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
A valid will is essential to ensure that your assets pass to the person you want if you die. However, other laws and legal documents may get in the way of that as demonstrated in a recent decision of the New York State Court of Appeals. The case involved a live-in partner of the decedent … Read more
Generally, attorneys have the witnesses to a will’s execution sign an affidavit attesting to witnessing the execution. While this isn’t a requirement, in New York and many other jurisdictions, this affidavit can be submitted in lieu of the court hearing the witness’s testimony. This accommodation saves the estate time and money by not requiring hearings … Read more
Health care providers such as doctors have certain legal obligations to maintain patient records. What some of them may not realize is that this obligation continues after their death. Ideally, doctors should have a succession plan that includes provisions for what happens to patient files after they die. In the absence of that, it becomes … Read more
Life insurance is a necessary part of any well-considered estate plan. A term life policy that covers you for a certain number of years can help ensure money is available to your beneficiaries to pay expenses after your death. Whole life coverage provides a guaranteed death benefit as well as offering lifetime benefits through access … Read more