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Planning for retirement often involves choosing between two main categories, each with its own rules and benefits. In New York, these retirement plans generally fall into the following two categories: defined benefit plans, such as pensions, and defined contribution plans, such as 401(k)s. There are also individual retirement accounts (IRAs)…

A healthcare proxy is a foreign concept to many until they face a circumstance in which such a proxy is necessary. Most people don’t think about who would speak for them if they were too sick or injured to make medical choices. In those situations, doctors often turn to family…

Understanding 401(k)s, 403(b)s, and Pension Benefits in New York Most people picture a will or trust when they think about “estate planning.” Yet for many employees, the largest asset they own is a workplace retirement plan. Knowing exactly what will happen to your 401(k), 403(b), or pension if you pass…

In New York, estate planning and a second marriage requires balancing the financial needs of surviving former spouse with the inheritance rights of children from earlier relationships. But, your particular circumstance will be unique as you may have a spouse who has passed away, you may have children with a…

One of the most common questions we get from clients is: “How does a trust help avoid probate?” Let’s break it down in a way that’s easy to understand and shows just how powerful a trust can be in your estate plan. Think of a Trust as a Secure Container…

Estate planning brings up important questions, and one of the most common is “What happens to your debt when you die?” In New York, many families worry that credit cards, medical expenses, or a home loan will automatically pass to children or a surviving spouse. In reality, these obligations are…