New York Estate Planning News

Lottery Winners: 7 Estate Planning Legal Tips

2013-05-28T14:30:01Z

Think you've got the Mega Millions, Powerball, or New York Lottery jackpot in the bag? Before picking out the color of your dream jet, consider dreaming more long-term. Lottery winners are notorious for losing it all, as Business Insider reminds us.

If you're one of the fortunate few to win the lottery, here are seven estate planning tips to lengthen the rainbow to your pot of gold:

Write a will. Learn from the mistakes of other New York millionaires who died without will. The state will try its best to distribute your property fairly, but if you have a specific way you want your assets to be distributed, it's best to write up a will.
Name an executor. Executors have the big responsibility of making sure your last wishes are executed properly, in accordance with your will. They oversee finding assets, contacting heirs, distributing property, and filing paperwork.
Start a trust. Trusts are estate-planning tools that can replace or supplement wills, as well as help manage property during life. Trusts create a "fiduciary" relationship running from the trustee, who's basically a gatekeeper, to the beneficiary. The trustee always has to act in the best interest of the beneficiary when dealing with the trust property. It's a great checks-and-balances system.
Create a POD account. Payable on Death (POD) accounts are bank accounts with an instruction that upon your death, the account shall be inherited by a beneficiary whom you name, without going through probate. PODs very easy to set up.
Prepare to pay taxes -- lots of them. The IRS counts lottery winnings as taxable income that must be reported. Prize checks subject to federal withholding tax will come with a Form W-2G to show how much tax was withheld. New York also imposes a state withholding tax of 8.97% (plus 3.648% for New York City or 0.897% for Yonkers), according to the Tax Foundation.
Talk finances with your kids. With so much money on the table, it's important for your children to know about your estate plan. Even adult children can misunderstand their parents' finances. Many aren't fully aware of their parents' net worth or the financial pressures they face. It will help a great deal if your kids have an accurate picture of your financial situation and your personal wishes.
Get a lawyer. Money does strange things to people It helps to have a neutral party keep you protected and on track. A New York estate planning lawyer can help you plan financially for the long haul.

Good luck!

Related Resources:

Do You Really Need to Plan Your Estate? (FindLaw's New York Estate Planning News)
What Happens If You Die Without a Will? (FindLaw's New York Estate Planning News)
Top 5 Legal Tips for Winning the Lottery (FindLaw's Law and Daily Life)
Are Office Lottery Pools Legal? (FindLaw's Law and Daily Life)

What Happens If You Die Without a Will?

2013-05-08T19:30:01Z

Writing a will isn't easy. Oftentimes, it's morbid. Many New Yorkers -- even millionaires -- put off facing mortality by never writing a will. So what happens if you die without a will?

When you leave the world without leaving a will behind, legally speaking you die "intestate."

The New York intestacy laws describe how your assets will be divided among your heirs. The goal is to make sure that your assets are distributed in the same way an average person would have wanted if he had written a will.

In New York, intestate assets are distributed as follows:

The surviving spouse, if there is one, will be entitled to the entire estate or a substantial part of the estate. The exact amount will depend on if the deceased had any descendents.
Descendents will get the entire estate if there is no spouse.
The deceased's parents will take the entire estate if the deceased had no spouse or descendents.
Other relatives will be given the estate if the deceased had no spouse, descendents, or surviving parents.

An intestate distribution can have negative consequences, including losing control of your estate's destiny. Your estate could be distributed in a way that goes against your wishes. For example, if there's no guidance and you have no heirs, your estate may escheat to New York state instead of a charity you care about. For obvious reasons, in such a situation, it'll be too late for you to do anything about it.

A separate problem is that intestate distributions are sudden and are often paid in large sums. In some cases, elderly parents who suddenly receive a distribution may be disqualified for Medicaid benefits. At the other end of the spectrum are children: It's almost always a bad idea for kids to receive a Scrooge McDuck-style pool of money with no structure.

Thinking about mortality isn't fun, but taking the time to plan an estate can make a world of difference to those you care about. To learn more, check out FindLaw's free Guide to Writing a Will.

