New York City Office655 Third Avenue, 20th Floor
New York, New York 10017
(212) 490-2020 Phone
(212) 490-2990 Fax
Westchester Office399 Knollwood Road
White Plains, New York 10603
(914) 684-2100 Phone
(914) 684-9865 Fax
Dutchess Office300 Westage Business Center
Drive, Suite 400
Fishkill, NY 12524
(845) 896-1106 Phone
(845) 896-1107 Fax
The unexpected death of former NFL quarterback Steve McNair has raised a lot of questions about fidelity and domestic violence. Putting McNair’s personal life aside, however, we can use his situation as an example of what can happen when one does not engage in estate planning.
We have commented on Michael Jackson’s death and the professional [...]
A durable power of attorney is one of the most important estate planning instruments available. It is extremely important that a trusted individual be named to make financial decisions on your behalf should you become unable to speak for yourself. Since this is such an important decision, it is also important to understand that if [...]
Continue reading...An estate plan is made up of living documents. Legal documents such as Wills, trusts, and powers of attorney are flexible and, therefore, can and should be reviewed on a regular basis. Most estate planning professionals advise that an estate plan be reviewed, and if necessary, updated every three to five years, or more frequently [...]
Continue reading...Naming a financial power of attorney, known in New York as an attorney-in-fact, is an important element of a good estate plan. If you become injured or ill or are for any reason unable to handle your finances, your attorney-in-fact has the power to act on your behalf. This individual can, for example, pay bills, [...]
Continue reading...Trusts are often thought of in association with large estates, especially those of celebrities whose lives and finances are constantly under public scrutiny. You should know, however, that trusts can be used by anyone interested in estate planningand anyone committed to ensuring the best possible outcome for his or her family and beneficiaries.
A trust is [...]
Estate planning is about more than just drafting documents; there are practical issues involved, as well. If your affairs are disorganized, your executor may have to spend time and energy researching information that you could have easily provided. Some of these include:
• Who should be notified of your death?
• Did you prepare a Will? If [...]
Bernard A. Krooks, Esq., of Littman Krooks LLP, will teach a course entitled “Special Needs Trusts: The Basic, the Benefits and the Burdens” at the ALI – ABA (American Law Institute | American Bar Association) 2009 conference on “Sophisticated Estate Planning Techniques.” The ALI-ABA presents a yearly course of study consisting of over [...]
Continue reading...Mr. Krooks, in an article featured in the Hudson Valley Business Journal, outlines the ways in which a recession may affect long-term planning.
The urge to ignore or put off estate planning can be particularly strong during a downturn in the economy. However, comprehensive estate planning is more important than ever during tough economic times.
According to [...]
Unexpected illness or injury can intrude upon an individual’s life at any time, preventing work and cutting off valuable sources of income. Social Security disability benefits are available to those unable to work due to illness or injury, but many who apply for benefits have their initial claim denied. There is a process for appeal [...]
Continue reading...A lot media attention has been paid to the drama and speculation surrounding Michael Jackson’s estate. After the dust began to settle, however,and the facts about Jackson’s estate emerged, it became apparent that he had, in fact, created a solid estate plan. Several lessons can be learned from Jackson’s estate planning.
The first critical thing [...]
