Robert W. Shaw
Despite what folks may believe, tax savings are not the only reason to create an estate plan. Why? Well, many people think that estate planning only applies to individuals who have to pay estate taxes. The planning, however, is valuable for many reasons beyond tax purposes. Far fewer estates are now subject to estate tax, […]
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In my last article, we discussed everything the executor can do before being officially appointed as an executor. This post will outline everything the executor does after they receive their appointment from the court. The process the proposed executor must follow to get the will successfully probated is to submit a petition with the original will […]
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If someone is named the executor under a person’s will, their job is to carry out the express wishes of the decedent. Even before being formally appointed by the court, the executor should: Follow the decedent’s burial and memorial instructions. The executor may have to arrange for the funeral and burial, and will need to […]
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Many families take care of a physically or mentally disabled child—and they worry about that child’s care once they are no longer able to be their guardian. A supplemental needs trust is a way to protect the funds of an individual without jeopardizing government benefits. There are two types of supplemental needs trusts: A first-party […]
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What is a power of attorney? When an individual sets a power of attorney, it means they have appointed a trusted person to act on their behalf regarding any non-medical decisions, such as banking transactions or selling a home, if they are unable to do so because of incompetence or physical inability. The power of […]
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The Family Health Care Decisions Act (FHCDA) went into effect in New York State in 2010. The law provides the procedure for appointment of a surrogate to make healthcare decisions for an individual who lacks the capacity to make their own decisions and who does not already have a healthcare proxy or court-appointed guardian in place. […]
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When estate planning, determining the best way to transfer the ownership of a home from parent to child has many implications—especially for seniors. There are 3 ways to transfer the ownership of a home from parent to child: Outright gift Gift with a reserved life estate Gifting by trust Outright Gift The problem with an […]
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By having a will, you can retain more control over the distribution of your estate. Without a will, the state you live in determines how your property is distributed. People usually start thinking about making a will when they get married and start a family, but even a single, childless person should have a will. […]
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Trusts fall into two main categories: revocable and irrevocable. Revocable trusts are set up by the individual (known as the “grantor”), often for their own benefit, and can be changed at any time. Irrevocable trusts are setup in a manner intending that they not be changed. Both types of trusts can be either living trusts […]
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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. I invite you to contact me and welcome your calls, letters and electronic mail. Contacting me does not create an attorney-client relationship. Please do not send any confidential information until an attorney-client relationship has been established.
Robert W. Shaw is licensed in New York.
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