Related Resources:

Find a New York Estate Planning Attorney (FindLaw)
Do You Really Need to Plan Your Estate? (FindLaw's New York Estate Planning News)
How to Talk Finances With Your Kids (FindLaw's New York Estate Planning News)
Get an Attorney-Drafted Will With a Legal Plan From LegalStreet (LegalStreet.com)
(Disclosure: LegalStreet and FindLaw.com are owned by the same company.)

5 Ways to Minimize Estate Taxes

2013-04-15T13:01:06Z

A major part of estate planning is developing an understanding of your potential tax liability and minimizing this amount.

The federal estate tax, which is imposed on large estates, can be reduced through various estate planning techniques. The following is a list of five methods you may want to think about as ways to reduce your estate taxes:

Irrevocable Life Insurance Trusts. By transferring small amounts of the estate (equal to the amount of a life insurance premium) to an irrevocable life insurance trust, a person can reduce the size of his or her taxable estate while creating a much larger asset (the life insurance proceeds) outside of the estate. The life insurance proceeds are generally not taxable.
Charitable Transfers. Lifetime charitable transfers or gifts to charities upon death can reduce the size of the estate and thereby reduce estate taxes. Lifetime gifts provide the added benefit of an income tax deduction.
Marital Transfers. Generally, lifetime gifts and bequests at death to one’s spouse are not subject to estate taxes.
Lifetime Gifts to Children. Each person can usually make annual lifetime gifts up to $13,000 for each of their children without incurring a gift tax. This will reduce your taxable estate at death.
Uniform Transfer to Minors. This is a form of gifting used where children are still minors. The gift is given to a custodian for the benefit of the child, and is distributed to the child when he/she reaches the age of majority. The tax benefits are similar to that of lifetime gifts.

Besides reducing estate taxes, estate planning encompasses a great many legal topics - many of which deal with plans for handling your property or caring for your loved ones after your passing.

If you need help setting up your estate plan, you may want to consider using a service like LegalStreet. For only a low fee, you can receive a personal estate planning package from a qualified attorney near you.

(Disclaimer: FindLaw and LegalStreet are owned by the same company.)

Related Resources:

Estate Tax Law (FindLaw)
Revocable Living Trusts: The Basics (FindLaw’s New York Estate Planning News)
Do You Really Need to Plan Your Estate? (FindLaw’s New York Estate Planning News)

5 Tips for Keeping Your Passwords, Keys, and PIN Numbers

2013-04-01T18:34:01Z

Even the best-drafted estate plan is useless if there is no way to access your money and property. That's why it is critical to account for things like your keys, PIN numbers, and passwords when drafting an estate plan.

If you do not properly account for these things, your family may be completely precluded from accessing electronic records, as well as cash and jewelry you keep somewhere secure like in a safe.

Here are five tips for keeping track of your passwords, keys, and PIN numbers:

You may not want to use safe-deposit boxes. While many people turn to these boxes to deposit keys and other access devices, the problem is that many banks will not allow access to the box until the will is probated. This means if important information is needed to probate your will, your heirs won't be able to access it.

Share the combination to your home safe. If you use a safe at home, make sure that you give the combination to a trusted outside party like an attorney. Otherwise, it can be a costly procedure to crack open the safe.

Caution when using a password-storage service. There are an increasing number of online services that offer safe, secure storage for all of your information and passwords. However, just keep in mind that these services are relatively new. Who knows if they will still be in business 50 years from now.

Password splitting may present problems. This involves giving half of a password to one party and the other half to another. The problem is that one party may forget the password or die before you do. As a result, you may be left with no one who knows your complete passwords.

Don't get too creative or too complicated. Don't get too creative with your password-storing plan. You want one that can be remembered and followed.

If you have a question about estate planning or keeping your passwords secure, you may want to talk to a New York estate planning attorney.

