Blog Post Archives - Page 6 of 15

5 Reasons UTMA Accounts Are Bad

Posted on April 26, 2018

Parents and grandparents sometimes look for easy ways to give money to younger family members. The challenge arises when the recipient is a minor (minors cannot own property in their own name until 18, with some exceptions) and when the donor wants to minimize legal fees. A Uniform Transfer to Minors Act [“UTMA”] account, which leaves funds to the child when he/she turns 21, used to be viewed as an appropriate way to leave funds to a minor now that would be paid out later when he/she reached a more mature age. UTMAs are inexpensive: You only need to set up the account at a financial institution, name an adult custodian for the account, and let the custodian buy a

How to Write Your Own Eulogy

Posted on March 30, 2018

Only you can tell your story from your point of view. So, it comes as a surprise that many people have no written recounting of their life. In addition, it is sometimes easier to keep certain thoughts and feelings secret until you have passed away, but if you have taken no steps to memorialize how you want to deal with your loose ends, your unfinished business will remain unfinished. Remember the difference between a Eulogy and an Obituary: An Obituary is often an objective, somewhat-cold fact-based notice of your death; a Eulogy is a speech at your funeral meant to paint a picture of who you really were. A good Eulogy contains the following chapters: Origin: When

Life-Draining Probate? It’s Probably the Court’s Fault

Posted on March 14, 2018

There are many, many attorneys who are not experienced in handling New York Surrogate’s Court cases or qualified to handle anything except the easiest Probate. This article isn’t about them. This article is about how an agonizingly-long, Probate of a Will is most likely the Court’s fault. New York’s Surrogate’s Court used to be the Unified Court System’s neat china doll in a house full of dirty toys: Every clerk in every county was professional, smart and helpful (except Queens County, they were awful), Probates moved forward quickly, and questions were answered on the spot. Yes, certain counties did things “their way” (I.e. NOT the way the Surrogate’s Court Procedures Act outlines how Probate should be administered), but not

Don’t Leave Money to Charity Using Your Will

Posted on December 28, 2017

Charities receive some of their largest gifts upon the passing of a benefactor. While this is a kind gesture on your part, if you live in New York you should leave money to your preferred charity using any method other than your Will. Probate is Annoying: Probating a Will requires New York’s involvement, meaning Probate can be an expensive, tedious and slow process. You will need to both place the charity on notice that they are a beneficiary under the Will, send them their funds, and procure a Release from the charity. All of this takes time, meaning an attorney is billing for all of this. Attorney General’s Involvement: As if New York’s courts weren’t inefficient enough for

No One Likes Your Uncle Marvin: Isolated Aging Men

Posted on November 14, 2017

Many of us have an aging male friend or family member who is unmarried and has no children. This man, also known as your “Uncle Marvin”, is getting older, lives alone, and is probably financially prepared for the remainder of his life. But he may be completely unprepared for the legal consequences of his aging. Unlike his female counterparts, such as your Aunt May, Uncle Marvin and his male contemporaries are more likely to be emotionally isolated from other family members and socially separated from his community. In addition, our society still erroneously views men as competent, stoic loners who don’t require or desire our involvement with their lives. Even our health care and aging mechanisms are geared toward

Legal Documents You Should Share With Your Family

Posted on September 20, 2017

When you pass away certain information dies with you, such as where you keep your legal documents and what the contents of those documents are. Keep in mind written documents matter: The basis of our lives is run by contracts. But if those contracts cannot be found your wishes and desires could be confounded. Here are some suggestions regarding sharing and not sharing certain legal documents: Prenuptial and Postnuptial Agreements should always, always, ALWAYS be shared with multiple family members. These are not recorded anywhere, so if you and your soon-to-be-ex-spouse mysteriously lose your copies you need to contact your former attorneys. And remember: Attorneys in New York only have an obligation to hold onto legal work product for

What and When Should I Tell My Kids?

Posted on September 5, 2017

Parents who have gone through the estate planning process typically ask what information they should share with their children and when. The answer requires balancing many factors, but can be boiled down to a simple concept: Take responsibility and own up to your decisions, and don’t leave it to your kids to fight about it. First, if a child has been left out of a Will or is receiving less money than other siblings you may want to tell them so, and why. Clearly this is not a universal approach, but taking responsibility and informing them up-front allows the child to reconcile this fact. This will also help minimize your other children having to deal with the dispossessed child’s bitterness

Your Prenup: How Your Family Law Attorney Betrayed You

Posted on July 26, 2017

If you have a prenuptial agreement, chances are that the family law attorney who represented you betrayed you and didn’t even realize it. I often tell clients to get a prenup if they are getting married later in life, and insist my older clients pay for their child’s prenup. And soon thereafter, much to my dismay, I see yet another prenup that unintentionally-yet-completely screws my client if his or her spouse dies unexpectedly. Prenups serve one vital purpose: “Split Money.” There is usually a financial disparity between the parties when the couple marries, so the wealthier spouse naturally wants to protect his or her money from the other spouse’s financial grasp after a short marriage. So the prenup

College Kids in Trouble! Draft Your Child’s Health Care Proxy

Posted on July 14, 2017

Ah, the Ivory Tower, where high school kids aspire to escape to, and parents best hope for 4 years of peace and quiet. But with independence comes responsibility: Travel, driving, concerts, and protests. And drinking. Lots of drinking. And then comes a horrible injury or hospital admittance, followed by a parental realization: You are not allowed access to your adult child’s health care information, and cannot make decisions regarding their health care. In most states, the age of majority is 18, and once he or she moves out of his or her parent’s residence they are considered an adult with all of the privacy rights that inure to adults. The only individual who, by default, has access to

Second Wives: Reapers of Sorrow, Destroyers of Family Wealth!

Posted on June 14, 2017

In a world where our assets are constantly under threat from usurious taxes, government largess, financial predators and rapacious offspring, there is still NO worse threat to intergenerational family wealth than a second wife. People get married the first time for any one of a number of reasons: Family pressure, filling a void, the urge to have children, an inexplicable desire to emulate the lives of Al and Peg Bundy and passion. But these first marriages often end, sometimes with children left in their wake, and are replaced by a second marriage based on love, devotion and emotional security. In these second (or third) marriages, often one spouse tends to be significantly older and more financially secure than