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Does Transferring a Property to an Irrevocable Trust Trigger a Tax Reassessment?

Most municipalities reassess property taxes annually regardless of who or what currently owns a property—a person, a business, a revocable trust, or an irrevocable trust.

March 31, 2025
What is a contingent beneficiary?

A contingent beneficiary is the person or entity designated to receive proceeds from a life insurance policy, retirement account or transfer on death account if the primary beneficiary predeceases the account owner or otherwise is unable or unwilling to accept the inheritance.

October 27, 2021
What is ACRIS used for?

The Automated City Register Information System, more commonly referred to as “ACRIS”, is New York City Department of Finance’s online portal. The portal allows one to view property records (such as deed filings), calculate property taxes, apply for exemptions, and prepare transfer tax forms.

October 15, 2021
Trustee Responsibilities and Obligations

If you have been named as a trustee of someone’s trust, you may be wondering what you are supposed to do. It is important that the trustee understand their duties and responsibilities.  The most important thing to remember as trustee is that the trust assets are not your assets.

October 13, 2021
“Per Stirpes” vs “Per Capita” Estate Distributions

Wills and revocable trusts often refer to the terms “per stirpes” and “per capita”. When you create a last will and testament, or a revocable trust, you choose specific beneficiaries to inherit your estate at your death.

October 6, 2021
Protecting Retirement Assets After the Secure Act

On December 20, 2019, a Federal law relating to retirement plans was enacted, entitled Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). The law was implemented on January 1, 2020 and impacts retirement accounts and the rules for those who own and inherit them.

September 3, 2021
Do Grandchildren Have Inheritance Rights?

Grandchildren do not have automatic inheritance rights except under certain circumstances. In New York, the most common scenario where a grandchild may inherit is when a grandparent passes away without a Will and the grandchild’s parent is no longer living.

September 1, 2021
Using a Durable Power of Attorney in Medicaid Planning

Medicaid will pay the long-term care needs for individuals who meet certain income and asset criteria. This means that Medicaid will pay the high cost of home care or nursing home care for seniors.

August 18, 2021
Minimizing Estate Tax for Singles

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.

June 23, 2021
What is a MOLST Form?

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.”

June 19, 2021
New York’s New Power of Attorney

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.

June 17, 2021

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Thought Leadership

Partner Britt Burner, Esq. explains how often to review your estate planning documents and the life changes that may prompt a review.

May 1, 2024 Read Article