Estate planning is an ongoing process for New York residents. The initial estate planning documents that are created usually need to be updated every few years to reflect changes to asset values, state residency and family structure. Some people might wish to update their estate plans in order to take advantage of tax saving strategies or modify the list of beneficiaries of their estate.
In the past, an irrevocable trust may have had one trustee or two co-trustees to oversee its execution. Today, there may be many people serving in key roles to ensure that the trust is properly executed. One important role is that of the general trustee who keeps records and who files tax returns for the trust. In some states, it may be possible for one person to create a trust, be a beneficiary of the trust and hold assets outside of the trust.
Most New Yorkers are aware of the political battle that has been raging over healthcare in the U.S. during the past few years. While President Obama and Congress managed to pass some important health care reforms, it is possible that those may be rescinded depending on the outcome of the 2016 presidential and congressional elections.