May, 2015 | McMahon Law Firm, Attorneys and Counselors at Law

The value of a spouse in New York estate planning

On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | May 29, 2015 | Estate Planning

An important part of estate planning is determining who will be in charge of carrying out someone's wishes. In addition to having an executor of their will, people may also want to appoint a trusted individual as an agent under a power of attorney. Depending on how...

Traditional wisdom in estate planning may be changing

On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | May 20, 2015 | Estate Planning

Increases in the federal estate tax exemption and in tax rates for wealthy individuals have changed the thinking of some estate planners. New York residents should consider a few suggestions when considering how to pass on their property to beneficiaries upon their...

Trusts and life insurance policies

On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | May 14, 2015 | Estate Planning

In some cases, New York residents might want to consider establishing a trust and making it the beneficiary of a life insurance policy. This might help those who have beneficiaries with special needs or that cannot manage money. A spouse or family member still...

When to review an existing will

On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | May 8, 2015 | Estate Planning

Due to the way that applicable laws change, over time the details of a will can be outpaced by the current legal environment. This is especially true when looking at a will through the lens of current tax laws. The goal of anyone who is writing a will should the to...