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

July 2018 Archives

Estate planning considerations for single people without children

Many individuals in New York do not have a spouse or children to call upon for help as they age. Nationwide, approximately 19.5 million people age 65 or older live alone. For people who do not have any close relatives, issues involving financial security and long-term care during their elderly years pose extra challenges.

Strategies for transferring wealth to future generations

A parent in New York who is trying to decide how to divide their assets should have confidence in their ultimate decision. This is true regardless of what adult children or other family members may feel. Children are urged to not let the size of their inheritance act as a proxy for the size of their parent's love. Parents should talk with their children and others ahead of time to discuss how assets will be divided.

Important issues to consider when choosing a trustee

Establishing a trust can provide must-appreciated peace of mind for individuals in New York looking to ensure that important assets are distributed appropriately to a spouse, children, other family members or close friends. One of the most critical steps in establishing a trust fund for the preferred beneficiaries is to determine who will be the trustee. There are some issues anyone setting up a trust may want to consider to improve their confidence when naming a preferred trustee.