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Articles Posted in Estate Planning

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Float like a Butterfly, Sting like a Contested Estate: Muhammad Ali’s Unhappy Heirs

It seems that Muhammad Ali’s estate is destined for trouble, similar to other celebrity estates that we have covered on this blog recently. It is unknown if the boxing legend died with a will, but even if he did, a will contest may be likely. Forbes reports that Mr. Ali…

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Back to Basics: Deciding Who Will Inherit from Your Estate

A person planning their estate for the first time is confronted with a lot of uncomfortable questions that they most likely have never had to address. There are medical decisions to be made, executors and trustees to be chosen and appointed, burial instructions to spell out, and perhaps most importantly…

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Hollywood Tragedy: A Life Lost Unexpectedly

2016 will not relent in claiming high profile celebrities. This week’s death was as tragic as it was needless. Anton Yelchin, aged only 28, an only child, was killed in his Hollywood home’s driveway when his Jeep rolled down a slope and pinned him between a brick wall and the…

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Keep It Close or Outsource It: New York Corporate Trustees

Who you name as a trustee is possibly the most important decision that a person who decides to create a trust will make. The trustee is responsible for distributing income and principal to the beneficiaries of the trust according to the terms of the trust. This typically involves extensive recordkeeping,…

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Back to Basics: Discussing Death and Your Estate In New York

No one likes discussing their own demise. The topic is generally considered taboo amongst most people and is possibly the most uncomfortable conversation topic. This is unfortunate for everyone though, because if a person is unable to discuss their own death, chances are they are unwilling to plan for it…

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What’s In a Name? Publicity Rights of Deceased Celebrities

What’s In a Name Depends on Who You Are. It Could Be Hundreds of Millions According to the IRS             There has been an ongoing battle in recent years between decedents’ estates and the Internal Revenue Service (IRS). While it is only to be expected that the IRS attempt to…

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Back to Basics: No Contest Clause in New York Wills

One of the many goals of estate planning is to limit the amount of fighting that will occur once a person passes on, and there are many ways to achieve that goal. Often this involves making sure that all the proper requirements are observed when executing documents, careful drafting of…

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New York’s Family Health Care Decisions Act

In a previous post about healthcare and end of life decision making, we discussed the importance of the election of a healthcare proxy or agent. However, not everyone is able to make these advanced plans prior to an unexpected incapacitation. In June 2010, New York enacted the Family Health Care…

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PROTECTING YOUR INDIVIDUAL RETIREMENT ACCOUNT FROM CREDITORS

STATE SPECIFIC PROTECTIONS         The current aggregate value of retirement assets in America is roughly $21 trillion, with individual retirement accounts (IRAs) amounting to the largest single investment asset.  While many, if not most, types of retirement assets and accounts are protected against creditors, the IRA is not necessarily one of them.…

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PROPOSALS TO LIMIT THE GENERATION SKIPPING TRANSFER TAX EXEMPTION

PROPOSAL TO MOVE BACK TO PREVIOUS TRUST LAWS As this blog discussed in the recent past, dynasty trusts are trusts that allow for a benefactor to pass wealth on to future generations via various legal mechanisms that allow a trust to carry on for literally hundreds of years, overcoming the…

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