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It is imperative that every parent with young children create an estate plan that includes a trust for any minor children.

Question: The last time I was in the hospital I signed a DNR. Do I still need a health care proxy and living will?

If you are thinking of changing your Last Will and Testament, do not do so yourself. Although any adult with mental competency can change his or her last will and testament at any time, it cannot be amended by simply writing the changes onto the document.

You may have heard in the news that Joan Rivers and Lauren Bacall left a portion of their estates for the care of their beloved pets. Anyone who had an animal understands exactly what Rivers and Bacall were doing, ensuring that pets would be properly cared for after they were gone.

A Qualified Terminable Interest Property trust, commonly known as a QTIP trust for short, is a type of marital trust that offers flexibility in planning for your spouse and remainder beneficiaries upon your death, while also providing estate tax planning if needed.

When someone in New York State dies with a small amount of money, the family may be able to avoid probate by using a “1310”, or small estate affidavit. This affidavit may be used by certain family members or the decedent’s creditors to collect assets up to a certain value in the decedent’s sole name.

Question: My mother is a resident of Florida and owns a condominium and several financial accounts in her sole name. She also owns a summer home in New York that is titled in her sole name. If she were to pass away, what is the procedure to transfer the New York home after her death?

A common misconception is that spouses have full access to each other’s finances, but this is not the case. Retirement accounts, pensions, and other assets in one’s individual name cannot be accessed by a spouse unless that spouse has been authorized to do so under a valid Power of Attorney.

A revocable trust is not used in Medicaid planning. According to the Medicaid program, assets in a revocable trust are still considered available resources for eligibility purposes.

A Revocable Living Trust, also called an intervivos trust, is a trust created during a person’s lifetime and is designed to give the grantor (creator) flexibility and control over his or her assets.