Estate planning in New York always demands careful consideration, and this is particularly true when firearms are involved. Legal intricacies exist that require you to adhere to specific regulations. If you fail to comply, your beneficiaries could face complications....
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3 considerations for special needs trusts
Individuals with special needs children face unique estate planning challenges. It is essential to ensure that your child's future is secure and that they will continue to receive the care and support they need, even after you are gone. There are several...
How can foreign nationals structure their real estate purchases?
The United States is the land of the free, and rightfully so. The country has no specific restrictions on real estate ownership for foreign nationals. If you are from a foreign country and are interested in purchasing property in New York, you should structure your...
What is a fiduciary’s role in the administration of an estate?
When a person dies, they leave behind all their things, and the amalgamation of all their assets, liabilities and debt is their estate. An estate is not a living or thinking thing. It will not organically manage itself and transfer itself to your surviving next of...
What are the qualities of an estate executor?
Naming an executor is often part of drafting a will. If you have a person in mind, you can fill the role with little to no trouble. Still, there is no assurance that they can perform as an executor properly. Typically, an executor's responsibilities require immense...
What happens if I die with massive student loan debt?
Student loan debt has been in the news for years. And, for New Yorkers, we have some of the highest student loan debt burden in the country at nearly $40,000 per borrower, on average. When you are planning your estate, you likely wonder what will happen if you die...
When should you update your will?
Estate plans, like life, aren’t exactly static. Even after you create your will, you may need to update it regularly to make sure that it reflects your current situation and wishes. Here is when to update your will: Changes in assets If you sell an asset listed in...
How can I change my will’s executor?
Your will’s executor performs a vital function, so you need to choose whom you are appointing for this role carefully. Should you find a reason to change your executor later, you can do so in several ways. Why might you change your executor? After you pass away, the...
Can my partner be my beneficiary if we are unmarried?
It is common in the country for unmarried couples to cohabitate. In 2016, there were around 18 million cohabiting unmarried couples in the United States. As more couples adopt this living arrangement, it raises the issue of whether a partner can be your estate's...
Can you name a foreign beneficiary for your trust?
Estate planning is complex when dealing with family members living outside the United States. An individual cannot leave their financial affairs until the last minute, as the tax codes and estate planning laws vary across the globe. Ignoring key planning...