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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.
Currently, the federal estate tax exemption is $11.7 million and the New York State estate tax exemption is $5.93 million. If no further action is taken by Congress, in 2025 the federal estate tax exemption will revert to the former $5 million, indexed for inflation.
In addition to traditional healthcare advance directives, such as a Healthcare Proxy and Living Will, the MOLST form is another directive one can execute to ensure their end-of-life wishes are followed. MOLST stands for “Medical Orders for Life-Sustaining Treatment.”
At long last, it’s here: New York State has amended the laws governing Powers of Attorney (POAs) in our state and the new statute will be in effect after June 13, 2021. This is big news for attorneys, especially those practicing in the areas of estate planning and real estate, and the clients they serve.
Learn estate planning techniques such as the Medicaid Asset Protection Trust, spousal refusal, and exempt transfers that can be utilized when one or both spouses need Community or Chronic Medicaid.
Nancy Burner, Esq. discusses the importance of anticipating issues such as divorce when engaging in estate planning.
There is no such thing as a honeymooner’s will, but maybe there should be. Once the honeymoon is over, the dress put away, and every conceivable photograph posted to social media, it is time to start considering the legal implications of getting married.
Question: My mother owns her home and is considering putting it into an irrevocable trust. She is concerned that if in the future she wanted to take a Reverse Mortgage on the property, she would not be able because the house is owned by a trust, is that correct?
Question: I am a 72 year old widow. I own my house and have an IRA but have very little in cash assets, do I need a trust?
Generation Skipping Transfer Tax (GSTT) is the tax imposed on transfers made to grandchildren, or individuals (other than a spouse) who are at least 37 ½ years younger than the donor of the gift. GSTT sounds complicated, and can be complicated, but the concept is simple.
Any divorce, regardless of the amount of assets of the couple, involves changes to the legal status between two individuals that will have a natural effect on your estate plan. Meeting with your estate planning attorney and having that attorney coordinate with your matrimonial attorney can prepare you for the most positive outcome.
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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.
