Terminology is one of the largest challenges people in New York have when first considering trusts as a form of estate management. This article briefly considers a few key terms and phrases the law uses, hopefully with the effect of clarifying the language for non-lawyers.
What if, before the age of majority and full inheritance, one of your children had an opportunity to attend an elite school? What if one decided to study finance, while another pursued a less bankable profession? Our team here at the office of Joseph A. Ledwidge, P.C., strives to aid New York parents in developing long-term, sustainable estate distribution strategies that would be fair to all children, even in the face of these types of complex situations.
These days, New York estate planning usually includes a strategy on how to handle important online information. This is necessitated by various factors: most notably the rise of the internet as the world's primary communication channel. Third parties now hold most letters, images and memories on remote storage devices. Commonly, large international tech companies, such as social networks, computer manufacturers and advertising companies, are the entities providing these services.
You are far from alone if you have suspicions your heirs might misuse the resources that you intend to leave to them. Many New York families have the same concerns, whether they stem from the immaturity of the beneficiaries, a known inclination towards a certain type of spending or even differing political views. Your assets represent your own hard work — and potentially that of your forbearers as well. Unfortunately, a will would simply bequeath assets in most cases, giving you no control over how they are spent, leveraged against or disposed of.
At our New York offices, the team at Joseph A. Ledwidge, P.C., believes that everyone should have access to effective estate planning tools. You could protect your loved ones after you pass, save more of the value of your estate and maintain the direction and purpose of your assets by creating the appropriate trust structure. We take pride in helping our clients obtain peace of mind, but the process often involves far more than simply drawing up a document for somebody to sign.
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.
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.
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.
If you live in New York and are currently navigating your way through the estate planning process, you may be sorting through your options in an effort to determine the best way to preserve your wealth for future generations. Chances are, you may be exploring the idea of placing some of your assets into a trust, but you may not have much experience in the area or a comprehensive understanding of exactly what trusts can do.
If you live in New York and have worked hard to leave a legacy behind to your loved ones, you may have concerns about just how much tax the government will assess on your estate. Every dollar the government takes from your estate is one that cannot go directly to your loved ones, so learning how to minimize estate taxes is an important component of the estate planning process. At the law offices of Joseph A. Ledwidge, P.C., we understand the ins and outs of estate planning, and we have helped many clients who wished to preserve as much of their wealth as possible for their loved ones.