Whether you have an adult child with a disability or a parent who is at risk of becoming incapacitated, it may be time to consider who will manage their affairs and make decisions for them if they cannot make decisions independently. Depending on how much help your loved one needs, a guardianship, conservatorship, or a […]
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A family limited liability company, or family LLC, is a type of business entity that provides asset protection and tax benefits for its owners. It can also be used to manage and preserve family properties to allow for intergenerational ownership and management. A family LLC is subject to the same Internal Revenue Service (IRS) rules […]
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The probate court issues letters of testamentary approving an executor of a will to manage the decedent’s estate. But what happens if someone dies without a will, also known as dying intestate? The surrogate or probate court uses letters of administration to authorize a person known as the administrator to manage the decedent’s estate. A […]
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Putting a house in a trust offers several advantages. As one of the most valuable assets in your estate, it is essential to know about any potential tax and creditor protections you are eligible to receive if you put your house in a trust. If you own a home in New York, it is important […]
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The death of a parent is an emotionally devastating and stressful time. Financial strains and uncertainties only compound this stress. Imagine two potential scenarios. Meghan is the only child of her wealthy parents. At age 40, the death of one of her 60-year-old parents was not even on her radar. Her father recently died suddenly […]
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An executor is a person named in the last will and testament of a deceased person or testator to manage their estate after they die. If there is no will, then the court will need to appoint someone to manage or administer the estate. This person, the administrator, will oversee the estate when there is […]
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Faced with the responsibilities of being an executor for an estate, you may wonder whether you, as an executor, can withdraw cash from an estate account. One of the many responsibilities of an executor is to manage an estate’s financial affairs. This includes paying the estate’s debts and taxes. An executor will also be in […]
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An estate sale is the sale, liquidation, or auction of a person’s personal possessions after their death. Estate sales are commonly held in the deceased person’s home, and family members may be present. It can feel a little awkward entering a person’s home and buying their belongings, so it’s helpful to understand what an estate […]
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Your pet is part of your family, and their care should be addressed as part of your comprehensive estate plan. A pet trust is a legally enforceable arrangement that provides for the care of your pets in the event of your death or disability. When you establish a pet trust, you fund your trust and […]
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Blockchain is defined as a decentralized and distributed digital ledger containing blocks of linked transactional data. New transactions depend on the previous transactions and thus are stored chronologically and securely. Users cannot delete or modify the chain without consensus from the network. Blockchain technology is used to create an unalterable or immutable ledger. Blockchain is […]
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