A trust is a centerpiece of many New York elder law estate plans. Trusts are usually superior to wills for transferring assets at death. Trusts are preferred because they can be used to avoid probate, reduce estate taxes, protect children from earlier marriages, and more. Essentially these entities remove assets…
Pet estate planning is growing in popularity as more jurisdictions have begun allowing residents to create legal documents to provide for their animals after death. Pet trusts are becoming an important part of the New York estate planning process as New York is one of forty five states that permit…
This weekend the Wall Street Journal published a helpful article discussing some important aspects of New York estate planning that many residents overlook. Besides creating documents like wills and trusts, the best preparation also includes clear instructions that help family members understand where and how they can access the information…
This weekend the New York Times reported on the sad legal battles of 94-year-old actress and Broadway star, Celeste Holm. Ms. Holm gained famed as a leading film actress in the 1940s, starring in All About Eve and winning an Oscar for her performance in Gentleman’s Agreement. Now, however, Ms.…
On Monday the Metro West Daily News discussed some myths about retirement. Popular culture, water-coolers chats, and other daily interactions often spread misconceptions about what it means to plan for retirement and what it takes to be financially secure in the future. Many area residents put in a lifetime of…
Late Friday evening New York Governor Andrew Cuomo signed a bill that had just been passed by the state Senate giving same-sex couples the right to marry in New York. The signature was the culmination of an intense week of politicking at the statehouse which drew national attention. Passage of…
Proper New York estate planning has ramifications beyond the lives of the planners themselves. Whole families are impacted by these decisions. The far reaching consequences mean that it is often appropriate for concerned family members–like adult children–to remind parents of the value in proper estate preparations. An article yesterday in…
Earlier this week an article authored by our New York estate planning lawyer, Bonnie Kraham, Esq., appeared in the Times-Herald Record. The story discussed the need to avoid two of the biggest estate planning pitfalls–failure to address all relevant issues and failure to properly update the plan. The planning process…
New York estate planning is often delayed by some local residents because it generates unpleasant thoughts about mortality, personal loss, and difficult healthcare issues. Like other uncomfortable tasks, many community members put off the process even when they honestly accept the need to properly get their affairs in order. In…
Emil Deister founded the Deister Machine Company in 1912. The business makes pieces of equipment known as vibrating screens which are used in the mining industry to separate different sizes of gravel, stone, coal, and sand. Despite ups and downs, the company is still in business today shipping products around…