Main Menu McMahon Law Firm, Attorneys and Counselors at Law

Toll Free
800-391-9987

Local
315-849-9053

Free Initial Consultation
"Attorney Advertising"

Estate Planning Archives

Using a trust to freeze a frozen person's assets

There seems to be a trust for just about everything, including one that allows a person to freeze his or her assets when he or she is frozen. The process of freezing a person is known as cryonics, which involves the use of liquid nitrogen to cool a body down to -328 degrees Fahrenheit. At that temperature, all cell activity is suspended. Proponents believe that advancements in science and medicine may someday allow preserved bodies to be revived.

The most difficult element of estate planning

For many New York adults, the hardest part of putting an estate plan together is navigating through the family dynamics. This should come as no surprise considering that estate planning often involves having difficult conversations with loved ones. After all, family members won't always agree on what's fair, and sometimes fair and equal aren't the same thing.

How trusts fit into an estate plan

There are many ways that New Yorkers can create a proper estate plan. One effective tool is the revocable trust. This type of document can live on until it has fulfilled the wishes of the deceased. If the deceased was also the trustee, it will be necessary to name a successor trustee to carry out its instructions after the grantor passes.

The most important estate planning documents

Whether a New York resident is single and childless or on a third marriage with multiple children from previous relationships, having an estate plan is important. While many documents may be involved in an estate plan, there are three that are essential to everyone.

Joint Tenancy Risky for Homeowners in New York

Many people wishing to leave their family home to their children after their death make their children joint tenants to the home. These people wish to avoid the time and expense of probate. As joint tenants, the children are considered part-owners of the home and upon the death of the parents, share equally in the home.

How digital assets create unique challenges in estate plans

The way digitization has changed the world has brought new challenges to estate planning. Best practices and the laws pertaining to digital assets often lag behind technological advances. New York residents may be interested in learning why protecting digital assets is just as important as protecting physical assets.

Art collectors can plan for the future

New York residents with significant art collections may want to think about the estate planning process. While there's often a significant financial value in art investments, most buyers develop a collection due to aesthetic and personal tastes. As such, a collector may think of their artwork as a treasure to enjoy during life rather than a legacy to handle as part of an estate plan. However, when one does not make advance decisions about what to do with their collection after death, they may leave behind serious problems for their family.