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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.
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?
Question: My mother has a trust that is supposed to protect her assets in case she needs Medicaid in the future. How do assets get into a trust, I am confused.
Question: Since COVID-19 started, I have been concerned that I have no estate planning documents in place. What documents should I have? What factors do I need to consider?
In New York, when a person dies with a Will owning assets in his or her sole name, the Will must be probated in Surrogate’s Court in order for the nominated executor to be officially appointed and to have legal authority to collect and distribute the decedent’s assets.
A first party supplemental needs trust, also known as a special needs trust, is established with the disabled beneficiary’s own funds, usually from a lawsuit settlement or inheritance, to avoid becoming ineligible for a needs-based government benefit.
Question: My loved one passed away and someone needs to clean out her home, who is in charge of that?
Our Blog
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.
