Estate Planning

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 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…

There are specific provisions that can be set up in the context of a will to provide a funded trust for one’s pet. I sure understand that a pet is a loved one that is part of the family. A provision should be included within the context of the will that creates a testamentary pet Read on…

Quite often, estate clients are interested in the creation of a trust, whether revocable or irrevocable, with varied purposes in mind. A trust is what is known as a testamentary substitute, meaning that assets that are titled in the name of a trust will pass outside the purview of a Last Will and Testament. This 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…

Clients often ask me if they should have more than one agent named on the New York Durable Power of Attorney (POA). The high-level answer to this question is “it depends”. Logistically speaking, it is often easier if only one agent is appointed on the POA. This is because financial institutions may require both agents Read on…

Quite often, one assumes the role of executor (or administrator) for an estate without realizing many of the complexities associated with being appointed a fiduciary of an estate by the Surrogates’ Court. I usually explain to clients that being an executor of an estate is no different than being a CEO for a corporation. You Read on…

In New York, the power of attorney is an important document, to say the least. It has far-reaching consequences which it is why it is crucial to understand the misconceptions about this document. Generally speaking, my powers of attorney (POAs) that are executed in New York are “durable’, which means that they take effect immediately 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…

Today on our blog, we have a guest post on a topic that affects everyone – estate planning. Specifically, estate planning and financial capacity. While we normally talk exclusively about elder law, part of estate planning also involves understanding your financial capacity as well. In this blog we discuss an intro to understanding your ability 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…

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…

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…

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…