Joseph A. Ledwidge, P.C. Joseph A. Ledwidge, P.C.
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347-395-4799

February 2018 Archives

Why payable on death accounts should be used with caution

As someone who is planning their estate and future legacy in New York, it is likely that you are familiar with payable on death accounts (POD), otherwise known as transfer on death accounts (TOD). They are generally known as a great way to go about avoiding probate on the assets contained within these accounts.

What happens when fraud occurs when creating a will?

Usually, you expect that when a loved one creates a will, it is done of his or her free will without any interference and expresses his or her true wishes. However, there are cases in New York when a will is created under fraudulent terms. When fraud occurs, it can void the will and make it unenforceable. Of course, you must first discover fraud has been committed. 

How do I create the best trust for my children?

While it is not the most pleasant subject for adults in New York to think about, preparing for your death is important to securing the future of your children. You do not want to wait until it is too late to plan for how your children will inherit your assets. That is why now is a good time to consider how to make the best trust for your children while avoiding possible pitfalls.

Who are the people involved in a trust?

New York probate court could serve several crucial functions for you, such as settling disputes between inheritors or discerning the intention of will authors. However, you may find it in your best interest to avoid probate altogether: This is often the preference of individuals with high net worth who expect to leave a large estate behind. Avoiding probate in these cases might hasten the disbursement of property from your estate to your beneficiaries. It may also help you circumvent court fees, professional service costs and even reduce tax.

What changes with the new federal estate tax law?

If you are planning your estate in New York, you may want to take a minute to review the new federal estate tax law. This could change what you do with your assets. If you already have an estate plan, you may want to make changes so your estate does not go to probate or other issues do not arise due to this new law. 

Joseph A. Ledwidge, P.C.
17026 Cedarcroft Road
Jamaica, New York 11432

Phone: 347-395-4799
Fax: 718-701-3726
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Joseph A. Ledwidge, P.C.