California Lawmakers resurrect the Right-To-Die Bill
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...
California Lawmakers resurrect the Right-To-Die Bill Continue reading…
Estate Tax Planning Considerations for Foreign Nationals
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,...
Estate Tax Planning Considerations for Foreign Nationals Continue reading…
Google Updates Options Regarding Deceased User’s Account
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...
Google Updates Options Regarding Deceased User’s Account Continue reading…
Heirs may not get to keep the money that factory owner earned through illegal activities.
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...
Heirs may not get to keep the money that factory owner earned through illegal activities. Continue reading…
How much do Corporate Trustees charge?
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...
How much do Corporate Trustees charge? Continue reading…
What is a Guardianship
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 has the right...
What is a Guardianship Continue reading…
No direct relatives and no will? Result: Years of Surrogate Court Process!
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...
No direct relatives and no will? Result: Years of Surrogate Court Process! Continue reading…
International Estate Planning
I frequently see clients with global ties. New York community is home to many multinational technology, finance, consulting, and other companies. Frequently, skilled employees of these businesses have family ties overseas, or have worked for their companies in other countries. Workers often bring their families with them, to live and to study and to...
International Estate Planning Continue reading…
Improving the Life of a Disabled Loved One: First Party vs. Third Party Supplemental Needs Trust
If you have a loved one with a disability, their life can be significantly improved with additional funds (think of non-generic medicine, vacation, additional home care, specially outfitted car, etc). Supplemental Needs Trusts are set up for people with disabilities. The purpose of this type of a Trust is to supplement, not to supplant...
Improving the Life of a Disabled Loved One: First Party vs. Third Party Supplemental Needs Trust Continue reading…
Can You Avoid High Capital Gains Taxes?
In the past, when the federal estate tax threshold was $1MM, most estate planners concentrated on reducing or eliminating the estate taxes. The goal was to transfer out of the estate as soon as possible. Today’s estate tax threshold: Today, the individual federal estate tax threshold is $5.4MM. The New York State estate threshold...
Can You Avoid High Capital Gains Taxes? Continue reading…