Estate Planning

There is a common misconception that estate planning is to be utilized only by older individuals. This is not the case. In fact, the earlier one creates their estate plan in their lives, the better things will be in the event of any unforeseen life events. Within the context of a will for a young Read on…

There are many life changes that occur during one’s existence, not the least of which is moving to another location. Quite often, for job placement or family reasons, the move is to another state. Along with this move comes the inevitable question of whether one’s will and other various estate planning documents are valid in Read on…

Setting up advanced health care directives to deal with end-of-life treatment can be one of the more difficult steps to take in your estate planning portfolio. Nonetheless, whether it concerns palliative care or if you will be under anesthesia and will need these directives in place, it is important you have an attorney set up Read on…

When the owner of a bank account dies and that account holder did not have a Last Will and Testament, there are a few possible scenarios that can occur. If the account holder was the sole owner of the account and did not have any beneficiary or did not have the account “in trust for” Read on…

When drafting your last will and testament, one of the most important components of the will is who is going to be the person who oversees your affairs when you pass away. In short, who do you want to select to be your executor. This is one of the reasons it is crucial to have Read on…

With the advent of the internet and the age of information, people may believe that by conducting a simple Google (or other search engine) search, they can effectively and properly produce an estate planning that satisfies their needs and the needs of their family. In most cases, the risks of such estate planning without the Read on…

For the single person, proper estate planning is just as important as it is for those who are married. A single person may also have children but does not reside with a partner. Nonetheless, single people should be mindful or the importance and necessity of a proper estate planning structure for their future. It is Read on…

As set forth in the New York Estates, Powers, and Trusts Law (EPTL), an interested party may object to a Last Will and Testament being offered for probate on the basis of undue influence exerted upon the Testator (the person who signed the Will). If it is determined that an interested party or family member Read on…

As with any documents concerning your estate or incapacity, it is often quite prudent to review these papers at regular time intervals, especially when there is a change in life circumstances (i.e. marriage, birth, death, relocation). The Durable Power of Attorney (POA) in New York is no exception. As previously stated in prior blogs, the Read on…

Most IRAs, whether traditional or Roth IRAs, play a key role in estate planning. As long as an IRA has a named beneficiary, when the account holder passes away, the beneficiary will receive the proceeds of the IRA by operation of law. All that would need to be provided to the financial institution where the Read on…

The question often arises as to whether an estate plan is necessary if you don’t believe you have an estate. The fact is that most people, whether they realize it or not, actually do have an estate. Real property aside, you may have checking accounts, savings accounts, IRA, pensions, or other financial accounts that may Read on…

The effective date by which a New York Power of Attorney takes effect will be a direct consequence of the type of document that is executed. A vast majority of clients sign what is known as a Durable Power of Attorney. A durable power of attorney takes effect immediately upon due and proper execution by Read on…

If you are planning to meet with an estate planning attorney, or want to see if your estate planning documents need an update, there are certain documents that you should have ready to review and to present to your attorney. If you currently have estate planning documents that may require review and revision, please check Read on…

Transferring property to your children during your lifetime is not something that an experienced attorney would recommend. Some consequences of giving up your property are mentioned as under: Transfer of property will result in gift tax. A gift tax form is required to be filed when a property worth $13,000 or more is transferred. Whereas, Read on…

Quite often, clients (or potential clients) do not fully comprehend the role of both the agent appointed under a Power of Attorney and that of an Executor. Or more importantly, when the role of the agent under that power of attorney ceases. Typically, people sign what is known in New York as a Durable Power Read on…

The fact that you are contemplating an executor for your Will signifies that you have taken the first step on taking control of your estates when you pass away. Remember that if you don’t have a validly executed Will when you pass away, the laws of intestacy will decide who inherits your estate. In order Read on…

The creation of an effective estate plan can be one of the most important decisions in your life. Or for that matter, for your family and loved ones as well. The importance of deciding how and to whom your assets will be distributed when you die is of paramount importance. However, an estate plan goes Read on…

