Blog - Page 20 of 25 - Sverdlov Law PLLC

Estate Tax Implications for Fractional Art Ownership

Posted on October 12, 2015

In the past, the IRS has denied valuation discounts for fractional undivided interests in the work of art. As a result, shared ownership in a painting was not entitled to a tax discount during estate value calculation. In a recent case, Estate of Elkins v. C.I.R. 140 TC 86 (2013), 764 F.3d 443...

Social Security Survival Benefits

Posted on October 5, 2015

Who is entitled to survivor benefits: A widow or a widower is entitled to full survivor benefits at the age of 66 (or 67, for people born after 1962). In order to qualify for the benefits, the spouse must have been married to the deceased for at least 9 months prior to death....

Can you have a Digital Will in New York?

Posted on September 25, 2015

In a recent Australian case, Re Yu [2013] QSC 322, a digital Will was admitted to probate. Mr. Karter Yu, prior to committing suicide, drafted several documents on his I-phone, saying farewell to his family and friends. One of these documents was his stated Will, appointing his brother as an Executor. The court, after...

California Lawmakers resurrect the Right-To-Die Bill

Posted on September 17, 2015

The bill would allow doctors to prescribe lethal medication to terminally ill patients. The bill already passed the State Senate in June, but faced strong opposition in the Assembly, due to a large number of Catholic legislators. The legislation was inspired by Brittany Maynard, who, after being diagnosed with terminal brain cancer, moved...

Estate Tax Planning Considerations for Foreign Nationals

Posted on September 9, 2015

In 2015, a US citizen may gift during life or bequeath at death as much as $5.43MM without paying federal estate taxes. A foreign national, however, has an estate tax exemption of only $60,000. If a foreign national owns a $2MM house in US that they want to pass upon their death to heirs,...

Google Updates Options Regarding Deceased User’s Account

Posted on September 2, 2015

Google has recently made much needed updates to the options available to gain access to the deceased account. Family or estate administrators may now upload death certificates, which Google will review, to determine whether to allow someone the access. Some of the options that fiduciaries now have, include: Close the account of...

Heirs may not get to keep the money that factory owner earned through illegal activities.

Posted on August 25, 2015

When Arthur Mondella committed suicide in February 2015, he thought that his three daughters and his sister will inherit his $8MM fortune. Mr. Mondella committed suicide when his illegal marijuana growing business was discovered under the floor of his maraschino cherry factory. The factory was started by his grandfather and father in 1948, and...

How much do Corporate Trustees charge?

Posted on August 6, 2015

Family Trustees: Very often, the Trustee of a Trust is a family member. There are many reasons to create a Trust, but most often all transactions are kept within a family. In those circumstances, the family member Trustee will often get paid nothing, or a nominal amount. The work is done out of...

What is a Guardianship

Posted on July 28, 2015

When is it Necessary: Having a Power of Attorney and a Health Care Proxy are the best ways of ensuring that your wishes are honored by a person that you trust. Sometimes, however, an individual loses capacity and has not executed these advanced directives. Without a Power of Attorney, NO ONE...

No direct relatives and no will? Result: Years of Surrogate Court Process!

Posted on July 9, 2015

What happens if a person dies without direct relatives and without a Will? The result is a long and expensive process for the heirs, that could last years and cost thousands of dollars.What happens if a person dies without a will? New York State has an administration process under which the assets are distributed...