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A credit shelter trust (CST) is an estate planning tool used for married couples to help reduce, if not eliminate, estate tax due at the death of the surviving spouse.

Whenever I hear someone say they wrote their own Last Will and Testament, a familiar phrase comes to mind, “Don’t try this at home!” Unless you are an experienced estate planning attorney, it is not a good idea to write your own Will, or to order a Will off a generic, non-state specific website.

Estate planning is just as vital for the single person as it is for a married couple. A comprehensive estate plan details how assets will be distributed upon death and also sets forth a strategy for incapacity.

Question: My parents are concerned about protecting their home. Some people have recommended that we consider creating a trust while others have suggested that they transfer the house to my siblings and me, with my parents retaining a life estate, which is a better idea?

Question: I have recently rolled over my employer sponsored 401(k) plan into an existing IRA. I am not sure if I need to update the beneficiary designation forms on file; can you give me some advice?

When a couple marries later in life, after they both had children of their own, their estate plans need to take their blended family into account. For example, there are estate planning techniques such as Qtip Trusts that allow income to the surviving spouse for life, with property passing to children upon the surviving spouse’s death.

Question: Several years ago, I went to a lawyer who convinced me to do a trust. Now, I am not so sure that it was the right thing for me. Am I able to revoke a trust? Should I revoke my trust?

Examples of Trusts Commissions

Elder Law attorneys hear this question constantly. Typically, once people reach a certain age there is pressure to transfer assets to their children for unspecified “asset protection” reasons.

Certain Biden-Harris proposals may, if enacted, have a significant effect on your estate plan. 2020 was a monumental year with many changes and 2021 may bring changes that affect your estate plan. There was a political shift in Washington, changes to the New York State Medicaid program, a world-wide pandemic, and amendments to state and local laws.