Mullen and Iannarone, P.C.
Serving the legal needs of corporations, individuals and
families of Suffolk County since 1972

July 2017 Archives

Why entrepreneurs need an estate plan

New York business owners should consider an estate plan to protect their family and business in case they become incapacitated or pass away. One survey of over 500 entrepreneurs nationwide found that almost two-thirds of entrepreneurs had no estate planning documentation. More than three-fourths did not have a financial power of attorney, and only one-fourth had a will. Even fewer entrepreneurs reported having a living trust.

Creating an irrevocable trust

An irrevocable trust may be a good option for some people in New York who are creating an estate plan. Unlike the revocable variety, an irrevocable trust cannot be changed. However, it offers advantages in protecting assets that a revocable trust does not.

Estate planning protections for cohabiting couples

Beyond the romantic sentiment and vows before family and friends, marriage is also a legal contract that give rights and protections in medical emergencies, financial situations, the death of a spouse and other situations. New York couples who choose to forgo marriage in favor of cohabitation can also enjoy these benefits by understanding what those are and creating an estate plan.