Fiduciary Cannot Engage in Self-Dealing
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...
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7 Tips for Keeping Trusts Flexible in a Rapidly Changing World
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...
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A To-do List To Protect The Identity Of A Loved One Who Passed Away
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...
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Celebrity Estate Planning Mistakes That Everyone Can Learn From
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...
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Estate Planning for 21st Century Families: A Primer
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...
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Top 5 Estate Planning Hacks for 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...
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CryptoWills: What They Are and How They Work
More than 50% of the adults in the US do not have a Will. Most assume that that they do not have enough assets to bother with one, or that they will write one when they are older. Yet dying without a Will results is going to result in the person’s assets being...
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What to Know About Tax Implications of Buying, Owning, and Selling Cryptocurrency
Buying, owning and selling virtual currency is all subject to the IRS supervision and must be recorded and reported properly to avoid severe tax penalties. 1. Characteristics: Virtual currencies...
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Use free services to stay independent
There are plenty of free services available to seniors who want to remain living at home. Read this Guide from Harvard Medical School to find out if any of these resources can be helpful to you or your loved ones.
Medical Marijuana in New York
I just published a Guide to “Medical Marijuana for Seniors in New York”.Please feel free to download this guide and forward it to anyone who you think may benefit.There are a lot of misconceptions about permitted use and actual benefits of Medical Marijuana. This is a growing field, with...
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