Related Resources:

Do You Really Need to Plan Your Estate? (FindLaw's New York Estate Planning News)
Going Into a Nursing Home? Plan Your Estate First (FindLaw's New York Estate Planning News)
How to Talk Finances With Your Kids (FindLaw's New York Estate Planning News)

Do You Really Need to Plan Your Estate?

2013-03-20T09:48:01Z

Let's go back to the basics today. Do you really need your estate planned?

For many, the concept of planning an estate sounds like a bigger deal than it is. You might think you don't have enough of an estate to plan; after all, estate planning is for the wealthy, right?

You may also think that it's something that's easy to do by yourself. All you need to do is to write out your wishes on paper and go to a notary, right?

Finally, you might think that you don't need your estate planned because your heirs will all be able to come together amicably and decide how to divide your assets.

None of those reasons are 100% accurate.

First off, you don't need to have a million-dollar estate to plan it. In fact, estate planning is about so much more than just money. It's about your dying wishes. For example, have you named someone to take charge of your finances, if you're ever incapacitated? That's usually done through a financial power of attorney, which is a common estate planning tool.

Secondly, it's not as easy as drafting your will by yourself. You need to understand property laws and other rules, such as New York's rules about the validity of wills.

Finally, don't assume that your heirs will all come together and agree on everything. Even if they are able to come together and get along, the truth is that they aren't in full control over your estate. If you don't have a will, your estate will be distributed according to intestacy laws, which means that the Surrogate's Court will divide your assets under a scheme already laid out by law. So even if you promised one of your heirs a certain amount of cash, without a valid will, the cash could go to another heir.

Estate planning is important and needs to be thought out. Have a look at our related resources below and talk to a New York estate planning lawyer to learn more.

Related Resources:

3 Complex Estate Planning Concepts (FindLaw's New York Estate Planning News)
5 Must-Have Documents in an Estate Plan (FindLaw's New York Estate Planning News)
Top 5 Estate Planning Mistakes to Avoid (FindLaw's Law and Daily Life)
LegalStreet Has All of Your Estate Planning Needs (LegalStreet.com)
(Disclaimer: LegalStreet and FindLaw.com are owned by the same company.)

How to Talk Finances With Your Kids

2013-03-14T20:08:01Z

It seems as though everyone is talking about elder care these days. A recent segment on NBC's "Today" discussed how to talk finances with your kids.

Many children assume that their parents have financially planned for their old age. The result is that they don't necessarily think there is much need to look after their parents' financial well being as they get older.

The truth is that even adult children seem to have a misconception or misunderstanding of their parents' finances, in many cases. They aren't fully aware of their parents' net worth or the financial pressures they face.

How important is it for your children to be aware of your finances?

It's very important. It's also very important for your children to know about your estate plan or to be a part of it.

Here are some things you should tell your kids about your finances and estate planning:

Who is your financial power of attorney? The financial power of attorney is the document that names someone to handle your finances on your behalf, if you're unable to take care of your finances on your own.

Where are your estate planning documents located? This is important because it saves your family from running around and looking for your will when you pass away.

Who is named the executor of your estate? The executor's job is to administer the estate and make sure that the estate proceeds are properly distributed.

What does your health care directive say? With health care decisions, a properly drafted health care directive would help a hospital know with certainty whether or not the patient wants to stay on life support or not.

Your kids stand to benefit from your estate planning. But it's not just your kids who benefit from being in the know about your finances. You also benefit, if your kids have an accurate picture of your financial situation and your personal wishes.

Related Resources:

5 Must-Have Documents in an Estate Plan (FindLaw's New York Estate Planning News)
Legal Rights of Nursing Home Residents (FindLaw)
New York Estate Planning Lawyers (FindLaw)

Going Into a Nursing Home? Plan Your Estate First

2013-03-07T20:46:01Z

Last week, there was some shocking news out of an independent living facility in California.

The story really drives home the importance of having a proper health care directive. It also raises some important concerns involving the rights of patients in elder care and nursing home facilities. As a result, it's imperative upon anyone entering a nursing home to have their proper estate planning documents laid out and drafted.

