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...
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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...
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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...
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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...
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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...
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Is Divorce the Best Option for People Over 65?
Your parents may have had a long and relatively happy marriage. They may intend to live together until their death. Nonetheless, the financial reality of today’s government rules may force them to consider divorce. And there is no need for psychological counseling at this point. Divorce, with future cohabitation, would be done simply to...
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Should you use the Do It Yourself website for your estate plan?
Many people believe that their situation is so simple, that they have no need to go to an estate planning attorney. However, I do not pretend to be an expert in many fields of work (I'm not a doctor, I'm not an engineer, etc.). Why do so many people think that they are an expert...
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What happens when a Will is lost? A case illustrates a need for properly storing your documents!
A New York case, the Matter of the Estate of Robyn R. Lewis, is going up in front of New York Court of Appeals now, to decide a case of a missing Will. Robyn Lewis executed a Will in Texas in favor of her husband; the Will also provided that if the husband...
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Is asset protection a necessary part of estate planning?
Why estate planning: In general, there are many reasons why people engage in estate planning. Those include: death time tax mitigation, avoidance of probate, smooth transition of property at death, and making sure the deceased’s dispositive wishes are followed. Asset protection is an additional aspect of estate planning, which safeguards the assets from the...
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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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