ANCILLARY PROBATE It is not an uncommon scenario for a middle class family of even modest means to own a vacation home in another state. For those of us who love to ski, hike and explore, mother nature’s wonders on horseback, Vermont and Wyoming may be your choice. For…
Deferred income annuities are a financial product that, by definition, are paid in one premium and payout after at least one year after purchase. While they have been around for quite some time, although they are only beginning to come into their own as a part of a sound retirement…
The United States Tax Court recently decided a case where the issue was the role that a tax return due to the decedent played in overall estate tax liability. The Estate of Russell Badgett, Jr. et al v. Commissioner, T.C. Memo 2015-226 (Nov. 24, 2015) dealt with a very large…
VALUABLE ASSET A residential lease in New York City or any desirable locale can provide many benefits. Some people wait years to get into a rent stabilized apartment. There is even a Seinfeld episode where Elaine quips that some people scan the obituaries to see if someone in a…
QTIP TRUSTS – WHAT IS IT? In our society, with divorces as common as it is, many people would likely benefit from a qualified terminable interest property (QTIP) trust. The QTIP trust gives a stream of income produced from a trust to a surviving spouse. That money passes without payment…
PROTECT ASSETS FROM CREDITORS The Domestic Asset Protection Trust is becoming more and more popular lately in various jurisdictions. Alaska created the first such law, effective April 2, 1997, with Delaware’s law going into effect on July 9, 1997. Since that time, 13 additional states adopted some form of an…
CIVIL RIGHT ACTS DEALING WITH ELDER LAW MATTERS The Fair Housing Act of 1968 was one of the raft of civil rights acts promulgated to help make the promises of Civil Rights Era real. In its current, amended form, it prohibits discrimination in the sale, rental and financing of housing…
GIFT TAX LIABILITY Gift tax liability and estate planning sometimes intersect. The tax Court case of Steinberg v. Commissioner, 141 T.C. No. 8 (Sept. 30, 2013) deals with an interesting issue, if tax law can ever be interesting, where gift tax liability and estate tax liability intersect. It is important…
NEW YORK LAW ON ELDER ABUSE New York, much like every other state in the country, has a system in place to deal with elder abuse. It is both preventative and remedial in nature. Many people are more familiar with analogous child abuse protection laws. Unlike child abuse protection laws,…
LAWS THROUGHOUT THE STATES More than half the states have filial support laws on their books. Most states that still have filial support laws as part of its statutory code rarely enforce them. The last time that Georgia successfully enforced its filial support law was 1936. Filial support laws are…