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January 2016 Archives

The importance of correct art valuation

New York residents who are preparing their estate plans should not neglect to value their artworks correctly. By and large, art does not produce any revenue until it is sold, and it can be difficult to place an accurate value on paintings and other works because the among will usually change in keeping with prevailing market conditions. However, failing to do so can result in a dispute with the Internal Revenue Service.

David Bowie's savvy financial decisions

New York music fans were likely saddened on Jan. 10 when the world's media began to report that David Bowie had died of cancer. Bowie was a powerful force in rock music, and his remarkable career featured numerous classic albums. Entertainers were awed for decades by Bowie's ability to constantly reinvent himself and explore his musical boundaries, but financial experts say that his savvy financial mind and prudent estate planning decisions may be just as impressive.

A refreshed look at irrevocable trusts

One of the reasons that New York residents might choose a revocable trust instead of an irrevocable trust for handling their estate planning needs is that irrevocable trusts are traditionally ineligible for changes. Irrevocable trusts have also traditionally included very limited oversight by just one or two trustees. However, flexibility available for modern trust planning makes it possible to achieve a customized plan based on one's goals, beneficiaries and possible future needs with a more customized approach to oversight.

New York legal advisors may help with will disputes

Wills written by New Yorkers aren't always probated as smoothly as possible following the deaths of the testators. In some cases, survivors and beneficiaries get into legal spats over the validity of wills and other estate documents. Valid concerns such as potential fraud, the mental state of the testator or the existence of other wills can all be used to initiate disputes that impact the process of distributing the testator's property.