On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jul 24, 2019 | Estate Planning
Because of the privacy and flexibility provided by trusts, many New Yorkers make them a central part of their estate planning strategies. By using trusts, people can help to refine their gifts to minors, create certain conditions for passing on property and give...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jul 17, 2019 | Firm News
The vacation home can be an important piece of property for you and your family. If you want to give it to your heirs for future generations to make memories in, you should start thinking about how to include it in your estate plan. But this requires more than just...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jul 15, 2019 | Estate Planning
Wills can be effective estate planning tools for those who have few assets or don’t have children. However, once a person becomes a parent, it can be a good idea to create a trust. The primary benefit is that it prevents a child from directly inheriting money...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jul 9, 2019 | Estate Planning
People in New York who have a chronic illness or have a loved one who is chronically ill should have estate plans that include certain provisions that address health and aging complications. Over 130 million people in the United States are chronically ill, and by...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jul 5, 2019 | Estate Planning
A comprehensive estate plan in New York might contain any number of specially-drafted instruments, including a will, trusts or powers of attorney. One planning tool that might help keep your heirs out of probate court is a transfer on death account. TOD accounts...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jul 3, 2019 | Firm News
If you have a significant estate in New York, you may have concerns about being subject to the estate tax. According to the New York State Department of Taxation and Finance, the current estate tax limit for 2019 is $5,740,000. If the value of your estate is below...
