On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Aug 29, 2017 | Estate Planning
New York residents may be able to plan for what happens to assets after they die by creating a will or trust. However, there is also a way to plan for what happens if an individual becomes mentally incapacitated while still alive. By adding a power of attorney, an...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Aug 25, 2017 | blog
Selecting an appropriate executor for your will ranks among the many important decisions you need to make as you plan your estate. Understanding the duties of an executor in New York can help you make the right choice. Briefly, the executor bears responsibility for...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Aug 21, 2017 | Estate Planning
New York residents might like to know about funeral trusts. Planning one’s own funeral ahead of time by using a trust will make the process much easier down the line for surviving family members. A funeral trust also allows a person to arrange a service based on...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Aug 18, 2017 | Tax Planning
New Yorkers who own portfolios of real estate holdings as investment properties may feel that they can’t sell them because of the capital gains taxes that they might face. These portfolios can be optimized, and the people can use the 1031 exchange to sell their...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Aug 7, 2017 | blog
As you prepare for your second marriage, it is imperative to take another look at your estate plan. Entering another marriage means you will have a blended family. Without proper preparation, there can easily be inheritance conflict once you pass away. You should take...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Aug 7, 2017 | Estate Planning
While a qualified personal residence trust may be less necessary for people in New York and others throughout the country today because of the large exemptions for estate and gift tax, many people will still have these as part of their estate plan. A QPRT works by...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Aug 5, 2017 | blog
While most people wait until they are older or retired to create a will, they should really do it a lot sooner. In an article published by the American Association of Retired Persons, nearly six out of 10 U.S. adults lack a will. A common misconception about will...
