Many New York residents want their estate plan to reflect both their financial goals and their personal values, including a desire to support causes they care about. A charitable remainder trust is one tool that can allow individuals to give back to a charitable organization while also maintaining an income stream and potential tax benefits during their lifetime. This type of trust can be particularly useful for those who own ... [Read More]

Probate in New York can be a lengthy and sometimes costly process, and many people are surprised to learn that how an asset is titled during a person's lifetime often determines whether it passes through probate at all. Two people can own the exact same type of asset, a bank account or a piece of real estate, and one may see it transfer to loved ones within days of their ... [Read More]

Most people associate estate planning with what happens after death, but some of the most important documents in a plan operate while a person is still living. A durable power of attorney is one of them. It allows someone else to manage financial and property matters if illness, injury, or cognitive decline makes it difficult or impossible to handle those affairs personally. Without one in place, families in New York ... [Read More]

Dying without a will, a situation referred to legally as dying intestate, is more common than many people realize. When someone passes away in New York without leaving a valid will, the law steps in to determine how their assets are distributed. This process follows a fixed set of rules known as intestate succession, which may bear little resemblance to the wishes the deceased person held during their lifetime. For ... [Read More]

When a loved one passes away and leaves assets to their heirs, the tax implications can be significant and, in many cases, unexpected. One of the most important concepts in this area is the step-up in basis, a provision in federal tax law that can meaningfully reduce the capital gains tax burden on inherited property. For New York residents navigating the complexities of inheritance, understanding how this rule works may ... [Read More]

Estate planning gives you considerable freedom to decide how your assets will be distributed after your death. However, that freedom is not unlimited. New York law provides important protections for surviving spouses through what is known as the elective share. This legal right prevents one spouse from being completely disinherited in most situations, even if a will attempts to leave them little or nothing. For married couples, understanding the elective ... [Read More]

Creating an estate plan involves many important decisions, but few are as significant as selecting the person who will serve as your executor. While many people focus on who will inherit their assets, the individual responsible for carrying out those wishes plays an equally important role. A well-chosen executor can help ensure your estate is administered efficiently, while an unsuitable choice can create unnecessary delays, confusion, and conflict among family ... [Read More]

When planning for the future, it’s important to understand the difference between probate and non-probate assets. These distinctions can determine how your estate is handled after you pass away and can have a major impact on your heirs. Knowing what falls into each category allows you to plan more effectively and minimize delays or complications for your loved ones. What Probate Assets Are Probate is a legal process through which ... [Read More]

When someone is unable to make their own decisions due to age, illness, or disability, guardianship can become an important option. Guardianship is a legal framework that allows a court-appointed individual to make decisions on behalf of another person. While it can provide essential support, it also comes with significant responsibilities and implications. Understanding the types of guardianship, how it works in New York, and the alternatives available can help ... [Read More]

Owning a small business comes with unique responsibilities, both for daily operations and long-term planning. For many business owners, estate planning is often overlooked. Yet, without a solid plan, the future of your business and your family’s financial security could be at risk. Proper estate planning ensures that your business continues to operate smoothly and that your assets are distributed according to your wishes. Understand the Importance of a Comprehensive ... [Read More]