While we may know better, an 18-year-old is generally considered an adult under New York law. Many of those 18-year-olds will be heading off to college in the next couple of months. Parents’ rights to make decisions for their...more
7/1/2025
/ Adult Children ,
Beneficiaries ,
Estate Planning ,
Health Care Proxies ,
Incapacitated Persons ,
Inheritance ,
New York ,
Power of Attorney ,
Tax Planning ,
Trusts ,
Wills
May is mental health month, the perfect time to address this important topic. Mental health and substance abuse disorders affect many families. These issues need to be considered in estate planning.
Mental health and...more
It is important for all adults to have advance directives in place to ensure that your wishes will be carried out if you become incapacitated. There are three basic types of advance directives: a living will, a health care...more
I am often asked about the difference between wills and revocable trusts, so I thought it important to explain the purpose of each.
Wills and revocable trusts basically do the same thing – each is a document in which you...more
Every U.S. citizen may gift, during life or at death, assets to his or her children free of federal estate or gift tax up to an aggregate amount – frequently called the “exemption amount.” The exemption amount in 2021 is...more
Discussing your estate plan with your adult children can feel like a daunting task. You want your children to be ready for the responsibilities that wealth entails, but you’re not sure you’re ready to disclose your finances...more
Oftentimes, in the summer, we return to the topic of changing your residence for state tax purposes. There are five factors which the tax authorities will look to in determining whether someone has changed their residency. ...more