In the California case, a woman died at an independent living facility after a woman (who identified herself as a nurse) declined to perform CPR when a 911 dispatcher asked her to, the Los Angeles Times reports.

The woman as a resident at an independent living facility which was attached to a nursing home. That difference was key in the woman's denial of care. Nursing homes have a higher standard of care than an apartment facility for the elderly.

The incident leads many to ask: What are a patient's rights in a nursing home?

Nursing home patients have more protections under the law than those who live in independent care facilities. But that doesn't mean that a person entering an independent care facility shouldn't have their health care directive planned out.

Here are some rights and protections afforded to nursing home residents in New York:

Respect, dignity and overall well-being.
Proper medical care.
Privacy.
Services and fees.
Informed consent on medical procedures and care.
Financial independence.

With regard to financial independence, it's very important to know that a nursing home patient is never obligated to give the nursing home financial power of attorney.

And with health care decisions, a properly drafted health care directive would help the facility know with certainty whether or not the patient wanted CPR or whether the patient had a DNR (do not resuscitate) order.

These are important decisions. That's what estate planning is all about -- taking charge of your important life decisions. Don't leave these decisions in the hands of a stranger.

Related Resources:

Find a Nursing Home Abuse Lawyer (FindLaw)
Information on Nursing Facilities (Medicaid)
Legal Rights of Nursing Home Residents (FindLaw)
New York Estate Planning Lawyers (FindLaw)

Revocable Living Trusts: The Basics

2013-02-27T20:02:30Z

What is a revocable living trust?

It’s an important part of even some of the most basic estate plans. So that being said, it’s an important estate planning concept to know. So what is it?

Don’t be scared by the fact that it sounds complex. It’s actually a simple concept and one of the most fundamental pieces of an estate plan.

A trust is a legally separate entity. But a revocable trust is revocable, so in a way, it's not really a separate taxable entity. It's one and the same with the grantor -- the one who sets up the trust.

The best analogy for a revocable living trust is the basket analogy. Think of it as a basket you create to hold your assets. Upon your death, you've designated who will take over the basket and distribute what's inside. During your life, you're the basket holder. You can put things in the basket and take them out as you please.

A revocable trust can be drafted in such a way as to create many sub-trusts inside. Many of these sub-trusts can be irrevocable.

But going back to the simplest of revocable living trusts, they're really just documents. They are documents that lay out how you want your assets distributed. While a will does the same thing, a revocable trust has one difference -- it doesn't need to go to probate court (or in New York, Surrogate's Court).

Here are a few things to keep in mind when planning your revocable living trust:

One: Choose your successor trustees wisely. For starters, you need to make sure that the next basket-holder, or your "successor trustee," is responsible enough to manage the trust when you are no longer able to.

Two: Fund the trust. The next item you need to consider is the funding of the trust. This means that you will actually place the items inside the "basket." This could mean that you will have to transfer title of property to the trust.

A trust is simple and any good estate planning lawyer can help you put together a solid revocable trust.

Related Resources

The Importance of Paper Trails for your Heirs (New York Estate Planning News)
What is 'Estate Planning'? (New York Estate Planning News)
Find A NY Estate Attorney (FindLaw)

3 Complex Estate Planning Concepts

2013-02-19T20:44:35Z

Many people think that a will is the only estate planning document out there. When they think if estate planning, they assume that a will is all they need.

We've discussed the variety of documents in an estate plan on this blog many times before. While a will is one of the more important estate planning documents, it's not the only one.

We've gone over some of the more common estate planning documents, tools and terms, such as those you're likely to see in a basic estate plan. Now, let's take the time to talk about some of the more obscure ones -- the kinds of terms you're likely to come across in more complex estate plans.

Here are three words you're likely to see in a more complex estate plan for a high-net-worth individual.

The GRAT. The grantor retained annuity trust is a trust that allows for some tremendous tax savings. It's an irrevocable trust that is created for a certain period of time. It pays out an annuity every year and the balance in the trust goes tax-free to the beneficiary, if the trust is drafted right.

