What is an Irrevocable Life Insurance Trust (ILIT)? An Irrevocable Life Insurance Trust (ILIT) is a special kind of trust you can set up to manage your life insurance policy. Once you create this trust, you can’t change or cancel…
In New York, estates and trusts play a critical role in ensuring the seamless transfer of assets to beneficiaries after an individual’s passing. However, it is vital for beneficiaries to know their rights and understand the legal framework surrounding these…
In New York, families often seek financial security and peace of mind for their loved ones with disabilities. Supplemental Needs Trusts (SNTs) provide a reliable means of ensuring that the financial needs of individuals with disabilities are met without jeopardizing…
The in terrorem clause, also known as a “no-contest” or “forfeiture” clause, is a provision commonly included in wills and trusts to deter beneficiaries from challenging the validity of the legal instrument. In New York, this clause is recognized and…
When it comes to estate planning, one of the most important decisions you will make is selecting an executor or trustee. These individuals will be responsible for administering your estate or trust, ensuring your assets are distributed according to your…