![a person pouring wine into a wine glass on a table](https://ah6pevy6.cdn.imgeng.in/wp-content/uploads/2023/10/theme-photos-mR_lv_G7XCY-unsplash-scaled-e1635363485586-1536x1525-1-626x626.jpg)
Latest News
What Trustees Need to Know About Irrevocable Medicaid Asset Protection Trusts
Understanding the rules of the irrevocable trust and who can access the trust can be complicated. Here are some rules to keep in mind.
![](https://ah6pevy6.cdn.imgeng.in/wp-content/uploads/2023/09/andrey-metelev-yscrM1AOEKI-unsplash-300x200-1.jpg)
Although cryptocurrencies like bitcoin have gone mainstream, non-fungible tokens (NFTs) were relatively unknown until 2021. You may have heard about “Bored Apes” worth tens of thousands of dollars, “CryptoKitties” breeding, or artist Beeple selling an NFT for $69 million through Christies auction house.
![](https://ah6pevy6.cdn.imgeng.in/wp-content/uploads/2023/09/looking-for-a-nursing-home-300x200-1.jpg)
On January 1, 2020, as we entered another year without any idea of what was on the horizon, a new federal law took effect regarding retirement accounts. The SECURE Act, “Setting Every Community Up for Retirement Enhancement”, affects millions of Americans who have been saving through tax-deferred retirement plans.
![](https://ah6pevy6.cdn.imgeng.in/wp-content/uploads/2023/09/3millionhe2014-300x200-1.jpg)
A Last Will and Testament allows you to direct where your assets go at your death and who will be legally in charge of the estate. New York law sets forth specific requirements for a legally valid will. Failure to follow such requirements will result in the Surrogate’s Court rejecting the Will as invalid.
![](https://ah6pevy6.cdn.imgeng.in/wp-content/uploads/2023/09/7-300x300-1.png)
An ownership interest in real property is a combination of a bundle of different rights, the rights to possession, use, transfer, encumber and exclude. A life estate is a type of joint ownership of real property with ownership “split” between a present interest and a remainder interest.
The Build Back Better Act was passed by the House of Representatives on November 5, 2021 and is headed for the Senate. None of the major provisions that would have affected estate planning were included in the House version.
Couples who are both U.S. citizens receive the benefit of the unlimited marital deduction on federal estate and gift taxes. The idea is that the surviving spouse pays any estate tax at their death. In contrast, transfers from a U.S. citizen to a noncitizen spouse do not enjoy this benefit.
A contingent beneficiary is the person or entity designated to receive proceeds from a life insurance policy, retirement account or transfer on death account if the primary beneficiary predeceases the account owner or otherwise is unable or unwilling to accept the inheritance.
The Automated City Register Information System, more commonly referred to as “ACRIS”, is New York City Department of Finance’s online portal. The portal allows one to view property records (such as deed filings), calculate property taxes, apply for exemptions, and prepare transfer tax forms.
If you have been named as a trustee of someone’s trust, you may be wondering what you are supposed to do. It is important that the trustee understand their duties and responsibilities. The most important thing to remember as trustee is that the trust assets are not your assets.
Wills and revocable trusts often refer to the terms “per stirpes” and “per capita”. When you create a last will and testament, or a revocable trust, you choose specific beneficiaries to inherit your estate at your death.
Our Blog
Estate planning is all about preparation and ensuring that your assets are distributed in line with your wishes. It’s a comfort knowing your loved ones will be cared for just as you intend. However, life’s unpredictability sometimes throws a curveball. What if a beneficiary becomes disabled after you’ve finalized your estate plan?
Estate planning involves careful consideration of various factors to ensure that your assets are protected and distributed according to your wishes. One element that can add an extra layer of flexibility and protection to your trust is the inclusion of a Trust Protector.
Everyone knows the statistics – almost 50% of marriages in the United States end in divorce. Second and third marriages fail at an even higher rate.
Mental illness refers to a wide range of conditions that affect an individual’s mood, thinking, and behavior. These conditions can affect a person’s ability to function in daily life and can vary in severity from mild to severe.
When the SECURE Act passed in 2019, the biggest impact on estate planning was the elimination of the “lifetime stretch” for most beneficiaries of individual retirement plans (IRAs).
We use the phrase “estate plan” dozens of times every day. It is useful for us attorneys because it describes a group of documents. Unfortunately, estate planning sounds much fancier than it is.