If something happened to you tomorrow, and you don't have a will, a judge would decide who raises your children.
Not you. Not your sister, who you’ve always just assumed would step in. An overworked judge in a Brooklyn Court, piecing together whatever clues you left behind. And your assets? Tied up in court until your child turns 18 – at which time they receive a pile of money to use on whatever great idea they have when they graduate high school.
If this sounds like a nightmare, that’s because it is.
But many parents put off doing anything about it because, well, as a busy NYC parent, it can be hard to take care of things that aren’t, literally, tugging at your sleeves. Never mind the “facing my own mortality part.” Never mind trying to navigate the jargon of wills and trusts.
To help you get you started, estate planning attorney Shannon McNulty, author of Complete Guide to Legal Planning for New York Parents, will walk us through the ins and outs of guardianship, wills, and trusts.
Shannon will cover:
-
What actually happens to your kids if you die without a will — how a New York court chooses a guardian, and why your assumptions about who’d step in may not survive contact with the process
-
Why “it all goes to my spouse” isn’t how New York works — the real succession rules, and what changes if you’re unmarried, remarried, or have children from a prior relationship
-
How to avoid complicated court delays – so your assets aren’t tied up in probate when they’re needed most.
-
What a trust is – and whether you need one for your child.
-
The New York estate tax cliff — how an NYC apartment plus a life insurance policy can push a family over New York’s $7.35M line, where going slightly over costs you the entire exemption, not just the excess.
-
Why even “good” estate plans fail – Why a set of legal documents won’t protect your family – and what a comprehensive plan looks like.
This webinar is FREE for PSP members
Here's what one attendee had to say:
Shannon was extremely helpful and direct. Her style and forthrightness really cut through a daunting and often confusing topic, that can seem insurmountable or completely out of reach. She gave solid background, and insightful options. It was a great use of our time.
This webinar will be recorded. If you can't make it but want to receive the video link, you must register.
Shannon McNulty is an estate planning attorney and founder of The Village Law Firm, an estate planning and probate firm dedicated to helping New Yorkers protect their families and preserve generational wealth. Shannon received her law degree from Georgetown University and a masters degree in tax law from NYU and has earned the CERTIFIED FINANCIAL PLANNER TM designation. She has appeared on MSNBC as a commentator on celebrity estates and is the author of The Complete Legal Planning Guide for New York Parents.