Trusts Archives - Sverdlov Law PLLC

Your Right to an Elective Share: A Guide for Disinherited Spouses in New York

Posted on January 10, 2025

In New York State, if a surviving spouse is "disinherited" (i.e., not provided for in a decedent’s will), they have the option to claim an elective share of the decedent's estate. This legal right allows a spouse to receive a portion of the estate, even if the decedent's will does not provide for them....

Countdown to 2025: 6 Year-End Gift, Estate and Financial Strategies

Posted on December 11, 2024

As we approach the end of 2024, it's crucial to review your estate and tax planning strategies to ensure you're maximizing your financial benefits. Here are some key areas to focus on: 1. Health Savings Account (HSA) If eligible, maximize contributions...

Skip the Politics, Save the Legacy: Your Thanksgiving Conversation Guide with Aging Parents

Posted on November 19, 2024

Turkey? Check. Pumpkin pie? Check. A plan for your family's future? Let's work on that! This Thanksgiving, why not serve up something more substantial than cranberry sauce? We've prepared an easy to use guide to help you navigate those tricky estate planning conversations with your aging...

Wishing you a wonderful end of summer

Posted on August 27, 2024

Dear Clients and Friends PLANNING FOR THE FALL. As we savor the last days of summer and look forward to the cooler days of fall, it's the perfect time to explore the city and enjoy all that the season has to offer. Whether you're planning to catch a

Debunking Guardianship Myths in New York: Protecting Your Loved Ones with Facts

Posted on July 23, 2024

In the realm of elder care, special needs planning and legal decision-making, guardianship is a topic often clouded by misconceptions and misunderstandings. For families navigating the complexities of guardianship in New York, separating fact from fiction is crucial to ensuring the well-being and protection of their loved ones. Here, we'll discuss some...

The Trust Conundrum: Exploring Revocable vs. Irrevocable Trusts

Posted on June 21, 2024

This guide explores the differences between revocable and irrevocable trusts under New York State law. Whether you need one or both depends on your unique circumstances. Understanding Revocable Trusts Think of a revocable trust as a flexible tool in estate planning,...

Jointly Owned Assets: Are You Gambling with Your Legacy?

Posted on June 11, 2024

In New York, many married couples share ownership of assets like real estate, bank accounts, and investments. While this setup offers convenience and shared control, it can also introduce risks that might affect long-term wealth. This blog explores the question: Are you risking your legacy by choosing joint ownership? Let's look at...

Are You Obligated To Leave Equal Inheritance To All Of Your Children?

Posted on February 1, 2024

Ever wondered if you're obligated to leave an equal inheritance to all your children? In this video, we at Sverdlov Law reveal that, contrary to common belief, you have the freedom to decide how your estate is distributed. From estranged relationships to financial disparities among children, we explore scenarios where an unequal...

Reasons To Use An Irrevocable Life Insurance Trust

Posted on August 17, 2021

Irrevocable Life Insurance Trusts (ILIT) is a form of life insurance that helps to reduce or eliminate state and federal taxes on an estate after the person has passed away. An irrevocable life insurance trust results in more benefits to the beneficiary than a standard life insurance policy. The policy can be used to...

Will My Child’s Spouse Inherit My Money?

Posted on April 13, 2021

Try as we might, we cannot control who our children marry. Though you may make an effort to get along with your children's spouses, sometimes things do not work out in your favor. You may also worry about what happens to the inheritance you leave for your married child if their marriage dissolves. The animosity...