There are different times in life when people have to think about estate planning. People often draft documents when they become legal adults, add children to their families or achieve professional success. People may draft wills or fund trusts in response to changing...
Estate Planning
Corporate Transparency Act (CTA) and Beneficial Ownership Information (BOI) Reporting Requirements, Deadlines, and Penalties for Violations Explained
UPDATE - January 24, 2025: BOI Reporting Update… the injunction is still in place. As of January 23, 2025, a BOI injunction remains in place. While the Supreme Court granted a stay of the injunction (meaning reporting deadlines are suspended) in the Texas Top Cop Shop...
Navigating the intricacies of the New York estate tax
New York state has some unique and complex laws that people with estates valued in the millions of dollars need to understand so that they can navigate them successfully. New York is one of the minority of states that has its own estate tax. This is levied separately...
How do trusts work in estate planning?
Estate planning is a consequential undertaking for all legally independent adults. Making sure you have everything in order can give you peace of mind and provide your loved ones with the information they’ll need to distribute your assets when you pass away. Your will...
A huge myth about how trusts work
In our private property system, having your name on something is a mark of pride and accomplishment. Owning your own home and car are part of the classic American dream. These assets also make up part of the legacy you will pass on to your spouse or children in your...
2 estate planning mistakes that undermine a will’s validity
Estate planning is often a complicated process that requires an individual to review their finances and think deeply about their closest relationships. For many testators, a will is the only document that they create. It is the primary instrument that serves to...
4 estate planning mistakes to avoid
Planning for your future and that of your loved ones is crucial. Estate planning documents can help you state your wishes should you die or become incapacitated. However, to enjoy the benefits of estate planning, you need to make the right moves. The following are...
3 personal choices people can address in their living wills
A living will is one of the most important advanced medical directives that adults in New York can add to their estate plans. Often used in conjunction with healthcare proxy paperwork and powers of attorney, a living will specifically discusses an individual's...
Should you inform your executor about the appointment?
When drafting your will, you will appoint an executor. This party will ensure your wishes are fulfilled in addition to other duties. So, should you tell someone you named them as your will executor? Yes, you should consider doing so. Here is why you should tell them:...
Should your estate planning lawyer have a financial background?
Once you decide it’s time to create an estate plan or update your old one, you need someone with the training and experience to help implement your ideas. While all estate planning attorneys must have the appropriate education and a license, that isn’t all you should...