On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Oct 16, 2019 | Estate Planning
When New York residents think about estate planning, they may want to consider the future of their assets for generations to come. Proper estate planning can ensure that wealth passes on over generations in a way that reflects the testator’s wishes for the...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Oct 8, 2019 | Estate Planning
Between 1996 and 2018, the number of unmarried couples throughout the country who were cohabiting grew from 6 million to more than 19 million. This is only one example of the rise in nontraditional family structures. People in New York may be more likely to live as...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Oct 1, 2019 | Estate Planning
When people in New York decide to plan for their future, they may think about creating wills, trusts and other estate documents. However, there are other concerns to keep in mind when planning an estate. In particular, one of the most important, yet often forgotten,...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Sep 24, 2019 | Estate Planning
When structured properly, trusts can be powerful estate planning tools for New York residents. In 2017, the Tax Cuts and Jobs Act was passed, and it increased the estate tax exemption until at least 2025. While that could be a good thing for many people, it is also...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Sep 17, 2019 | Estate Planning
Many people living in New York understand the importance of estate planning. These individuals will write and regularly update their wills. They may also regularly review beneficiaries on insurance policies and investment accounts. However, some do not consider the...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Sep 4, 2019 | Estate Planning
Estate plans in New York and around the country usually include a last will and testament and, in some cases, at least one trust. The majority of the estate will usually be distributed according to the provisions of one of these documents, and they both have...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Aug 30, 2019 | Estate Planning
When an estate plan isn’t put together correctly, it can lead to legal battles, tax bills and other problems for New York residents. One of the biggest mistakes that people tend to make is failing to name a beneficiary to a retirement or other account. In the...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Aug 19, 2019 | Estate Planning
The mention of trust funds may evoke thoughts of privileged children from wealthy families in the minds of New York residents, but trusts can be extremely useful estate planning tools even for those of more modest means. While the affluent do use trusts to reduce...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Aug 12, 2019 | Estate Planning
When New York residents neglect to draft an estate plan, they create a situation where others will be tasked with making important decisions on their behalf. Many people put off estate planning because contemplating end-of-life scenarios can be emotionally difficult,...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Aug 5, 2019 | Estate Planning
Despite the fact that people often know it is important to plan for the future, many adults in New York do not have wills, trusts or other estate documents in place. There are many reasons why people put off making decisions about their estates: They may not want to...
