You've carefully built your retirement savings over decades, but did you know that once inherited, these accounts could be vulnerable to creditors? As an estate lawyer, I've seen too many families surprised when inherited retirement accounts they thought were protected were exposed to legal claims.Read More
Regarding trusts and taxation, three main types of taxes often come up: income taxes, estate taxes, and generation-skipping taxes. For this discussion, we’ll focus solely on how trusts are taxed for income tax purposes, as this is often the most relevant and frequently misunderstood aspect of trust taxation.Read More
When a child with disabilities receives a personal injury settlement, parents often face a crucial decision: how to manage these funds without jeopardizing essential government benefits. I've helped many families protect their children's financial future through Supplemental Needs trusts, particularly after receiving personal injury settlements.Read More
We’re tackling one of the more challenging legal processes that families face after the loss of a loved one: probate in New York. Probate is a court-supervised process that ensures a deceased person’s wishes are carried out as stated in their will. Though it can be complex, understanding the basic steps of probate can make...Read More
If you own commercial property, you’ve likely spent years building and managing your real estate investments. I’ve guided many property owners through the complex process of including these valuable assets in their estate plans. The truth is that passing down commercial property requires much more careful consideration than transferring a family home. Why Commercial Property...Read More
We’re tackling a situation many families face with little warning: what to do when a family member unexpectedly enters a nursing home. If you’re in this situation, you may be overwhelmed by questions about costs, eligibility for assistance, and protecting family assets. This is where crisis planning becomes essential. The Financial Reality of Nursing Home...Read More
I often receive urgent calls from families with loved ones in the hospital. They’re concerned about getting legal documents in place quickly, especially if their loved one’s condition might deteriorate. It’s a delicate situation that requires immediate attention, but many wonder how to proceed when their family member can’t come to an attorney’s office. Understanding...Read More
You might be thinking, “QTIP? Quality Tip?” It sounds like a product for your ears, but a QTIP Trust actually stands for Qualified Terminable Interest Property Trust. Despite its complex name, it’s a highly useful estate planning tool that helps balance the financial needs of a spouse while preserving assets for future beneficiaries—often children. Let’s...Read More
I’ve seen firsthand the consequences of inadequate estate planning. Many parents overlook crucial aspects of securing their family’s future regardless of age. Whether you’re a new parent, think you’re too young for estate planning or haven’t updated your documents in years, this post is for you. Let’s explore some common estate planning mistakes and how to...Read More
Understanding the tools available for managing your estate is crucial when planning for the future. Two common tools in estate planning are revocable and irrevocable trusts. Both types of trusts help individuals manage their assets during their lifetimes and provide for the distribution of these assets after death. However, each type of trust serves different...Read More