Guardianship, in the State of New York, refers to proceedings to help individuals who are either in declining health, are unable to take care of their personal needs and/or financial needs, or who have been taken advantage of by third parties, fraudsters, friends, neighbors, or other loved ones. The purpose of a guardianship proceeding is to help a … [Read more...]
Prosecutor Investigating Reclusive Heiress’s Fortune
Ms. Huguettem Clark owns a 52-acre estate in New Canaan, Connecticut. The estate has been unoccupied for more than twenty years. During this entire period, Ms. Clark has been residing in a hospital. She has been active in the society pages of various newspapers and has made many charitable contributions. Ms. Clark in now 104 years of age. … [Read more...]
Why Have an Irrevocable Trust?
Wills, revocable trusts, and irrevocable trusts are all estate planning devices. Revocable trusts are a type of trust that can be changed, modified, or revoked at anytime. This type of trust allows you to change your mind with regard to all aspects of the terms of the trust. These trusts are very flexible. Uses of a revocable trust: 1. … [Read more...]
What is Guardianship?
Guardianship involves a situation where a court appoints one person (the Guardian) to make decisions regarding personal and financial matters of another individual (the ward). In New York, a Guardian may be appointed under Article 81 of the New York Mental Hygiene Law by a Supreme Court judge or Article 17A of the Wills, Trusts & Estate Law by … [Read more...]
Elliot Schlissel Interview on NPR Re Brooke Astor
The Brooke Astor Estate is in the news again. Gerry W. Beyer, of the Wills, Trusts and Estates Prof Blog, reported that this coming Monday, March 2, the trial against Mrs. Astor's son Tony, will begin. It is alleged that while Tony Marshall was guardian for his mother, he swindled millions of dollars from Mrs. Astor, who was suffering from … [Read more...]