A legal case regarding a New York trust has made its way to the United States Supreme Court. The outcome of its legal dilemma may have far-reaching effects on how trusts across the nation are taxed, and because this is a significant legal topic, this post will discuss the case's facts, arguments and possible legal ramifications once it is decided.
One of the most overlooked but critical documents that should be included in a thorough estate plan is the power of attorney. In fact, the best estate plans should include two separate power of attorney documents, potentially even a third.
The laws of the state of New York impose certain requirements on wills to make sure that they are authentic representations of the testamentary desires of individuals. Requirements such as witnesses and signatures are in place to help avoid later challenges to wills based on duress, incapacity and other grounds. Challenges to wills can cause wills to be tied up in probate and can take time to work through.
When dealing with estate assets, it is a necessary to go through a legal process. Probate involves the collection and distribution of a decedent's assets in accordance with their will and other estate planning tools. In New York, the elements of a person's estate may be located, debts may be paid, beneficiaries identified and assets passed out all through the probate process.
Long-term care planning involves addressing a multitude of issues, including legal, financial and medical matters. It can include putting aside money, purchasing an insurance policy and drawing up a health care directive or durable power of attorney. In addition, it is going to require some decisions concerning living arrangements and being able to meet daily needs and solving problems that might arise along the way.
When two individuals own an account jointly, they may both use the funds in the account for their own benefit. Their creditors may pursue the funds when the individuals accumulate debts, and the individuals may transfer their rights in the account to others. It is not uncommon for married New Yorkers to use these types of accounts with their spouses.