Five by Five Power. This is a clause put in many irrevocable trusts. It allows the beneficiary to withdraw the greater of $5,000 or 5% of the trust's fair market value from the trust each year. This allows the beneficiary to avoid being seen as the owner of the trust, which would invoke certain tax treatment.

Crummey Power. This provision allows a grantor to give a certain amount in the irrevocable trust annually without running afoul of gift tax rules. The grantor makes the gift to the trust and the beneficiaries are notified by a letter that they have the right to withdraw that amount within a certain time period (usually no less than 30 days). The beneficiaries don't always withdraw that amount but the ability to withdraw it makes the amount qualify for the annual gift tax exemption.

Related Resources:

Asset Diversification is Important in Financial Planning (FindLaw's New York Estate Planning News Blog)
Warning: Fiscal Cliff Ahead! Might be Too Late to Make Gifts (FindLaw's New York Estate Planning News)
Find a New York Estate Planning Lawyer (FindLaw)

Drafting a Special Needs Trust: First Steps

2013-02-15T20:43:01Z

There are many ways to plan for your future and for your children. Those who have children with special needs sometimes have a lot more on their plates, especially when it comes to planning the future of their children.

That's what special needs trusts are for. They are essentially trusts that allow the parent to put aside a certain amount for a child with special needs.

These trusts are designed to give the child income for a set period of time without losing access to state assistance.

A special needs trust is not that easy to draft. That's why a good first step is to educate yourself about such trusts, and then consider approaching an attorney who can help with your plan.

Here are a few first steps in creating a special needs trust, that won't cost you a dime:

Online calculators. There are several free online calculators available to help you figure out how to plan your special needs trust. Companies like Merrill Lynchand MetLife have online calculators to help you figure out special needs financing and savings, The New York Times reports. Some financial services companies even train their investment advisors on financing issues for special needs trusts.

Check out some online forms. You're more likely to find basic estate planning forms out there, but at least they'll give you an idea of what to expect. What's tricky about special needs trusts is that each situation is different and no one form can really serve all families equally.

Learn more about trusts. Special needs planning can be very complex, and a special needs trust is just one option available to you. There are other types of trusts as well, which may also be helpful for your particular situation. FindLaw's Trusts section offers a wealth of knowledge on the topic to help you make well-informed decisions about your trust and estate planning.

Once you've become familiar with the basic concepts of a special needs trust, or if you're still confused, you will likely need to consult an attorney, some of whom offer free initial consultations. You can look up New York estate planning lawyers in our free online directory.

Related Resources:

What is a Special Needs Trust (FindLaw KnowledgeBase)
Special Needs Trusts FAQ (FindLaw)
Special Needs Trusts: A Planning Tool with Promise (FindLaw)
Get Started Today With a Trusts Package From LegalStreet (LegalStreet.com)
(Disclosure: LegalStreet and FindLaw.com are owned by the same company.)

5 Must-Have Documents in an Estate Plan

2013-02-08T13:35:01Z

What are the necessary documents in an estate plan? Estate plans vary, and depending on the size of your estate, you could have either a very simple estate plan or a very complex one.

But if we go back to basics, most estate plans have a few general things in common, whether they are for small estates or multimillion-dollar ones.

Here is a list of the five must-have documents for a basic estate plan:

The will. The will is the cornerstone of an estate plan. It's a document that expresses the wishes of the decedent. Important clauses in the will include naming the executor, naming the guardian for the children, and disposing of property not otherwise disposed of.

The revocable trust. A trust is a document that allows much of your estate to skip probate. It names a trustee and a successor trustee. These people are charged with administering the assets in the trust outside of court. A trust can be 10 pages long or it can be 50 pages long -- a lot depends on what provisions you put in there and whether the trust creates sub-trusts.

The health care directive. This is a document that talks about when it's OK to pull the plug if you're ever on life support. But that's not all it talks about. It also discusses other health care decisions, in the event that you are unable to speak for yourself.

