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

Estate Planning Archives

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.

How to protect heirs with an IRA trust

New York residents are generally allowed to pass money inside of an IRA to designated beneficiaries. However, for those who are worried about how that money may be used, an IRA trust may be an effective estate planning tool. They have become more popular since a 2014 Supreme Court ruling that no longer treats inherited IRAs as protected in bankruptcy. Instead of naming a person as the beneficiary of the IRA, the trust is named the beneficiary.

Estate planning and second marriages

New York couples planning a second marriage, especially one later in life, have many significant estate planning concerns to think through on their road to wedded bliss. For people who have spent their lives gathering assets and investments, remarriage can be far more complex. Considering a few estate planning guidelines along the way can help avoid misunderstandings or costly financial errors.

Planning for asset distribution after death in New York

When planning for the future of their assets, estate holders may want to consider speaking with their heirs. Speaking with children will allow the estate holder to get a feel for how their assets may be spent and managed. In addition, it will help them figure out the best way to leave property to beneficiaries.

Understanding the basics of a trust

While New York residents may believe that they need a trust, this may not always be the case. Furthermore, those who want to create a trust need to choose the one that best suits their needs. One common type of estate planning instrument is the revocable living trust. It has a trustee who carries out the instructions that the document provides as well as one or more beneficiaries.

The benefits of estate plans for New York residents

President Trump campaigned on eliminating the federal estate tax entirely, and some people are wondering if they need to bother with creating an estate plan if they don't have to worry about the tax burden their heirs may face. However, the exemption in 2017 is $5.49 million per person and $10.98 million for married couples. Therefore, many people do not have to worry about federal estate taxes, but that doesn't mean that estate planning is unnecessary for those individuals.

Tips on estate transfers

New York residents who have assets they want to be managed a certain way after they die should have an estate plan. An estate plan, which should at least include a will, a living trust and a power of attorney form, can ensure that one's wishes are carried out and that their loved ones and assets are protected. However, there are certain steps individuals should take to make sure that their estate plan is effective.

Understanding the role of estate executor

Individuals who are tapped to be the executor of a parent's estate are tasked with fulfilling his or her final wishes. Therefore, those who live in New York and elsewhere around the country may be wondering how and when they fulfill their obligations. An executor is responsible for paying the final expenses of the deceased as well as maintaining property until the estate is settled.