For people who reach age 65, the odds of needing long-term care benefits during their lifetime are nearly 70 percent. People are living longer and in turn needing care in their old age. On average men require 2.2 years worth of care and women require 3.7 years. Preparing for this…
Articles Posted in Estate Planning
Back To Basics: Steps To Take Following The Death Of A Loved One
The passing of a loved one is not easy. The closer you were to the deceased the bigger a toll that it takes on you mentally and emotionally. You may experience anger, frustration, and numbness as you seek to process the passing. As you begin to contemplate what you must…
The Insolvent New York Estate
The legal entity that owns and controls a person’s property after they die is known as an estate. The person who leaves behind an estate is called the decedent. It is customary for the decedent to appoint someone to administer the estate and act as the executor of the estate…
What Assets Go Through Probate In New York?
Probate is the legal process that takes place after a person passes away. It typically involves submitting a valid will to the surrogacy court in New York state, taking inventory of the deceased’s estate’s assets, paying off the estate’s liabilities and distributing the estate assets to the beneficiaries designated in…
IRS Allows Trust Modification Without Forfeiting Exemption
A Recent Private Letter Ruling By The IRS Concluded That A Modification To A Faulty Fiduciary Provision Did Not Result In A Loss Of The Trust’s Grandfathered Generation Skipping Transfer Exempt Status The taxpayer who submitted the modifications to the inter vivos trust for an IRS private letter ruling found…
The Danger of Unrestricted Bequests and Gifts
The Inheritance Left To University of New Hampshire By A Long Time Library Employee Was Spent In A Way That Raised A Few Eyebrows Longtime University of New Hampshire library cataloguer died last year at the age 77. As his final wish to the world he left the entirety of…
IRS Rules Now Reflect Updated Same Sex Marriage Rulings
New Department of the Treasury and Internal Revenue Service Final Regulations Now Reflect Supreme Court’s Obergefell v. Hodges and Windsor v. United States Rulings On September 2nd, the final regulations that reflect the holdings of the Supreme Court rulings that upheld same-sex marriage laws around the country as well as…
What You Need To Know About Multinational Estate Planning
One of the more unique present day aspects of estate planning comes from the very mobile and connected nature that many people who need estate planning have. Many people will not just move across countries for their jobs but across borders. Globalization has brought the world closer together but added…
Estate Planning – Learning From Gene Wilder
2016 will undoubtedly go down as an infamous year of celebrity deaths and the unfortunate passing of celebrities continue. The world lost one of its funniest men this past August: Gene Wilder, star of Blazing Saddles, Willy Wonka and the Chocolate Factory, Young Frankenstein and The Producers. He continued to…
Back to Basics: Your First Estate Planning Meeting
The first time you meet with your estate planning attorney can be stressful and emotional. Many people go into the meeting not knowing what to expect. In order to make your first meeting as painless and hassle free as possible, here are a few things to consider ahead of time…