A trust can become an important part of your estate plan. There are different types of trusts, and each type comes with its own benefits. Which type is appropriate depends on your goals, and the facts and circumstances of your case. There are two main categories of...
Preserving & Protecting Your Family’s Assets & Legacy
Estate Planning
Do I need a pour-over will in New York?
Creating an estate plan can be arduous based on what tools you include according to your estate's details. If you plan to establish a living trust, it can work in tandem with a specific type of will — a pour-over will. This estate planning tool can be beneficial to...
5 common New York estate planning questions
Planning for the future starts with an important step — creating an estate plan. It's not merely about preparing for the unknown; it's a blueprint for the legacy you leave behind. A well-thought-out estate plan is a gift to yourself and your loved ones, offering peace...
Pros & cons of naming more than one fiduciary in your will or trust
A Last Will & Testament and a Trust are two common estate planning documents. Each requires the creator (the Testator in the case of a Will, and the Grantor in the case of a Trust) to name at least one person as the fiduciary, who will manage and administer the...
Why add an estate planning attorney to your network?
Often times, a person won’t come into contact with an attorney until there is an immediate need for certain legal services. For example, the first time a person might use an attorney is when the person buys a home and needs a real estate attorney. Because of this...
The essentials of a New York estate plan
While it is a topic that few like to think about, preparing for the future and making end-of-life plans is essential. In making these plans, having a comprehensive estate plan is one of the most important things you can do to secure your assets and protect your loved...
Can an irrevocable trust beneficiary claim a step-up in basis: understanding IRS Rev. Rul. 2023-2
26 U.S. Code § 1014 provides for a step-up in cost basis on inherited property. Specific language from the section reads: “the basis of property in the hands of a person acquiring the property from a decedent or to whom the property passed from a decedent shall, if...
Tax consequences of transferring assets: gifting vs. inheriting
One topic of estate planning that we spend considerable time discussing with our clients is the succession of ownership of the client’s assets. It should not come as a surprise that almost all our clients want their assets to be passed on to their loved ones. In most...
5 Things You Need To Know While Estate Planning
Creating an estate plan isn’t necessarily a fun thing to do, but it’s necessary for all adults regardless of wealth. While some people think all you have to do is write a will, there’s much more that you have to do to have a comprehensive estate plan. As you’re...
Assets that do not pass according to the terms of your Last Will & Testament
Generally speaking, when it comes to establishing an estate plan, a Last Will & Testament is an essential document to execute. With a Will, the creator, or testator, can address many different things, but the main purpose of a Will is to provide direction as to...