New York law prevents spouses from being disinherited. Instead, a spouse who is disinherited may go to court and claim their “elective share” which is the greater of fifty thousand dollars or one-third of the estate. Questions often arise as what the “estate” of the deceased spouse consists of. Naturally,…
Estate planning relies on a countless number of assumptions. One assumption is that assets only flow in one direction: from older person to younger person. In reality, this does not always have to be the case. By making the most of some unconventional estate planning techniques, people can realize some…
The South Dakota Supreme Court recently reversed a circuit court’s order denying a petition pursuing appointment of a special administrator to seek a wrongful death claim for a deceased man’s estate. The Supreme Court held that the circuit court abused its discretion in failing to address certain discovery motions before…
The Treasury Department recently published its Priority Guidance Plan, which addresses areas like estate, trusts, and gifts. These items were described as a top priority by the department. The department also expressed the desire to establish final regulations that would enforce user fees associated with closing letters for estate tax…
Planning for your children’s educational needs is a worthwhile goal. Fortunately, various options exist for satisfying this goal. A 529 plan can prove to be a powerful tool for paying tuition as well as paying for other education-related expenses while realizing tax advantages. Following your death, however, no certainty…
Understandably, many clients want to appoint children or grandchildren to receive their assets. Appointing a minor beneficiary directly to an account, however, can present its fair share of challenges. Unfortunately, clients often assume that the estate planning process is complete after they sign a will and trust. These individuals often…
With the increasing availability of the COVID-19 vaccine and the rate of COVID deaths dropping in New York, it’s a good idea to be optimistic about what the future holds and to take some time to review your estate plan. While some people need to start from the beginning, others…
New retirees are well served to pay close attention to various financial considerations, which are commonly overlooked at the time of retirement. This article reviews some of the most critical estate planning issues that you should make to address either on or before when you retire. # 1 –…
One of the most important elder law decisions is picking the best nursing home. While this decision is often financially motivated, it’s also critical to find a facility that offers the best possible care to fit your needs. Unfortunately, not all nursing homes are capable of meeting everyone’s needs. To…
The crisis brought by COVID has served as a stress test for many of the laws and regulations effecting our nation’s seniors. The power of attorney, a document that gives one person, the agent, the legal power to act for another, the principal, fills a dire need to put control…