Post By George in Estate Planning - People
What Philip Larkin observed about people's parents in his most famous poem (viz., that they “mess” you up) is often true of our siblings (and in-laws) in lesser-but-still-material ways. Without the guidance of your valid will, the greatest danger in a probate judge's selection of your child's guardian is not that s/he might miss a great-but-not-obvious choice (e.g., your close friend), but rather that s/he might choose someone from your extended family who presents well but would be a very bad choice indeed. If someone in your orbit has personal issues that make you squeamish at the prospect of their becoming your child's guardian, you can solve the problem definitively (without mentioning the issues or naming names) by specifically nominating someone else (and a back-up) as guardian in your will.
Post By George in Estate Planning - People
People with “special needs” and those who provide their support face a variety of hurdles, some literal/physical and some bureaucratic. Unfortunately, the field of estate planning, specifically will and trust drafting, is replete with opportunities for the law of unintended consequences to wreak havoc. A common risk is that a gift or legacy could actually harm a recipient by making him/her ineligible or less-eligible for means-tested benefits (such as Medicaid). Often the cure is simply careful drafting that prevents any intended gifts/legacies from interrupting federal/state/local benefits by making such funds available only as a “supplement” in the absolute discretion of a trustee.
Post By George in Estate Planning - People
In both the men and women’s brackets, this year’s March Madness was a testament to the strength of established programs. How does your plan compare? Will guardianship of your children be a “jump ball” between well-intentioned-but-perhaps-not-so-suitable relatives? Whether or not you have the good fortune to be leaving a taxable estate, your will should nominate fiduciaries (executors, guardians, and trustees) (and keep a few substitutes/successors on the bench – you’re not the only one who’s mortal…) to care for those-you-leave-behind. And it’s not just for the minors – most plans leave funds in trust for beneficiaries up to age 25, 30, or even 35.
Post By George in Estate Planning - People
Recent appellate decision Martinez v. County of Monroe, coupled with an executive order from Governor Paterson, should have the effect of causing New York State generally to recognize same-sex marriages performed in other jurisdictions. Last month, in Matter of Ranftle, the New York County Surrogate’s Court extended the analysis to New York’s substantive law of wills, trusts, and estates. Same-sex couples in New York who don’t have the time for a Canadian marriage vacation can achieve most of these goals with thoughtful planning.
Post By George in Estate Planning - People
With tongue only slightly in cheek, I will hazard to say that no one reading this memo has canceled their car or home insurance in response to difficult economic circumstances. Certainly, some of you may have reviewed your coverage (we did!) to make sure that you have the right protections for the right premium, which is wise in any circumstances. Times like these only underscore the importance of preserving the value of one’s balance sheet. I would suggest that estate planning be viewed in the same light: as a wise investment not only in maximizing the value of assets to be passed on, but also in ensuring continuity and care for those who depend on you (which increasingly can include parents and young adult children). So, being mindful of the fact that weaker financial and real estate markets may have had a negative impact on family wealth, we continue to believe that estate planning is a safe and smart place to make your next investment.
Post By George in Estate Planning - People
When was the last time you reviewed your will for (i) nominations of executor, guardian, and trustee; (ii) the “back-up” or successor persons for those roles; or (iii) (getting technical) whether your credit shelter trust is funded with a fixed formula or a disclaimer? An outdated will can, in some circumstances, be worse than no will at all. Grab your file copy and review not only the plan for disposition of your assets (unless your immediate family has changed, this is probably okay), but also the various appointments, including the successors and substitutes. Could be time to re-issue this album…
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