The HIPAA form. What's the point in having health care directives or naming successor trustees if you can't even give out your health information? A successor trustee is named when you are deemed incapacitated, in many cases. In order to be declared incapacitated, the decision-makers need to have your medical records. So the HIPAA form authorizes them to get access, if and when the need arises.

The financial power of attorney. Again, if you are incapacitated, someone has to be able to run your finances on your behalf. This POA names and authorizes the person to do so.

Related Resources:

Checklist: Reasons to Update Your Will & Estate Planning Documents (FindLaw)
FindLaw's Guide to Estate Planning (FindLaw - Free Download)
Checklist: The Executor's Role (FindLaw)
Search Directory of New York Estate Planning Lawyers (FindLaw)

3 Ways to Start Your Estate Planning

2013-01-31T13:39:01Z

So, you're thinking about doing your estate plan, but where should you begin?

An estate plan can be simple to draw up, if your estate is simple and includes few assets. But if you have a more complex estate, things can get tricky.

For the purpose of this discussion, we'll talk about more simple estates. Here are three ways to start your estate planning:

1. Use online forms.

It's a good idea to do some online research prior to using an online template. For example, FindLaw.com's Estate Planning Center links you to in-depth articles about topics such as wills, trusts, and choosing an estate administrator. FindLaw's free Guide to Estate Planning also provides a concise summary of what you need to know. Try to get a good idea of all the documents you will need to get drafted.

An Internet search can also turn up some good fill-in-the-blank estate planning forms. Keep in mind, these will typically be very basic, and may not be tailored to your specific needs.

2. Consult an estate planning lawyer. If your estate is more complicated or if you find that you need more help than the online tools, then call a New York estate planning lawyer and see if you can get a free consult. You don't have to go with the first lawyer you find. Talk to a few before making a decision.

3. Use a prepaid legal service. The beauty of a prepaid legal service is that with some plans, you have access to hundreds of free forms along with access to an on-call lawyer. That's certainly the case with LegalStreet, which costs just $12.50 a month on average. LegalStreet plans also include a lawyer-drafted will, and a free yearly review of your will, among other legal services.

If you want to plan your estate, you have many options. Check out our related resources links for more information to figure out the best way for you to plan your estate.

Disclosure: LegalStreet and FindLaw.com are owned by the same company.

Related Resources:

Is a Handwritten Will Legally Valid? (FindLaw's Law and Daily Life)
What Is a Legal Plan? Do You Need One? (FindLaw's Law and Daily Life)
Ask a Question About Wills, Trusts, and Estates (FindLaw Answers)

3 Different Education Savings Plans Compared

2013-01-22T13:53:01Z

During tax season, you hear about all sorts of tools to help you save on taxes and help you plan your investments more prudently. If you have children, you might want to consider saving for their education.

There are several options for education savings. The three that most people consider are the custodial account, the Coverdell ESA, and the 529 Plan.

Let's look at all three.

Custodial Accounts

These accounts are like basic trusts for minors. An adult opens an account for the benefit of a minor. The custodial accounts are an irrevocable gift to the minor. You can contribute up to the gift tax annual exclusion amount every year (that's $14,000 per recipient by an individual or $28,000 by a married couple).

Tax Benefits: The first $950 of unearned income is tax-free. The next $950 is taxed at the child's federal tax rate.
Pros: The amount in the account isn't just limited to education expenses. The funds in the account can be used for any reason to benefit the minor.
Cons: It's not tax-deferred. The investment earnings in the account are taxed. Also, this account is in the child's name and as such, can effect the child's eligibility for financial aid.

Coverdell ESA

These plans let you contribute up to $2,000 per beneficiary annually until that child turns 18.

Tax Benefits: The earnings are tax-deferred. Also, qualified withdrawals are tax-free.
Pros: The earnings are tax-deferred. Another good thing about Coverdell plans is that they can be used to pay for elementary and secondary education.
Cons: You can only contribute a certain amount per year. Also, these plans are limited to those within a certain income bracket. Married couples with a gross income of over $220,000, and single filers with a gross income of $110,000, are excluded from contributing to this plan.

