Blog - Page 17 of 25 - Sverdlov Law PLLC

Financial Crimes Against the Elderly

Posted on January 18, 2017

Elderly people are vulnerable to fraud and financial abuse. There are many reasons: isolation, weakening mental and physical condition, memory loss and lack of knowledge about today's markets and technology.According to New York State Elder Abuse Prevalence Study, only 1 out of 44 cases of financial abuse is reported, usually because the victim...

Can you adopt an adult in New York?

Posted on January 10, 2017

The main reason for adult adoption is usually related to qualifying to receive an inheritance: If a person is not related to you biologically or legally and your will cannot be found, then the person has no right to inherit your money. However, getting around this issue can easily be resolved by writing a Will...

Don’t live an isolated life (and help seniors in your life to connect)

Posted on January 3, 2017

It's a New Year. People are trying to fulfill their new resolutions about money, weight loss and projects. I would suggest a resolution about friends. It is well known that seniors who are isolated are more likely to be sick and depressed. We all need companions, if only to complain to about our health and current politics. Take some steps...

Buy / Sell Agreements

Posted on November 1, 2016

What are these agreements? These are absolutely crucial both to start ups and to existing businesses where there is more than one owner involved. This document outlines the relationship between the owners, assigns roles and responsibilities, shows the ownership percentage of the business and outlines what happens when the owners need to part ways. There...

Protecting Your Estate Starts with a Prenuptial (or a Postnuptial) Agreement

Posted on October 24, 2016

The rate of second and third marriages in the United States continues to increase. Each spouse may bring children, assets, heirlooms, and very specific wishes into the new marriage. Some want their children to inherit the bulk of the assets. Others want specific heirlooms (painting / jewelry / watch) to be passed down to specific people....

Why would you want a Nevada Trust?

Posted on August 26, 2016

New York has a very strong policy against self-settled trusts. A self-settled trust is one where the Grantor transfers assets to an irrevocable trust but remains one of the Trust’s beneficiaries. While these transfers are legal, New York believes that they are “void as against creditors”. As a result, if the Grantor remains...

Joint Revocable Trusts vs. Parallel Documents (cost saving vs. peace of mind)

Posted on August 18, 2016

Joint Revocable Trust: Lots of spouses opt to create a joint revocable trust. In many situations, it makes a lot of sense to do so: First, in long term marriages, a lot of assets are owned jointly, so it can be an extra and unnecessary hassle to separate them. Second, the children are common, so...

Rich and Famous Planning: Sumner Redstone – an estate plan that is embarrassment for the man, the family and the company?

Posted on August 10, 2016

Mr. Redstone’s fortune is estimated at $5 billion. He could afford the best legal plan in the world. Yet, despite the assets and despite the multitude of involved lawyers, his estate planning and his last years are turning out to be a mess.Mr. Redstone tried to put in place plans that would ensure...

Who will care for my dog?

Posted on August 2, 2016

When a couple owns a pet, the owners can assume that the survivor will continue caring for their pet (although that’s not necessarily true, at least in my own situation). What happens when a single person owns a pet? In 49 states (Minnesota is the only state that does not permit this) you...

Executor of your Will: who should be named and what are his responsibilities?

Posted on July 25, 2016

An Executor is the person named in the Will who ensures that deceased person’s wishes are carried out after death, that all the assets are found, that all the debts are paid and all the money is distributed according to deceased person’s wishes. Responsibilities: The duties of an executor include: finding the Will,...