Understanding Testamentary Trusts A testamentary trust is a legal arrangement created through a last will and testament (or a within a living trust) that becomes effective after the death of the trust creator (testator) during a probate proceeding. These trusts provide a powerful mechanism for protecting and managing assets for minor children, offering significant advantages […]

Article 81 Guardianship Accountings Article 81 guardianships are court proceedings to protect and support individuals with developmental disabilities or cognitive impairments who require assistance managing their personal and financial affairs. Enacted as part of New York's Mental Hygiene Law, these guardianships are unique in their approach, emphasizing the preservation of individual autonomy and rights while […]

It was once commonly believed that it was best to make gifts of your assets during your life rather than wait until your death to pass them to your loved ones.  This was based on the idea that doing so would allow you to avoid paying taxes on the assets in the form of estate […]

A revocable trust is a type of living trust (A living trust is set up during the donor’s lifetime) that can be amended or revoked by the donor during their life. This is distinguishable from testamentary trusts which are created under the donor’s Last Will and Testament and only effective upon the donor’s death, and […]

There are many ways to start a family.  On February 16, 2021, New York State made it easier for New Yorkers to utilize the option of gestational surrogacy to conceive a child by legalizing compensated gestational surrogacy within the Child-Parent Security Act (the “CPSA”).  The CPSA gives New York one of the most comprehensive sets […]

Do you own a business or an investment real property in a Limited Liability Company, also known as an LLC? You may have completed an estate plan to protect your property and provide for your family’s future, but have you considered your LLC as part of your plan? By transferring your LLC into a trust, […]

A Last Will and Testament is a formal document that must meet certain requirements to be deemed valid. Estates Powers and Trusts Law 3-2.1 is the statute which governs will executions in New York.  This list of requirements includes the proper execution of the Will.  Will execution is the process by which the will is […]

Let suppose that after you pass away, your leave your assets to a beneficiary who then passes away soon thereafter. What happens to those assets you leave them? Sometimes, a beneficiary will survive a testator but not long enough for the decedent’s estate to be probated and distributed. In these cases, the beneficiary is called […]

In New York State when a minor reaches the age of 18, they have the legal right to make their own decisions.  Their parents no longer have the authority to make decisions about their health or property.  While this may seem obvious and logical to most, for those parents of disabled young people, a child’s […]

Moving to a new state can bring about a range of changes, including the need to review and update important legal documents. If you've recently relocated to New York from another state, it's essential to assess your estate planning documents to ensure they align with the laws and requirements of your new home. This article […]