On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Oct 23, 2019 | Trust & Probate Administration
New York residents who choose to include trusts in their estate plans sometimes find selecting a trustee difficult. Trusts provide individuals with more control over how their assets will be distributed, offer tax benefits and allow estates to be administered without...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Sep 9, 2019 | Trust & Probate Administration
When an individual dies in New York or any other state, the executor of the estate is called upon to settle the deceased person’s affairs. The executor can either be appointed by a court or appointed by the deceased individual in a will or through a trust....
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Apr 9, 2019 | Trust & Probate Administration
New York residents might know the late Lee Radziwill as a style icon, princess, socialite or the younger sister of Jackie Kennedy. The way she handled her estate could be used as an example for others. Radziwill used a will, which is subject to probate administration...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Nov 5, 2018 | Trust & Probate Administration
New York residents who are beneficiaries of a trust must generally be given information about the trust from the trustee. However, the scope of what must be revealed may be limited in a silent trust. Silent trusts are irrevocable trusts, and they are designed to...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Aug 29, 2018 | Trust & Probate Administration
New York fans of singer Aretha Franklin might not know that she died without leaving a will or any kind of estate plan. She had four sons, and they have filed as interested parties. Her niece has filed a request to be named executor of the estate. Franklin’s...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | May 16, 2018 | Trust & Probate Administration
According to a survey from Wells Fargo, 20 percent of Americans who are 65 or older become victims of financial abuse. However, only 10 percent of people in that age group think that it can happen to them. Older New York residents may be more vulnerable to such abuse...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Apr 2, 2018 | Trust & Probate Administration
It can be difficult to accept that sometimes cognitive ability declines with age. However, this is a reality you may need to face, especially if you have received a diagnosis of an age-related cognitive impairment, and you are concerned about preserving your estate....
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...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jul 14, 2017 | Trust & Probate Administration
A New York resident who is appointed trustee of an irrevocable life insurance trust has a number of duties and responsibilities. Above all, a trustee has a fiduciary duty, and this means there is a legal obligation to administer the trust competently for the benefit...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jan 18, 2017 | Trust & Probate Administration
The purpose of a guardianship is to provide someone you trust with the legal authority to take care of your personal and property interests in the event you become incapacitated. Guardianship of the Person includes steps to be taken about non-financial matters, which...
