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…
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…
When a co-owner of real property passes away, what happens next depends on how the co-owners took title to the property. Upon the death of a co-owner, it is necessary to review the last deed of record to make this determination. There are three ways to own property in New York as co-owners: tenants in…
A credit shelter trust (CST) is an estate planning tool used for married couples to help reduce, if not eliminate, estate tax due at the death of the surviving spouse. Federal Estate Tax The current federal estate tax exemption is $11.7 million. This means individuals can gift up to the federal exemption amount during their…
Even if someone passes away with an estate below the federal estate tax exemption amount of $11.7 million dollars, if married, the estate should consider filing an estate tax return to capture the deceased spouse’s unused exemption amount. In 2017, the Tax Cuts and Jobs Act increased the federal estate tax exclusion amount for decedents…
In general, a person cannot be removed from a deed without his or her consent and signature on a deed. Absent legal action with a court order, such as a foreclosure or a partition action, the only way an owner’s interest in real property can be transferred is by a properly executed, acknowledged and recorded…
We’re happy to announce our attorneys Nancy Burner and Kera Reed have been included in the 2021 Edition of New York Area’s Best Lawyers. Nancy was featured in the Elder Law section while Kera was included in the Trusts and Estates section. New York Area’s Best Lawyers highlights more than 6,400 lawyers recognized for their top legal talent. Click here to…
Whenever I hear someone say they wrote their own Last Will and Testament, a familiar phrase comes to mind, “Don’t try this at home!” Unless you are an experienced estate planning attorney, it is not a good idea to write your own Will, or to order a Will off a generic, non-state specific website. There…
Estate planning is just as vital for the single person as it is for a married couple. A comprehensive estate plan details how assets will be distributed upon death and also sets forth a strategy for incapacity. Incapacity can be short term or long term. A complete estate plan often includes a power of attorney,…
We’re excited to announce that we have been voted as Best Law Firm in Dan’s Papers Best of the Best 2020 list. Dan’s Best of the Best is the number one guide to the best of everything on the East End. The list is dedicated to helping you have the best experience year-round on the…