Many New York residents believe that irrevocable trusts cannot be modified or terminated. However, New York State law provides several methods to address trusts that no longer serve their intended purpose or have become administratively burdensome.
Reena Gulati Blog
I've encountered numerous complex family situations as an estate planning attorney. One increasingly common scenario involves older individuals living with younger partners, causing concern among their adult children about the family's assets. This delicate situation requires careful planning and open communication. If you’re in this situation, how can you secure your assets for your heirs while maintaining a positive relationship with your partner?
As an estate planning attorney, I've seen my fair share of complicated situations. But few are as heartbreaking as what I call "I Got You, Honey" planning gone wrong. This scenario unfolds more often than you might think, and it's a cautionary tale for all couples.
Inheriting property can be complex, especially when the beneficiary is a minor. In New York, the legal challenges that arise when a minor child inadvertently inherits a deceased parent's property are significant. Understanding these challenges and how to address them is crucial to ensuring the minor’s interests are protected and the property is managed effectively.
Estate planning is a crucial aspect of securing your legacy and ensuring your loved ones are taken care of after your passing. One of the most effective tools in this process is a trust. Trusts offer numerous benefits, particularly in avoiding the often cumbersome and costly probate process but that isn’t the only reason to have a trust.
