Category Trusts
Estate Planning for Young People with Special Needs: Article 17A Guardianships and Special Needs Trusts
by Bryan Lane Berson, Esq. Download PDF: Article 17A Guardianships and SNTs in NY Article 17A Guardianships New York has established different guardianships for people in need of supervision (sometime referred to as “incapacitated persons,” “IPs,” or “wards”). Under a guardianship, a court appoints a guardian to assist an IP who lacks sufficient capacity to […]
Avoiding Estate and Gift Taxes with Life Insurance Trusts
by Bryan Lane Berson, Esq. Contrary to what many people think, the proceeds of life insurance policies are not tax free. That does not necessarily mean that an estate will have to pay tax on the proceeds though. An irrevocable life insurance trust (ILIT) is a useful estate planning tool to reduce tax liabilities. ILITs […]
Elder Law and Medicaid Planning for Nursing Care in NY
by Bryan Lane Berson, Esq. A. Introduction An estate plan implements documents to administer and transfer property and delegate decision-making authority. In other columns, I discussed trusts, wills, powers of attorney, health care proxies, and living wills. Elder law and Medicaid planning are a special form of estate planning. In New York, 58 separate districts […]
Choosing Fiduciaries for Estate Plans
by Bryan Lane Berson, Esq. Typically, an estate plan contains several documents. Wills, trusts, powers of attorney (“POA”), and health care proxies (“HCP”) fulfill different functions. They appoint one or more people to carry out different responsibilities. Collectively, these people are known as “fiduciaries.” A fiduciary has a legal duty to act for the benefit […]
The Estate Planning Process: The Basics
by Bryan Lane Berson, Esq. An estate plan accounts for one’s assets, identifies recipients, and selects people to carry out instructions. Where appropriate, it may address tax and elder law issues. Consider these issues before meeting with professionals to make the process and plan more effective. This column discusses wills, revocable living trusts, and beneficiary […]
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