Estate planning is a critical aspect of managing your wealth and ensuring your loved ones are taken care of after you’re gone. Our “Mastering the Now” initiative focuses on the importance of conducting a stress test on your estate plan…
Estate planning is a crucial aspect of ensuring the smooth transfer of assets and the preservation of family wealth. However, it’s often a difficult and sensitive topic to broach with a family member. In this article, we provide practical suggestions…
I. Understanding the Benefits of Stepped-Up Basis When someone passes away, they might leave behind valuable items like a house, car, or even stocks. In this article, we will explore the benefits of the stepped-up basis, a tax rule that…
The Complexities of Owning Property in Multiple States If you possess real estate in multiple states, it is crucial to understand ancillary probate, a legal process that might impact your heirs after your demise. This guide will provide valuable insight…
I. Introduction A. The importance of planned giving in supporting the arts and culture scene New York City is internationally renowned for its thriving arts and culture scene, which serves as a source of inspiration, entertainment, and education for residents…
The abuse of financial power of attorney has emerged as a significant problem, affecting countless vulnerable individuals and their families. By understanding the various forms of abuse and implementing safeguards, we can work together to combat this issue and protect…
What is an Irrevocable Life Insurance Trust (ILIT)? An Irrevocable Life Insurance Trust (ILIT) is a special kind of trust you can set up to manage your life insurance policy. Once you create this trust, you can’t change or cancel…
In New York, estates and trusts play a critical role in ensuring the seamless transfer of assets to beneficiaries after an individual’s passing. However, it is vital for beneficiaries to know their rights and understand the legal framework surrounding these…