Blog - Page 10 of 25 - Sverdlov Law PLLC

Joint Bank Accounts in New York: A Confusion of Law and Intent

Posted on April 20, 2019

Many individuals who open a joint bank account in New York are completely unaware of the legal and tax implications associated with these types of accounts. This is quite ironic, given that joint accounts are often opened to simplify inheritance matters, not to complicate them.

Ways to Pay for Long-Term Care

Posted on April 16, 2019

A good friend of mine and a wonderful specialist is hosting a Free Webinar:
Ways to Pay for Long-Term Care

Cynthia Perthuis, Elder Care Strategist and head of the New York office of Senior Care Authority, will offer valuable insights and tips in this free session on...

Adoption Ends Inheritance Rights of Biological Family

Posted on April 13, 2019

Once a person is adopted (either as a child or as an adult) all inheritance rights of the biological family of the decedent are terminated. In the past, prior to the legalization of same-sex marriage, many partners in same-sex relationships adopted each other, to create...

Presumption of Revocation of Lost Will is Not Easy to Overcome

Posted on April 6, 2019

You must be very careful to store your Will properly, otherwise, if it cannot be found, the court is likely to consider it revoked and your assets will be distributed in accordance with intestacy rules. In recent case In Re Scollan (2018), in which a...

Fiduciary Cannot Engage in Self-Dealing

Posted on March 30, 2019

One must be very careful when acting as an Executor of an estate or a Trustee of a Trust, exercising utmost caution and avoiding all instances of impropriety. Any appearance of self-dealing may trigger court inquiry and result in very unpleasant consequences. In a recent...

7 Tips for Keeping Trusts Flexible in a Rapidly Changing World

Posted on March 27, 2019

One hundred years ago there were no commercial airplanes, women couldn't vote, the average family had 5 children, divorce was rare, children born outside of marriage had no inheritance rights, and surrogacy was virtually unheard of. In 2019 we have same-sex marriage, flexible gender identity, assisted reproductive technologies, digital assets, cryptocurrencies and an epidemic...

A To-do List To Protect The Identity Of A Loved One Who Passed Away

Posted on March 16, 2019

A to-do list to protect the identity of a loved one who passed away Unfortunately, identity theft is rampant and it doesn’t only involve the living. 1. Contact Social Security and inform them of the death. Often the funeral home or a hospital will do it for you, but double check it to...

Celebrity Estate Planning Mistakes That Everyone Can Learn From

Posted on March 10, 2019

James Gandolfini: No Need to Pay Extra Taxes The actor and producer most renowned for his role as mafia boss Tony Soprano left only 20% of the estate to his wife. The remainder was left to his children, friends, and relatives. Since his estate was above the estate tax threshold, the result was...

Estate Planning for 21st Century Families: A Primer

Posted on January 22, 2019

As families continue to change and evolve, so do estate planning policies. In 2019, when we discuss estate planning, we must account for a broader definition of family than ever before. Here are several issues to look out for when planning for the future. Marriage: The first issue concerns...

Top 5 Estate Planning Hacks for 2019

Posted on January 15, 2019

1. Most people in New York need not worry about federal or state estate tax. In 2019, the federal estate tax exemption is now $11.42MM per person. The New York State estate tax exemption is now $5.74MM per person. This means that if your total assets at death fall below these numbers, your...