Articles Tagged with new york city estate planning

Comprehensive estate planning can be a confusing process. It can be even more confusing with larger estates or with multiple children. Parents want to ensure that their estate plan provides for their children’s financial security, but in circumstances where children may be in different financial situations or a variety of characteristics may impact how parents elect to distribute their assets estate planning is an important part of avoiding a fight over the estate plan down the line. The following tips, adapted from a recent article from Forbes about circumstances that often combine to lead to fights over estate plans, can help you prepare your estate plan in a way that avoids fighting over it among your heirs. In preparing your estate plan cautiously and planning to avoid potential fights between heirs, you can ensure that more of your assets are preserved for your heirs and that their relationships do not have to face the test of a legal challenge to your estate plan.

Include a No Contest Clause

One of the most direct ways of avoiding potential fights over your ultimate decision in how you wish to distribute your assets to your heirs is no work with your estate planning attorney to include a “no contest” provision in your Last Will and Testament. Doing so allows you to notify heirs that anyone that chooses to contest the Will stands to inherit nothing should they try to contest the validity of the Will through legal channels and lose. The mere existence of this type of clause can discourage individuals from fighting over the provisions of your estate plan.

The World Intellectual Property Organization defines intellectual property as “creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names, and images sued in commerce.” Typically, intellectual property is protected by legal mechanisms such as patents, trademarks, and copyrights that help people achieve and maintain recognition and financial benefits from things they have created. While intellectual property has many specific laws to help govern it and some attorneys choose to focus their practice on intellectual property law, intellectual property is personal property and can be an important part of comprehensive estate planning.

Distributing Intellectual Property

There are several considerations that come into play when determining how to distribute intellectual property. For some people, intellectual property can be the main source of their financial livelihood. Others may have inherited or otherwise acquired certain intellectual property rights throughout their lifetime and use them for supplemental income purposes. Regardless of the way in which you came to possess intellectual property, if you want to continue benefiting from it then you can and should keep personal possession of it until you no longer depend on or desire the income from it. If you do maintain control over intellectual property, make sure that you have provided for its distribution in your estate planning in case of unforeseen circumstances.

Sometimes after setting up a trust, circumstances occur that change our goals for that trust. Recently, we wrote about how to fix a broken trust which occurs when a trust no longer serves the purpose for which it was established. However, a broken trust is not always the only reason a trust might need to be modified. Depending on the circumstances surrounding your trust, there are several factors to consider when deciding whether or not to move a trust.

Common Reasons to Move a Trust

One of the most common reasons for creating a trust is to take advantage of more favorable tax consequences related to trusts. As such, one of the most common reasons to want to move a trust is to take advantage of more favorable tax-related trust laws in another state. Some other reasons for moving a trust might include:

More and more Americans are getting married multiple times. As multiple marriages become more common, proper estate planning becomes more important. Tools such as prenuptial agreements can create an additional level of protection for you and your loved ones.

Protecting Family Heirlooms: Dave & Mary

Prenuptial agreements can be especially helpful if you or your spouse have children from prior marriages. Many people who remarry would like all or part of their estate to go to their children. Heirlooms or even family homes are often passed on the children. However, without proper estate planning these wishes could be ignored.

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