The 529 Plan

These plans allow tax deferred growth of investment earnings.

Tax benefits: You don't pay tax on investment earnings until you withdraw the money (they're tax deferred). If the money is withdrawn for education, it's tax-free.
Pros: You can gift up to $70,000 per individual or $140,000 per married couple annually without incurring gift tax.
Cons: These plans apply to post-secondary education expenses.

Related Resources:

Personal Retirement Accounts and Your Family (FindLaw)
Saving for Education: New York 529 Plans (FindLaw's New York Estate Planning News)
Search Directory of New York Estate Planning Lawyers (FindLaw)

Financial Planner vs. Estate Planner: What's the Difference?

2013-01-17T13:53:01Z

It's never too late for a basic crash course on estate planning. Often, people confuse estate planning with financial planning. They assume that a financial planner can help with all of their estate planning needs.

While there are numerous posts and articles online about Estate Planning 101 and the basics of planning an estate, we can never be too redundant on that topic.

So, let's get back to basics here and talk about estate planning. Not everyone knows what it means. For starters, there's a difference between "financial planning" and "estate planning."

Financial planning focuses more on investment planning. You might have someone advising you on your stock portfolio or helping you figure out where to put your assets. A financial planner might help you choose an Independent Retirement Account or a 529 Education Savings Plan.

Those items aren't typically the job of an estate planning lawyer. While an estate planning attorney might have a good understanding of those issues, an estate planner's goal is to advise you on the proper documents and tools in place to plan for the succession of your assets.

In short, the estate planner works to figure out how you ensure that your assets go to the right person or place when you pass away.

This typically entails some degree of tax planning, as the estate planner must also take care to ensure that not too much of your assets go to paying estate or gift tax on your death.

An estate planner, unlike a financial planner, will be able to prepare complex trusts and wills. While many of these documents are available online or through do-it-yourself software, only a New York estate planning lawyer has a full understanding of the laws that come into play when planning an estate. Some of these laws include marital property rights and the right of a child who is omitted in the will.

Check out our related resources links for more information on estate planning and the documents needed for a good estate plan.

Related Resources:

The FindLaw Guide to Estate Planning (FindLaw - Free Download)
The Basics: What are the Important Documents in an Estate Plan? (FindLaw's New York Estate Planning News)
Search Directory of New York Estate Planning Lawyers (FindLaw)

Ada Huxtable Dies in NYC, Leaves Estate to Getty Institute in LA

2013-01-10T14:04:01Z

Former New York Times writer Ada Louise Huxtable passed away on Monday in New York. She is best known for her architectural criticism and received a Pulitzer Prize for her critiques. Most recently, she wrote for The Wall Street Journal.

Huxtable, 91, died of cancer, according to her attorney. She began writing for The Times in 1963, as the newspaper's first architecture critic. She claimed that architecture should primarily be judged by how it makes the people who use it feel.

She was also one of the early advocates of historic preservation in a city filled with historic buildings. One of her most memorable criticisms came from her thoughts on the new Penn Station building and the demolition of the old one.

Huxtable left behind no survivors, as she never had any children. Her husband L. Garth Huxtable, an industrial designer, passed away in 1989.

Despite living on the East Coast for most of her life, Huxtable bequeathed her estate to a West Coast institution.

Her archives and estate are going to the Getty Research Institute in Los Angeles. Her papers are historically significant, the head of the Institute's architecture department told the Los Angeles Times, as they show the powerful voice of a woman in an era when architecture was the domain of men.

Her husband's papers have also been donated to the Getty Research Institute.

This deal was finalized prior to her death, as the LA Times reports that the Getty Research Institute and Huxtable had planned out the details and finalized them back in December.

In addition to Huxtable's papers and archives, the Getty Institute is also receiving Huxtable's New York City apartment and a house in Marblehead, Massachusetts.

Related Resources:

New York Estate Planning Lawyers (FindLaw)
Sample Basic Will (FindLaw)
Mistakes Celebrities Make: The Sad Case of Gary Coleman (FindLaw's New York Estate Planning News)