Some thirty-five years ago your writer was taught that estate planning is about getting your assets to whom you want, when you want, and the way you want, with the least amount of taxes and legal fees possible. In the intervening time, we have learned that estate planning is more…
Bob and Laura were ready to move forward with their estate plan to save estate taxes and avoid probate. The only hitch was who would take care of their beloved pets, Samson, the dog and Delilah, the cat, after Bob and Laura passed away. Under New York law, trusts for…
For 2025, the exemptions for estate taxes rise to $7.16 million for New York estate taxes, and to $13.99 million for Federal estate taxes. The annual gift tax exclusion rises to $19,000. If your estate is, or may become, greater than the New York threshold, early intervention can avoid the…
The first myth to explore about estate planning is that you can do it yourself over the internet. This supposes that a trust is a generic legal document where you plug in names, addresses and amounts you want to give and then off you go! However, experienced estate planning lawyers…
In second marriage planning, a co-trustee is sometimes recommended on the death of the first spouse. While both spouses are living and competent they run their trust or trusts together. But when one spouse dies, what prevents the other spouse from diverting all of the assets to their own children?…
For health care decision-making, when a doctor determines you are unable to make medical decisions for yourself, New York has the Health Care Proxy. The proxy, or agent, may make any medical decision for you except one – they cannot withdraw life sustaining measures, such as feeding tubes or a…
A client came in to see us for their follow-up consultation. The client shared that, in between their two meetings with us, the husband‘s brother had suffered a stroke and was now in a rehabilitation facility. He was a bachelor. He had no power of attorney or health care proxy. …
“Elder Law Estate Planning” is an area of law that combines features of both elder law (disability planning) and estate planning (death planning) and relates mostly to the needs of the middle class. Estate planning was formerly only for the wealthy, who wanted to shelter their assets from taxes and…
Planning for, and then executing, inheritances is often fraught with emotion. Most families choose to leave the inheritance “to my children in equal shares, per stirpes.” Per stirpes is Latin meaning “by the roots” so that if a child dies before the parent, their share goes to their children (if…
Revocable living trusts, where the grantor (creator) and the trustee (manager) are the same person, use the grantor’s social security number and are not required to file an income tax return. All income and capital gains taxes are reported on the individual’s Form 1040. Irrevocable living trusts come in two…