Category Archives: Estate Planning
The Top Estate Planning Mistakes That Can Cost Your Family Thousands
Estate planning is one of those things most people know they should do but keep putting off. Life gets busy, the topic feels uncomfortable, and it is easy to assume there will be time to deal with it later. But the cost of waiting, or of doing it halfway, can fall squarely on the… Read More »
How Real Estate Investments Fit Into Your Estate Plan
Real estate is one of the most common ways people in New York build wealth, and for good reason. Property tends to appreciate over time, it can generate rental income, and it is something tangible that families can hold onto across generations. But owning investment property also adds a layer of complexity to your… Read More »
Why Updating Your Estate Plan After Divorce is So Important
Divorce often brings major life changes, and many people understandably focus on immediate issues like finances, living arrangements, and custody. However, one important task that is often overlooked is updating your estate plan. After a divorce, your existing documents may no longer reflect your wishes or your current circumstances. At Yeung & Associates, PLLC,… Read More »
Digital Assets and Estate Planning: What New Yorkers Need to Know
Estate planning often focuses on traditional assets such as real estate, bank accounts, and investments. However, many people today also own a wide range of digital assets that should be included in a comprehensive estate plan. These assets may hold financial value, sentimental value, or both. Without clear instructions in an estate plan, loved… Read More »
A Step by Step Guide to Transferring Your Brooklyn Property Through a Trust
For many homeowners in New York, real estate is one of their most valuable assets. Planning how that property will be managed and eventually transferred to loved ones is an important part of estate planning. One option that many property owners consider is placing their property into a trust. At Yeung & Associates, PLLC,… Read More »
Do I Need to Plan for New York Estate Taxes?
One of the more commonly misunderstood aspects of New York estate planning law is the estate tax, or as it is sometimes called in the media the “death tax.” The reality is that most Brooklyn residents will never need to worry about the possibility of their estate owing such taxes. But it is still… Read More »
What Happens When Your New York Will Conflicts with Your Trust?
Deciding who will inherit your home is often one of the most important decisions you will make as part of your estate planning. Some New Yorkers decide to dispose of their home through language in their will, while others may transfer their house into a revocable trust that includes instructions for what to do… Read More »
What Happens to Brooklyn Real Estate After the Owner Dies?
A common estate planning question we get is, “What happens to my house when I die?” Indeed, for many Brooklyn residents their home or other real estate is their most valuable asset. So it is important to take appropriate steps now to ensure that that real estate is passed on according to your wishes… Read More »
How New York’s “Slayer Rule” Could Affect Your Estate Plan
In most cases, New York courts will enforce the distribution of a person’s property as specified in their will or similar estate planning documents. One exception is what is known as the “Slayer rule.” This rule dates back to an 1899 decision from the New York Court of Appeals holding that a “wrongdoer” cannot… Read More »
Understanding the Different Roles of a Will and a Power of Attorney in New York City
An important objective of New York estate planning is to ensure that there is someone who can act on your behalf when you are no longer capable of doing so. This includes not just managing your future probate estate but also situations where you may become incapacitated while still living. That is why it… Read More »