Dividing an estate can be complicated when one has multiple children. This can be especially true when a parent wants to pass on a vacation home that may hold sentimental value for several kids. For New York parents who have a vacation home, it's never too early to start planning for the future.
New York parents dealing with a special needs child may recognize that there will be life-long challenges in caring for that individual. One of the greatest worries in this situation may be how to ensure that the child will continue to have the care needed after both parents are gone. While some parents rely on their other children to help in such situations, life changes could interfere. Sound estate planning can be helpful for addressing these concerns.
For many New York residents, pets are an important part of their lives. Nevertheless, in many cases pets are abandoned or brought to an animal shelter when their owner dies or becomes unable to care for them. To avoid this from happening, however, pet owners can set up a pet trust as part of their estate plan.