February 2013 News: New York Estate Planning News

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February 2013 Archives

Revocable Living Trusts: The Basics

What is a revocable living trust?

It’s an important part of even some of the most basic estate plans. So that being said, it’s an important estate planning concept to know. So what is it?

Don’t be scared by the fact that it sounds complex. It’s actually a simple concept and one of the most fundamental pieces of an estate plan.

3 Complex Estate Planning Concepts

Many people think that a will is the only estate planning document out there. When they think if estate planning, they assume that a will is all they need.

We've discussed the variety of documents in an estate plan on this blog many times before. While a will is one of the more important estate planning documents, it's not the only one.

We've gone over some of the more common estate planning documents, tools and terms, such as those you're likely to see in a basic estate plan. Now, let's take the time to talk about some of the more obscure ones -- the kinds of terms you're likely to come across in more complex estate plans.

Drafting a Special Needs Trust: First Steps

There are many ways to plan for your future and for your children. Those who have children with special needs sometimes have a lot more on their plates, especially when it comes to planning the future of their children.

That's what special needs trusts are for. They are essentially trusts that allow the parent to put aside a certain amount for a child with special needs.

These trusts are designed to give the child income for a set period of time without losing access to state assistance.

5 Must-Have Documents in an Estate Plan

What are the necessary documents in an estate plan? Estate plans vary, and depending on the size of your estate, you could have either a very simple estate plan or a very complex one.

But if we go back to basics, most estate plans have a few general things in common, whether they are for small estates or multimillion-dollar ones.

Here is a list of the five must-have documents for a basic estate plan: