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Hon. Gail Prudenti Selected as a Top Lawyer in Long Island
We're excited to announce that Hon. Gail Prudenti has be recognized by the Long Island Herald as a 2024 Top Lawyer of Long Island award recipient for her excellence in the Trusts and Estates practice area.
Many believe estate taxes are unavoidable upon death, but this isn't usually the case. In 2024, New York State has an exemption of up to $6,940,000, while the federal government's exemption is $13,610,000. Estates valued below these thresholds are not subject to estate tax.
Navigating family dynamics can often prove a difficult course to chart. We all experience the problems in solving even everyday issues in a harmonious way, like which new restaurant to try or which television program to watch. When the stakes are higher, involving potentially life changing inheritance decisions, a family may be well served by consulting with a trained mediator to help assure smooth sailing throughout the estate planning process.
In today's diverse society, the definition of a “typical” family has evolved far beyond the traditional model of two spouses and their joint children. Blended families, long-term partnerships with children from previous relationships, and single-by-choice parents are now common.
In the realm of estate planning, artists face unique challenges. Their estates often comprise not only tangible artwork, but also a complex bundle of intellectual property rights. Understanding and effectively planning for the management of these assets is critical in ensuring that an artist's legacy is preserved and protected in accordance with their wishes.
In the realm of estate planning, a Durable Power of Attorney (DPOA) stands as a crucial document, empowering a designated individual – the agent – to manage your financial and legal affairs.
Q: What is an Irrevocable Life Insurance Trust, and do I need one if I own a life insurance policy?
Question: What are the ways a Power of Attorney can help me?
Question: Will I get taxed on the inheritance I receive from my father?
Q: My grandparents on my mom’s side are leaving me their house in their will after they both pass away, will I be able to sell it right away?
Q: Are there any taxes or fees due if I transfer my house to my son instead of selling it to him?
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Estate planning is all about preparation and ensuring that your assets are distributed in line with your wishes. It’s a comfort knowing your loved ones will be cared for just as you intend. However, life’s unpredictability sometimes throws a curveball. What if a beneficiary becomes disabled after you’ve finalized your estate plan?
Estate planning involves careful consideration of various factors to ensure that your assets are protected and distributed according to your wishes. One element that can add an extra layer of flexibility and protection to your trust is the inclusion of a Trust Protector.
Everyone knows the statistics – almost 50% of marriages in the United States end in divorce. Second and third marriages fail at an even higher rate.
Mental illness refers to a wide range of conditions that affect an individual’s mood, thinking, and behavior. These conditions can affect a person’s ability to function in daily life and can vary in severity from mild to severe.
When the SECURE Act passed in 2019, the biggest impact on estate planning was the elimination of the “lifetime stretch” for most beneficiaries of individual retirement plans (IRAs).
We use the phrase “estate plan” dozens of times every day. It is useful for us attorneys because it describes a group of documents. Unfortunately, estate planning sounds much fancier than it is.
