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Why should everyone have a durable power of attorney?

We have likely all heard the tale of a person who passed away without an estate plan, leaving the heirs to battle it out.  Some of us have actually experienced the pain of losing a loved one who left no instructions as to their last wishes. Dying without an estate plan in place can leave a legal disaster for your loved ones.  

Your heirs may feel confused and lost as to what decisions you would want made regarding your healthcare, finances, and funeral. At times, people you love could receive nothing due to New York’s intestacy laws.
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Does New York State owe me a tax refund?

It isn’t often that New York estate administration attorneys come across something new and exciting in the relatively stable and unchanged world of trusts and estates law.

But a recent ruling in favor of an estate that took a novel and daring estate tax approach has turned New York estate administration practice on its ear. By applying the same arguments, many others may be entitled to “big estate tax refunds and future savings”.
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Q: What happens when parents of minor children die together without a will?

“The deadliest transportation accident in nearly a decade” happened in New York recently-- one where 20 lives were taken instantly in a horrific limousine crash upstate. The limo driver and all 17 passengers were killed upon impact along with two pedestrians when the limo reportedly barreled down a hill, left the road, hit the pedestrians and slammed into a shallow creek bed near a busy market place. The 17 passengers were all friends and family on the way to a 30th birthday celebration for one on board. One family lost 4 sisters—one being the birthday girl.

Post-accident reports highlight issues of liability and hint of the potential for wrongful death actions against the company that owned the limousine which reportedly “had a record of repeated safety violations”. But important New York estate planning issues were not thoroughly discussed.

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Q: Does estate planning save money and assets?

Contrary to what many people may assume, skilled estate planning attorneys do not simply assist people with preparing a last will and testament that gives away their property after they die. While having a will is certainly part of the job, they also help clients protect their assets and preserve their wealth for their own benefit and for the future of their loved ones.

Often, a trust is implemented in estate planning. Some of the common reasons to choose a trust as part of your estate planning may include:

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Q: What do I need to know about buying a home?

Have you been dreaming of buying a home in Staten Island or somewhere else in or near New York City?

Well, it pays to educate yourself before embarking on your search or dropping a large down-payment by following an experienced real estate attorney’s 7-Step “Real Estate Purchase Roadmap”:

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What will happen if I die before updating my will after my divorce?

Once you take the step to create a will, it is easy to stash your will away and forget its existence.  For many of us, life evolves and changes, and these life alterations could greatly impact your estate plan.  Perhaps no single life event will so affect your estate plan as a divorce.  Divorcing spouses should not overlook the important task of updating all estate planning documents post-divorce to avoid any confusion or unintended consequences.

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What happens if a trustee becomes mentally incapacitated?

While the goal of skilled estate planning attorneys is to eliminate or reduce surprises, sometimes real-life situations play out like a bad reality TV show.

Such was the case involving a 92-year-old Hawaiian princess, her longtime attorney, her longtime girlfriend, and her living trust fund.

Reportedly, the woman – – believed to be the last descendent of sugar plantation royalty that ruled the island prior to 1893 – – was the trustee of a living trust for her benefit.
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Q: Can an estate be sued?

New York and New Jersey estate planning attorneys help people craft a unique estate plan designed to protect them and their loved ones when incapacity and/or death strike.

A Last Will and Testament, commonly called a “Will”, is a document that disposes of your assets in the manner in which you desire and also serves other purposes such as designating the legal guardians of any minor children, and more. In addition to a Will, which distributes your probate assets, some people establish living trusts.

Trusts have many different purposes, and depending on how they are set up, they may sometimes protect your assets from creditors or help qualify you for Medicaid in the event you need long-term nursing home care someday. Without proper planning, some people can lose their life’s savings and jeopardize their family’s financial security when the unexpected happens.

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Q: Why do many millennial homeowners regret buying their first home?

Whether it’s because many came of age during tough economic times, or because their generation is burdened with staggering student loan debt, Millennials have postponed buying a first home much longer than their parents and grandparents before them. And according to a recent survey, approximately “70% of millennial homeowners regret their purchase”.

In examining the many reasons given for their “buyer’s remorse”, several points have to do with a lack of real estate education and/or them relying on information from agents who may have been more interested in pushing the deal into contract (and earning a commission) than in whether the particular property was the right fit for the young, new buyers.

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Q: Does an estate ever have to sue someone?

When someone creates a last will and testament, commonly called a “will”, they name a trusted person to be the executor. That’s the person who will, with the help of an estate administration attorney, be charged with the responsibility of collecting and managing the assets of the estate, paying creditors of the estate, distributing and accounting for assets to estate beneficiaries, and other fiduciary duties. Executors receive a fee for performing these duties and they are also responsible for mistakes they may make.

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Q: Why are so many celebrities dying without wills?

The simple answer would be – – because they are human.

There are many reasons why people die without a will. One reason is that the whole idea of the estate planning process is intimidating to the average person who may be nervous about dealing with an estate planning attorney.

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