Wishing you a wonderful end of summer
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
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Debunking Guardianship Myths in New York: Protecting Your Loved Ones with Facts
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...
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The Trust Conundrum: Exploring Revocable vs. Irrevocable Trusts
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,...
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Jointly Owned Assets: Are You Gambling with Your Legacy?
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...
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Are You Obligated To Leave Equal Inheritance To All Of Your Children?
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...
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Reasons To Use An Irrevocable Life Insurance Trust
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...
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Will My Child’s Spouse Inherit My Money?
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...
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Do You Need a New Will if You Just Had a Child? Do you need more than a Will?
Life comes at us fast, and we need to be prepared. There's no telling when tragedy will strike, so having an up-to-date will in place is imperative in ensuring your assets are distributed according to your wishes.
Wills need to change as our lives do. Having a child is a significant life event and will significantly...
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Why Every Parent Needs a Trust For Their Child
A trust fund is an estate planning tool not only meant for the wealthy. A person, or grantor, sets up an account containing assets for a beneficiary. The grantor decides how the assets get distributed eventually. The Trustee manages the assets. Depending on the type of trust fund, the beneficiary will be able...
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7 Tips for Keeping Trusts Flexible in a Rapidly Changing World
One hundred years ago there were no commercial airplanes, women couldn't vote, the average family had 5 children, divorce was rare, children born outside of marriage had no inheritance rights, and surrogacy was virtually unheard of. In 2019 we have same-sex marriage, flexible gender identity, assisted reproductive technologies, digital assets, cryptocurrencies and an epidemic...
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