The responsibilities that fall upon an individual who is named as an executor of estate can be extensive. However, it can be rewarding in that you know you have been asked by a loved one or a close friend to carry out the wishes of that person now that they have passed away. Still, there are Read on…

As with any fiduciary, the selection of a trustee to safeguard assets placed in trust is one of the most important decisions a grantor/settler can make when discussing estate planning strategies to preserve their respective assets. There are certain qualities one should seek when selecting a trustee. First, the trustee should not have any financial Read on…

If you decide to switch estate planning attorneys, it is important that you know what your individual or family goals are. Some people seek an estate planning attorney to give advice and strategy to reduce possible estate and gift tax liability. This is one such purpose for switching to an experienced estate planning attorney. Another Read on…

The New York Surrogate’s Court Procedure Act (SCPA) sets forth the mechanisms if an interested party wishes to a contest a Last Will and Testament that is being offered for probate in the Surrogate’s Court. The first order of business would be to secure the services of an experienced estate litigation attorney who can review Read on…

One of the most important concerns with respect to a safe deposit box and estates is the placement of the will. The rule to follow: never leave your last will and testament in your safe deposit box. The reason being is that if you do follow such a course of action, the safe deposit box Read on…

As with most legal questions, the issue as to the expense of estate planning is not a simple one to answer. There are many components to estate planning and they are largely dependent upon the client’s needs and wishes, as well as the nature of their assets and how they are held. At the very Read on…

There are various estate planning strategies that are appropriate for a person in their 30s who is recently married. The most basic of estate planning strategies is to have you and your spouse execute a Last Will and Testament. These are fundamentally the most important estate planning documents that one can have because they set Read on…

It is important to note that an individual can gift up to $14,000.00 annually to a family member, or to as many family members or friends as they wish without incurring any gift tax liability. This annual exclusion amount of $14,000.00 is valid for 2014, and can be $28,000.00 for a married couple should they Read on…

It is often a common question when deciding various estate planning techniques as to how much I can gift to a loved one, family member, or friend, and what the gift tax liability might be. To be clear, the liability for the gift tax rests with the one who is donating the gift (the “donor”). Read on…

There are certain estate planning mistakes people make that can cost one a significant amount of money. Here are three common mistakes to avoid: Mistake #1 The most common estate planning mistake to avoid is failing to plan at all on the event you pass away. When you die intestate (without a will), the state Read on…

We never can be sure of the uncertainties that life presents. This can be especially true as it pertains to our health and well-being, more so when we reached an advanced age. It is for this reason that the need for a living will and health care proxy is so vital. This critical document sets Read on…

In the event that you pass away, a Last Will and Testament can include specific provisions for the health, maintenance, and care of your pet. Many of us have pets and consider them to be a part of the family, so we should make every effort to ensure that our pet’s care will be entrusted Read on…

The process for encouraging a loved one to discuss estate planning and the distribution of assets both during and after that loved one has passed can be a difficult, and sometimes, awkward situation. However, using the appropriate tact and encouragement, this goal can be met, and can help that loved one and their immediate relatives. Read on…

It is very important that unmarried partners have validly executed estate documents to avoid loved ones being executed from their loved one’s respective estate. The most simple strategy would be to include your partner as primary beneficiary on various accounts such as pensions, IRAs, and other financial accounts. Furthermore, including your partner as joint account Read on…

Proper estate planning can avoid intra-family dispute for a number of reasons. The most basic reason is that when you draft and execute a valid will, you make your intentions clear as to how you want real personal property to be distributed. Further, you can specify either dollar amounts or percentages of your residuary estate for Read on…

Estates, Powers and Trusts Law (EPTL) 3-2.1 specifies certain “formalities” that must be followed to ensure the decedent (person who has died) has executed and signed a valid will. Having an experienced estate attorney guide you through the process will decrease the likelihood that the validity of the will is challenged in Surrogate’s Court. It Read on…

It is a very common question that arises. And the question can occur at any time in one’s life, whether taking that first new job, getting married, having children, getting divorced, or preparing for retirement. “Should I have a will?” is the common question. The emphatic response is “Yes”. There are many reasons to have Read on…