3 results for tag: Elder Law


Why You Must Have a Will!

November 7, 2018 , , , , , , , , , , , , , , , , , , ,

Time and again, I see clients feel great relief when they write a will. They have chosen the executor who will take charge of their estate, named a guardian to care for young children (if needed) and selected a trustee to manage a trust they create – to protect assets or avoid probate. Things feel settled. That difficult task is done. Phew. It’s not too late to give yourself this gift. Contact us today to have this off your “to-do” list by the holidays.   You absolutely need a will if you want to provide for your significant other, best friend or favorite aunt. Otherwise, they will only inherit if they are named as an account ...

Trust this Attorney in Westchester County for Your Family’s Trust

November 5, 2014 , , , ,

The trust document spells out the rules of the road on how the property is to be held, managed and distributed. A trust document is also called a trust agreement, declaration of trust or a trust instrument. InterVivos or Testamentary/ Revocable or Not Trusts that are created under a will and do not come into being until you die, are referred to as “testamentary trusts.” Trusts created to be operative during your life, are called “inter vivos trusts.” These can be “revocable” or “irrevocable.” With a “revocable” or “living trust,” the person who creates the trust has full control to reap benefits of the trust and has ...

Planning for Highly Appreciated Assets

November 3, 2014 , , , ,

When you acquire property (real estate, investments, etc.), what you pay for property you acquire is known as your “cost basis” or investment in the property. It is this number that becomes important when you determine the tax on any gain, when the property is sold. The basis rules become very important in estate planning.  Here’s why:  If someone gives you property, you get that person’s basis in the property, which is known as a “carry over basis.” But if you inherit property, you get a basis equal to the property’s fair market value on the date of death. If you have substantially appreciated property, it may be better to hold it, ...