Taking the time to create an estate plan and all its important parts, such as a last will and testament or powers of attorney, is something that many people never do. But if you do get around to making a will, you don’t need to worry that it will somehow expire. Though you may need to update your will after important life events, once you make a will that complies with all state laws you can rest assured that the document lasts until it’s needed. Requirements To make a valid will in New York … [Read more...] about Don’t Worry About Expiring Wills
Wills & Trusts
50s and 60s Icon Annette Funicello Dead at 70
If you grew up in the United States during the 50s and 60s, especially if you were an adolescent boy, the name Annette Funicello conjures up immediate images of a fresh-faced, lively girl who appeared on your television set every weekday as one of the original members of the Mickey Mouse Club. Ms. Funicello, after spending the last several decades suffering from multiple sclerosis, passed away in on April 8 at the age of 70. When she joined the Mickey Mouse Club in the 1950s she was only 12 … [Read more...] about 50s and 60s Icon Annette Funicello Dead at 70
Wills in New York: Words Are Not Enough
Estate planning attorneys commonly get asked questions about any number of topics. One of these topics involves wills and what people can do to give away their property after they die. Some people, for example, have elderly relatives who make verbal statements shortly before they die. These statements can sometimes detail the elderly person’s wishes about who should receive property. In general, these types of verbal statements are not enough to legally distribute property in the state of New … [Read more...] about Wills in New York: Words Are Not Enough
Living Trust Steps: Funding
After you’ve decided to create a living trust you need to take the next step: funding. Funding means transferring some of your property to the living trust so the trust itself becomes the new owner. While you should speak to your estate planning lawyer about what property you should transfer and how you need to do it, here are some general principles you will need to be ready to face. Real Estate For most people their home or other real estate investments represent their largest single … [Read more...] about Living Trust Steps: Funding
Can I Make My Own Trust?
Maybe you’ve looked into estate planning and have come the conclusion that you would benefit from creating a living trust. Congratulations, you’ve taken a step that many people never get around to taking. You’ve also chosen to take advantage of an opportunity that goes wasted for far too many. But before you decide to go to a legal services website or use a do-it-yourself guide, you should take a moment to balance “can” with “should.” While you are entirely within your rights to create your … [Read more...] about Can I Make My Own Trust?
Frequently Asked Questions about Intentionally Defective Grantor Trusts
What is an intentionally defective grantor trust? The intentionally defective grantor trust (IDGT) is a type of trust that allows one to transfer property into a trust so that the value of that property will not be included in calculating his or her estate and, therefore, will be omitted from estate tax liability. At the same time, the value of the property transferred into the IDGT is still used in computing the grantor’s federal income tax liability. How is the IDGT defective? The IDGT is … [Read more...] about Frequently Asked Questions about Intentionally Defective Grantor Trusts
Your Living Trust: The Basics
If you are new to the estate planning process you probably don’t know a lot about trusts, or living trusts in particular. While your estate planning lawyer will be able to walk you through the trust creation process and explain to you in detail how different trusts benefit you, you can do a lot to educate yourself about the basics of how living trusts work and why you might want one. Creating Your Own Fictional Entity A living trust really only exists on paper. But unlike a novel or other … [Read more...] about Your Living Trust: The Basics
Key Elements in a Living Trust
A living trust often forms a vital piece of many estate plans. Living trusts, also known as revocable living trusts or inter vivos trusts, provide numerous potential benefits. In order to create such a trust, you must make sure that you meet some specific elements as required under the law. You should speak to an expert estate planning attorney if you want to create a trust, but here are some of the important elements. Settlors and Property When you create a revocable living trust, you … [Read more...] about Key Elements in a Living Trust
Estate Planning for the Troubled Child or Grandchild
Many people find that creating an estate plan is, contrary to their initial instinct, a rewarding and richly satisfying experience. When you create a plan to help and support your family after you’ve gone, there is a certain kind of satisfaction that comes from the process. However, some people need to create a plan that takes into consideration a troubled child, grandchild, or other relative. While you may feel free to leave an inheritance to family members who are in good control over … [Read more...] about Estate Planning for the Troubled Child or Grandchild
Why Your Will Has Those Clauses
When you first make a will you usually rely on your estate planning attorney to tell you what you need to include. No two wills are identical, and each of them contains provisions or clauses that relate to the will maker’s individual circumstances. There are, however, certain clauses that are very commonly found and, while they may not be required by law, they are an important piece of any last will and testament. Here are two of the more common ones. Revocation It’s common to begin a will … [Read more...] about Why Your Will Has Those Clauses
