July 2018 Archives

Why parents of the disabled should consider special needs trusts

If you are a New York parent of a disabled or special needs child, your estate planning needs will likely differ considerably from those of your friends and colleagues. A special needs trust is one method many parents of special needs children use to make plans for the future, and at the law offices of Joseph A. Ledwidge, we have helped many clients with similar concerns consider this and related estate planning options.

Getting your affairs in order is critical

Many people in New York, do not except to be placed in a situation where their life may be cut short. Whether people are the recipient of a terminal medical diagnosis or are involved in catastrophic collision, they may find out that they do not have much longer to live. If this type of situation should occur, it may be best if people prepare their estate in such a way that their family members will have everything they need when they are gone.

What constitutes a breach of fiduciary duty?

If you are the executor of someone’s New York estate or the trustee of his or her trust, that makes you a fiduciary. In other words, you are someone entrusted with the power and authority to handle assets for the benefit of others. Because the decedent or trust settlor trusted you to manage and distribute his or her assets, you owe a duty to the estate or trust to do so competently, appropriately and for the benefit of the designated heirs and/or beneficiaries.

What can you accomplish with an irrevocable living trust?

If you live in New York and are currently trying to determine the best way to preserve your wealth for your loved ones once you pass on, you may be considering establishing different forms of trusts as one method of doing so. While different types of trusts offer different benefits and drawbacks, you may be giving some thought to creating what is known as an irrevocable living trust, which many consider a solid, important estate planning strategy.

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.