Share

Estate Planning

Wednesday, January 3, 2018

What Assets are Protected from Creditors?

Regardless of the President that is sitting in the Oval Office, the litigious nature of our society is not going to change.  There are many instances in which a client can be sued, including but not limited to: injuring someone in a car accident, being sued for malpractice, involvement in a business dispute, or owning a rental property in which someone was injured.

Certain assets are exempt from creditors as a matter of public policy:


Read more . . .


Thursday, December 14, 2017

Second Marriages: Causes of Family Strife!

When spouses divorce, there are often children left from first marriage. When one of the spouses remarries, he should be very careful that the children from the first marriage do not get disinherited.

The second spouse, who is often much younger and less financially secure, may exert pressure on her husband to provide for her in the event of his death.  The second spouse may have new children, whom the father sees on a daily basis. Simultaneously, the remarried husband may not see the children from first marriage as often (due to geography or ill-feelings from both sides).


Read more . . .


Wednesday, November 29, 2017

How to make a statement after you are dead

Most people want to leave a legacy. Yet most people also have no idea how to go about doing it.  One simple way is through a life insurance policy.


Read more . . .


Thursday, November 16, 2017

Planning for a Pet

Animals shelters often see beloved pets suddenly homeless because of the death of their owners and failure to plan properly. And while there may be more people willing to rescue a dog, but what about a horse or a lizard?

One way of planning properly for the care of a pet is to leave some designated money for the benefit of a shelter, to be used specifically in the care of your pet. This way, if anyone adopts the pet, the shelter can use the money to reimburse the new owner for the pet’s care. Of course, you should carefully research the shelter and ensure that they agree to this type of a plan.


Read more . . .


Tuesday, November 7, 2017

Estate Planning Tips for same-sex couples


In the United States v. Windsor, the Supreme Court rules that federal government must recognize same-sex marriages legally performed in a state for federal law purposes. Below are some tips in an estate planning concept:

  1. Boomerang assets.

Lots of same-sex couples do not have children. While the couple may want to provide for each other, after the death of the second-to-die spouse, they each may have different dispositive wishes.
Read more . . .


Thursday, October 12, 2017

Are you at risk of getting sued, if you agree to act as a Fiduciary (Executors, Trustees and Agents under Power of Attorney)?


Trust and estate litigation is on the rise. The conflict can arise due to beneficiaries who feel they were entitled to more money or Trustees, who are supposed to act as fiduciaries with care, loyalty and impartiality, but often don’t.

Unfortunately, you cannot plan for every contingency. You hope that the Trustee that you picked will act as a proper fiduciary, will not steal the beneficiary’s money and will act in accordance with the Trust’s provisions. You also hope that beneficiaries will honor the wishes of the Grantor, even when the Trust provides for unequal distributions.


Read more . . .


Thursday, October 5, 2017

Will the 1031 “Like-Kind” Exchange be now eliminated?


Section 1031 of the tax code allows those who sell a real estate property and invest the proceeds in a different real estate property to postpone capital gains taxes. It is a great strategy for investors: with a 1031 exchange, after a sale of a property you can use 100% of the proceeds to buy a new building; without 1031, if you had to pay capital gains taxes, you would only be able to reinvest approximately 65% of the proceeds.

This provision dates back to the 1920s. Yet both Democrats and recently Republicans have talked about eliminating it. The provision is viewed as a loophole, and all loopholes are currently getting reviewed, as part of the overall package of decrease in tax rates.


Read more . . .


Monday, October 2, 2017

Get a FREE online evaluation - what kind of documents you need

Have you always wondered if you need an estate plan? Have you thought of doing it yourself, but were not sure if you are doing it right?

Take this FREE online evaluation and find out!

http://sverdlovlaw.com/index.aspx?TypeContent=CONTACTUS


Read more . . .


Friday, September 29, 2017

Trump just proposed to eliminate the Estate Tax completely. Will it affect you?


Currently, the gift and estate tax threshold is $5.5MM per person ($11MM per married couple). Assets passing at death that are above  that threshold are taxed at 40%. Gifts made during lifetime that are above this threshold are also taxed at 40%. 

Less than 1 out of 550 of people who die have taxable estates.
Read more . . .


Tuesday, September 26, 2017

You have a Trust? When DO beneficiaries find out about money left to them ?


Clients often establish Trusts for the purpose of deferring distributions to beneficiaries. These Trusts are usually established to protect assets from risks such as mismanagement, imprudent spending, creditors and divorce.

But when do Trust beneficiaries have to receive information about the Trust and the assets? This question is different from the one about when the beneficiaries should start receiving trust distributions. A grandfather may establish a Trust with $1 million for the benefit of his two young grandchildren, name his accountant as the Trustee, and provide that grandchildren will receive the money outright once they turn 30. Do the grandchildren have a right to know about this money before they turn 30? 

A parent may not want the child to find out about the money for many different reasons.


Read more . . .


Wednesday, September 6, 2017

Most Americans Still Avoid Estate Planning


Based on the most recent survey, 52% of Americans do not have a Will. Usually, not having a Will also means not having a Power of Attorney or a Health Care Proxy.

When I lecture about this issue, I can talk for at least an hour about the need for a Power of Attorney and what happens when people do not have one. Main reasons to get your planning done:

  1. If you do not have a Power of Attorney, in the event of your incapacity, your family is likely to spend over $10,000 on guardianship costs and related legal fees. I’m talking about a $10,000 fee in a GOOD scenario, where everyone in the family is in agreement.
    Read more . . .


Archived Posts

2018
2017
December
November
October
September
July
May
April
March
February
January
2016
November
October
August
July
June
April
March
February
January
2015
December
November
October
September
August
July
June
May
April
March
February
January
2014

← Newer12 3 4 5 6 7 8 Older →


The Law Offices of Katya Sverdlov serves clients throughout Brooklyn, Manhattan, and Queens New York.



© 2018 Law Offices of Katya Sverdlov | Disclaimer
30 Wall Street, 8th Floor, New York, NY 10005
| Phone: 212-709-8112

Estate Planning | Planning for Incapacity | Guardianships | Probate / Estate Administration | Special Needs Planning | Elder Law | Medicaid Planning | Business Succession Planning | Estate Litigation | Veterans Benefits | | Attorney Profile

Law Firm Website Design by
Amicus Creative