When does a Trust need to pay New York State income taxes?
Resident Trust: In general, a Trust is considered a Resident Trust and the Trustee must file New York State income tax, if the Trust was created by a New York State Testator or Grantor. What that means is if the property was being transferred to a Trust from a person who was domiciled in...
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Taking family dynamics into consideration, or thinking of expected family issues when planning!
When drafting a testamentary or an estate plan, one always should always consider family dynamics in order to preserve family relationships. Parents may have several concerns about their children: entitlements, sibling rivalry, children’s spouses, safeguard from malpractice actions, and safeguard from drug abuse. Entitlements: for parents of younger or minor children, the parents may...
Taking family dynamics into consideration, or thinking of expected family issues when planning! Continue reading…
Can Wills be challenged? Absolutely! A disowned daughter and an almost-disowned son prove that it is possible to do so even when the grounds for the challenge are legally dubious!
A lot of people think that if a Will was executed under a supervision of an attorney, then the Will is a rock solid instrument that cannot be challenged. However, that is not a case. A Will can be challenged on many grounds (incapacity, coercion, fraud, forgery and improper execution are some of the...
Can Wills be challenged? Absolutely! A disowned daughter and an almost-disowned son prove that it is possible to do so even when the grounds for the challenge are legally dubious! Continue reading…
Can a Will be Contested? Part 1 (Undue Influence)
There are several ways in which a Will can be challenged. The three main reasons for contesting the Will include: Proper execution of a WillWhether the decedent had testamentary capacity to execute a WillWhether the Will was the product of undue influence or duress. Whether or...
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Why the Money in a Joint Account May Not Be Distributed to the Survivor (or how uneducated plans go wrong)
Many people think that if they put their money in a joint account, the survivor will automatically inherit the funds and no further claims can be laid on that money. Unfortunately, as the survivors often discover to their great chagrin, it often does not work like this easily. The other heirs, including spouses and legatees...
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Estate considerations for blended families
Second marriages bring additional estate planning considerations, especially when children from past relationships are involved. Here are some suggestions for addressing a blended family in estate planning:If you are not married yet, write a prenuptual agreement, which specifies who owns which asset, the support arrangement in case of future separation, and asset distribution in case of death....
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The importance of Using the Proper Language When Setting up a Special Needs Trust
In a recent New York case, In re Paradiso, the court did not reform a father’s will which left money in a trust to a disabled daughter. In the Will, the father attempted to create a testamentary special needs trust, which would not have jeopardized the daughter’s government benefits (Medicaid and SSI). However, the...
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New York’s “Slayer Rule” gets extended!
The New York “slayer rule”, a common law principle, provides that no one should benefit financially from one’s own crime. As a result, a killer is not entitled to the proceeds from his victim’s estate. In a recent case, Matter of Edwards, the court extended this rule. In this case, a husband killed his...
New York’s “Slayer Rule” gets extended! Continue reading…
Planning for Children with Special Needs
There are many considerations when planning for your children. There are even more issues to consider when planning for your child with Special Needs. Regardless of the child’s age, the need for special care will continue. Advanced Directives. You need to have a trusted family member or a friend to make financial...
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The battle for the estate of an elderly heiress and the wrong lessons for estate planning
A book (and soon to be a movie) Empty Mansions tells a story about Huguette Clark, a reclusive heiress to a copper mining fortune. Ms. Clark’s father, W.A. Clark, was the founder of Las Vegas and the copper king. His daughter spent the last 20 years of her life in a hospital, even though...
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