Many New York residents use trusts as part of their estate planning. This allows them to leave assets to beneficiaries without the need for them to go through probate. It also allows the trustee to make distributions at particular times or upon particular events.
The divorce process is often emotionally overwhelming. It is during this time that people must address multiple issues at once as their lives undergo major changes. New York residents who are in the process of divorcing may wish to review estate plans in order to ensure that one's final wishes reflect those life changes.
The EB-5 visa was intended to raise capital in order to create employment opportunities and improve economic conditions in targeted areas of the country. In return, the foreign nationals who make the required investments are given a permanent visa and the opportunity to become citizens as long as they meet the program's requirements. Though New York developers have often benefited from this particular program, concerns over EB-5 fraud are prompting calls for revisions.
In 2015, the U.S. Supreme Court ruled that marriage equality for same-sex couples would be the law of the land. Since then, there have been small pockets of resistance in a handful states in the form of passing laws that would allow some religious agencies to discriminate against same-sex adoption applications. New York does have laws that provide protections for these couples; however, many advocates believe that the issue will be headed to the top court for a definitive decision.
Hurricane Katrina will always be remembered as one of the most devastating storms. In the years since, some communities are still struggling to rebuild through investment programs such as the EB-5 visa. When these types of investments are misused through alleged EB-5 fraud, it can leave foreign investors living in New York and elsewhere with fears of losing their dreams of rebuilding their own lives.
According to financial advisors, the vast majority of one's final wishes do not come to fruition. The two main reasons why estate planning fails are lack of preparation on the part of heirs and failing to follow through on plan details or updates. New York residents who are seeking to embark on preparing these documents may benefit from more information to ensure successful execution of their wishes.