Search
Search ×
Gray & Feldman Legal Blog

 

Why Do I Need To Appoint a Trustee As Part of My Estate Plan?

Trusts are a more often used Estate Planning strategy than conventional wisdom would predict

George H. Gray 0 448 Article rating: No rating
Why_I_need_a_TrusteeTrusts are more commonly used in the Estate Plan of a middle-class New Yorker than conventional wisdom would predict.  For instance, a trust for the benefit of minor children is always a good idea when planning for their lives after the death of both parents.  Parents and grandparents of a child with special needs will find the many advantages of a supplemental needs trust worth exploring. Elderly couples may find an irrevocable income only trust a useful tool in their Medicaid Planning.

Assist your parents' to take control of their digital legacy.

Protect your parents' internet identity after they're gone.

George H. Gray 0 868 Article rating: No rating
Protect Your Parents' Digital LegacyThe internet is now used for a wide variety of activities we take for granted as part of our daily routine. We use Facebook to share thoughts and photos, Twitter to keep in contact and on-line providers to manage our bank and credit card accounts. These items of information, memories and data are often characterized as “digital assets.” On September 29, 2016, a bill was signed into law by Governor Cuomo which enacted New York’s version of the “Uniform Fiduciary Access to Digital Assets Act” (the “Act”) which nineteen (19) other states have also enacted into law.

Make sure your aging parents' beneficiary designations are up to date.

George H. Gray 0 424 Article rating: No rating
Info for Aging Parents on NY Beneficiary DesignationIf they are in a situation similar to other middle class families in New York, a large portion of your parents’ Estate will pass by beneficiary designation, not according to their Wills. Consider two of the largest asset categories comprising their combined Estate. They have one or several retirement accounts and they have life insurance and annuity contracts with a death benefit.

Make sure your parents' Wills are Up To Date: Part II

George H. Gray 0 644 Article rating: No rating
Last Will for Aging ParentsYour parents’ Wills contain details which are specific to the time they were signed. The Wills name an Executor and other fiduciaries, identify a spouse, children and other intended beneficiaries, and reflect the state of the law at the time of signing. The circumstances of the person named as an Executor or Trustee may have changed.

Make sure your parents' Wills are Up To Date: Part I

George H. Gray 0 498 Article rating: No rating
More often than not, a Will is prepared, executed and then forgotten. Years, even decades, may pass since your parents’ Wills were signed. A lot can happen in those intervening years. The attorney who drafted the Will could have died or retired. The two persons who “witnessed” the Will can now be unavailable. You must have the original Will of your parent to Petition the Court to admit it to Probate. In addition, you’ll need access to the two persons who “witnessed” the Will’s execution; or, the use of what is called an “affidavit of attesting witnesses.” Now is the time to locate the “original” Will.
RSS
12
Contact Us

625 Panorama Trail
Building One, Suite 240
Rochester, NY 14625

tel: (585) 218-8620
fax: (585) 218-8600

 

 

Connect with Gray & Feldman on LinkedInFollow GFR on Instagram Connect with Gray & Feldman on Facebook