Our Blog

Question: Someone told me that assets with named beneficiaries are not subject to estate tax, is that correct?

There are several planning methods that can be utilized throughout your lifetime to reduce or eliminate taxes upon your death. Gifting is one option to avoid estate taxes.

More than five million seniors in the United States have been diagnosed with Alzheimer’s disease. Caretaker spouses agonize over what will happen if they were to pass away leaving their husband or wife without someone to care for them.

Question: I was recently appointed Administrator of my uncle’s estate, but the Decree from the Surrogate’s Court said that I must post a bond. What does that mean?

Although it is true that a safe deposit box is a safe place to keep important documents and/or assets, many people do not realize that once the bank is notified of the death of an owner, the box cannot be opened without a court order. This is true even if there is a joint owner named on the safe deposit box and is unlike other jointly owned assets as the assets do not automatically pass to the joint owner.

Real property in the Hamptons has always enjoyed a steady increase in value. But with this increase in value, owners may incur a substantial tax bill from the capital gain in their real property if and when they decide to sell.

The estate tax concept tax known as “portability” is permanent as a result of the enactment of the American Taxpayer Relief Act of 2012. Portability allows a surviving spouse to use a deceased spouse’s unused estate tax exclusion (up to $11.4 million in 2020/$11.7 million in 2021).

Question: I am the Executor of my mom’s estate and am getting ready to distribute the assets. I was just going to divide the money equally between myself and my siblings. Is that a good idea?

With tax planning becoming less of an issue for the average client, the focus in estate planning has shifted to asset protection for intended beneficiaries. As attorneys, we often hear our clients tell us that they plan to leave everything equally to their children, but that they are concerned that one (or more than one!) has creditor issues or are going through a divorce.

Question: My husband and I have been talking about getting our estate planning documents in order. We have a modest estate and three sons ages 2, 5 and 7. What questions should we be thinking about when we see an attorney for a Last Will & Testament?