Many parents with young children name a guardian in their will to care for their children if they should die. However, they often do not take the extra step of designating a standby guardian who can act during their lifetime if they cannot care for their children or after they die for a limited period. … Read more
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
If you co-own a business, you probably have an agreement with the other owners that addresses what happens to your respective interests if any of you die. However, you may also have a will that indicates who gets your property upon death. Ideally, the two documents should be consistent, but what if they aren’t? Does … 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
An initial estate plan often consists of a will, power of attorney, health care proxy and perhaps a revocable trust. However, as a person’s financial situation becomes more complicated, or their accumulated assets increase, one of the first steps in developing a more advanced plan is to establish a trust to own a life insurance … Read more
Last year, we wrote about a bill awaiting Governor Hochul’s signature that would legalize “E-Wills” in New York. The bill, dubbed the Electronic Wills Act (the “EWA” or “Act” herein), was primarily based on the Uniform Electronic Wills Act, which has been adopted by several states and territories. Since our last post, the Governor has … 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
What happens if a person cannot make their own health care decisions, and they don’t have a health care proxy? In New York, the Family Health Care Decisions Act (the “Act”) was enacted in 2010 to address this problem. The law sets forth rules regarding who can decide on medical treatment for an incapacitated patient … 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
In 2017, the Tax Cuts and Jobs Act (TCJA) significantly raised the estate tax exemption. However, the increase was made temporary, leaving families uncertain as to how to structure their estate plan. This uncertainty has now been resolved with a new, higher exemption that is permanent. Estate Planning Under the TCJA The TCJA increased the … Read more