust or estate is a fiduciary and owes an obligation to the beneficiaries of the trust or estate as well as the estate’s creditors. Where a fiduciary has engaged … Read more
Where negligence or other misconduct causes a death, survivors of the deceased may have a claim for wrongful death against the responsible parties. Wrongful death lawsuits can result in significant monetary awards. For instance, several wrongful death verdicts in excess of $2 million were entered in New York during 2020. However, it is important to … Read more