Mullen and Iannarone, P.C.
631-406-4088
Serving the legal needs of corporations, individuals and
families of Suffolk County since 1972

March 2019 Archives

Family conflicts pose estate planning challenge

When New York residents make plans for the future, they may run up against entrenched, emotional family conflicts. According to a survey conducted by one banking institution, family conflict outweighs market volatility and tax reform as the major challenge to estate planning. The survey included 105 participants in an annual conference on estate planning that involved professionals throughout the sector such as attorneys, insurance advisers, accountants and trust officers. Almost half of the respondents said that family issues posed the biggest problem to completing an estate plan.

What decanting is and how it may help trust holders "fix" trusts

There was a time when someone in New York with significant assets that they wanted to pass along to their children in a controlled manner would likely be advised to set up an irrevocable trust. The problem is that such trusts are close to impossible to amend. This can present further issues for trust holders with adult children who not quite ready to responsibly handle regular disbursements.