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Q: Do I need a pet trust?

Many people know that one of the most important functions of a last will and testament--also known simply as a “will”, is to designate legal guardians (and successor guardians) for minor children. If you die before your children reach the age of majority and you have not executed a will that designated their legal guardians, a judge will decide who raises your children – – and it may not be someone you would have chosen. A will serves many other purposes, and is the starting point for most customized estate planning in New York and New Jersey.
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Q: How do my Social Security benefits impact my estate planning?

Life has a way of creeping up on us. One day we’re just starting out in our 20s and before we know it, retirement is upon us. Are you physically, mentally, and financially prepared for it?

Ideally, people create an initial estate plan when they are young and modify it throughout their lives as their circumstances change – whether it be a marriage or divorce, a birth, an adoption, or a death, the formation of business relationships, and/or the accumulation of significant wealth. 

Whatever phase you are at in your life, if you do not have one in place, you should consult a skilledRead more . . .

Q: Is it advisable to buy a vacation home while still on vacation?

If you’re fortunate enough to be able to afford buying a home in New York City or New Jersey, chances are you might have the funds needed to take a nice vacation once in a while. It’s probably not a stretch to say that while you’re away having the time of your life, you might discuss buying a vacation home in that idyllic location. On impulse, you might even see a real estate broker before you return home.

New York and New Jersey real estate attorneys often hear from clients who just enjoyed a wonderful vacation and –  high off the amazing experience – impulsively want to buy a second home at the vacation destination. 

Making a major real estate decision when you’re on vacation is a bad idea.

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Q: Why aren’t millennials buying homes?

While New York and New Jersey real estate attorneys enjoy helping clients-- especially first-time homebuyers—to buy a home, there is a noticeable decrease in the number of young faces coming through the door.

The percentage of so-called millennials – – people between roughly the ages of 22 and 37 – – who are buying homes has hit its lowest rate compared to the generations that came before them. In fact, as of the end of 2018, it was estimated that only 1 out of 3 millennials under the age of 35 were homeowners.

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Q: What is financial elder abuse?

When it comes to creating comprehensive New York or New Jersey estate plans for the elderly—or for those planning ahead for their golden years—there are many common concerns for baby boomers and their parents. 

In addition to common estate planning tools such as a last will and testament and documents needed when Read more . . .

Q: What happens when an estate has many creditors or claims against it?

New York and New Jersey estate planning attorneys and the general public are watching with interest how the administration of the Estate of Jeffrey Epstein will pan out. 

Most people have heard the news reports that the late multimillionaire financier committed suicide by hanging while in jail awaiting trial on “federal charges of sex trafficking minors and sex trafficking conspiracy”. Before his death, multiple alleged victims claimed to have been sexually abused as young teens and several were planning to file civil lawsuits in addition to facing their alleged abuser in criminal court.
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Q: What is considered “property” for estate planning purposes?

New York and New Jersey estate planning attorneys know how difficult it is for clients to make an appointment to have their last will and testament prepared. One common reason is that nobody likes to think about dying. Another is that some folks are overwhelmed at the thought of gathering and listing all of their assets and debts.
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Q: Why would I need to revise my will?

Nobody likes to think about death or face their own mortality. For that reason, people often delay consulting a skilled New York or New Jersey estate planning attorney to have a comprehensive estate plan prepared. When they finally do it, they may consider the task done forever.
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Q: Who will get my children if I die?

Most people would probably guess that the most popular reason people delay or avoid seeing a New York and New Jersey estate planning attorney to draw up a last will and testament is that many people don’t like to think about their own mortality. Some people avoid it because they mistakenly believe that an estate plan is unaffordable. 

For people with minor children, it’s imperative that they overcome any obstacles though.
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Q: How do the new rent laws affect tenants and landlords?

Buying a home in Staten Island, or anywhere else in New York City, might be out of reach for some people, but being a tenant is looking brighter—in the city and throughout the state.

Our Read more . . .

Q: Should my estate plan include a revocable trust?

In a nutshell, a simple will is actually not so simple and can often be a costly mistake by people who think they can do it themselves or even inexperienced attorneys. In addition, a will on its own doesn’t take advantage of other estate planning tools that may be advisable in the person’s particular case, nor does it protect the maker in the event they become incapacitated prior to death.

Comprehensive estate planning through a skilled New York or New Jersey estate planning attorney is personalized to each client’s particular situation and needs.
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