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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.

Question: My wife and I are in our mid-forties. We have two children ages 10 and 13. Should anything happen to my wife and I, how can I ensure that my sister is given legal custody of my children?

Question: Someone told me that assets with named beneficiaries are not subject to estate tax, is that correct?

There are several planning methods that can be utilized throughout your lifetime to reduce or eliminate taxes upon your death. Gifting is one option to avoid estate taxes.

More than five million seniors in the United States have been diagnosed with Alzheimer’s disease. Caretaker spouses agonize over what will happen if they were to pass away leaving their husband or wife without someone to care for them.