Previously, we discussed the New York legislature's enactment of default post-divorce probate statutes. These rules help divorced residents who failed to revise their wills after divorcing their former spouses. If you bequeathed your property to your former spouse while you were married and before your divorce, New York law treats your former spouse as having predeceased you. In this case, the specific bequests to your spouse would fail by operation of law, and your next-of-kin or surviving heir … [Read more...] about Post-Divorce Estate Planning: Part 3 of 3
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Post-Divorce Estate Planning: Part 2 of 3
Although New York law may revoke any prior bequests to your former spouse in an unchanged will, problems could arise if you failed to amend your other estate planning documents, including your trusts after you divorce your former spouse. You can call our office and schedule a consultation to help you understand your estate planning options after divorce. The New York legislature amended the probate laws dealing with revocable dispositions or testamentary substitutes. According to the new law, … [Read more...] about Post-Divorce Estate Planning: Part 2 of 3
Post-Divorce Estate Planning: Part 1 of 3
The U.S. Census Bureau reported that as of 2009, more than 50 percent of first marriages in this country ended in divorce. The divorce rates for second and third marriages were even higher, and almost 75 percent of third marriages ended in divorce. Unfortunately, divorcing spouses caught up in the turmoil of untangling their married lives during the divorce process may not consider their futures without their spouses, and few of them may think about their estate planning documents. Many … [Read more...] about Post-Divorce Estate Planning: Part 1 of 3
Special Needs Planning: Part III of III
Your estate planning attorney can help you draft a special needs trust for the benefit of your special needs child or other family member. After you select a trusted individual that will serve as your trustee, you need to make sure your special needs trust complies with New York State law. Your attorney must make sure that the trustee will use your assets within your special needs trust only for a limited purpose. Because you may not want your special needs trust property to pay for necessary … [Read more...] about Special Needs Planning: Part III of III
Special Needs Planning: Part II of III
Why would you want to draft a special needs trust for your disabled child? By creating a special needs trust or supplemental needs trust, you may be able to ensure that your dependent child or family member is able to avoid becoming inadvertently disqualified from receiving financial support from the state and federal governments. In other words, by creating a special needs trust, you can help your special needs child or family member continue receiving monetary and medical government benefits … [Read more...] about Special Needs Planning: Part II of III
