Estate Planning
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. Accordingly, there is a unique planning opportunity now to transfer […]
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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.” It was originally tested in Onondaga and Monroe Counties in May 2006. In July 2008, after […]
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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. […]
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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. There may be a name change, joint bank accounts, IRA beneficiary change […]
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Not unlike our homes and yards, our estate plans may be in need of a spring cleanup too! If it has been a few years since you have visited with your estate planning attorney, now is the perfect time to review your plan to ensure that your documents are up to date. 1.) Have you […]
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Question: When my husband died, some of his assets went into a credit-shelter trust under the terms of his Last Will and Testament. I am the beneficiary of the trust during my life and when I pass away everything will be distributed to our son outright. I am concerned that by receiving the inheritance outright, […]
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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? Answer: The mere fact that a […]
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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? Answer: Yes, you could benefit from having an irrevocable trust. For you, the main purpose of this trust would be to protect your house so that you […]
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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. The tax was instated in 1976 to prevent wealthy […]
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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. With input […]
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