September, 2017 | McMahon Law Firm, Attorneys and Counselors at Law

Do spouses’ wills have to be the same?

On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Sep 29, 2017 | blog

As you help your aging parents with their estate plans, you may wonder if they both need a will or if they should get a joint one, especially if they agree on the distribution of their assets. Even if they have the same desires, they should have their own wills....

Estate planning goes beyond finances

On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Sep 26, 2017 | Estate Planning

When individuals and couples living in New York begin the estate planning process, they are often concerned about what will happen to their real estate, investments, and savings after they die. While these are all important issues, it is also critical that estate...

How to account for an IRA in an estate plan

On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Sep 20, 2017 | Estate Planning

New York residents can generally leave funds within an IRA to whoever they feel deserves it the most. If there is no person worthy of receiving the money, it may be possible to donate it to a charity. However, how an IRA is transferred generally depends on who is...

The use of trusts to protect assets in an estate plan in New York

On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Sep 18, 2017 | Trust & Probate Administration

Investors and others with many assets who are creating an estate plan may need to use trusts to protect those assets. This can be important because without effective estate planning, as much as half of an estate's value may be lost to taxes when assets pass to...

The importance of choosing the right trustee

On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Sep 11, 2017 | Estate Planning

When New Yorkers are planning their living trusts, they will need to consider who to name to serve as their successor trustees. This decision is important because administering a trust is a complex and technical process, and the trustee must also be someone who can be...

3 reasons you should avoid a DIY estate plan

On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Sep 1, 2017 | blog

With so many tools available online today, it can be tempting to create an estate plan on your own. While you might think you will save a lot of money and hassle with a DIY approach, it can come back to bite you or your heirs. The truth is, bypassing an attorney to...