One of the biggest misconceptions about general estate planning is that a “trust” is something that only rich families need to consider. This perception likely arises from colloquial use of “trust funds” to signify wealthy individuals who are living off substantial earnings preserved for them in a trust. A better…
Most estate planning advice stories include one theme over and over–plan early and update consistently. Because no one know what the future holds and life changes occur frequently, it is critical to ensure your legal planning will work as you want it to when you need it. However, that does…
Earlier this year, the Supreme Court’s Decision in Windsor v. U.S. allowed same-sex couples to receive the same federal benefits as other married couples. This has had enormous implications for estate planning for same-sex couples, as was previously covered generally here, and more specifically here for retirement issues, and here…
You have probably heard the term “Executor.” Under New York law, this is the name given to the person (or trust company or bank) that is named in a Will and instructed to carry out the decedent’s wishes as outlined in a Will. Executors are entitled to a fee for…
What happens if someone who intentionally causes a death is due to inherit from the person who died? Is the wrongdoer still able to profit from his or her actions? In general, the answer would be negative. New York passed a statute known as the “Son of Sam” Law which…
News this week is dominated by one topic: the federal government shutdown. Like most others, you may be wondering how (or if) the developments out of D.C. will affect you. The Background The shutdown itself is caused by Congress’s failure to pass an appropriations bill allowing for the spending of…
Earlier this year we shared information about a $40 million New York inheritance that was destined to go entirely to the government. 97-year old former NY developer Roman Blum died in January, leaving behind the multi-million dollar estate. Yet, it seems that Blum conducted no estate planning–no trust was created…
Many New Yorkers know that, as part of the federal tax package compromise that was passed on January 1st of this year, the capital gains tax rate was increased. Last year the top rate was 15% but that is now up to 20%. In addition, some individuals will also face…
When most people envision legal trials, the first images that pop to mind involve bizarre crimes or large class action lawsuits. Thanks to movies and television shows, there is an assumption that trials are only for deciding whether someone is going to prison or if a large corporation acted inappropriately…
One important purpose of estate planning is to ensure that as many assets as possible pass on to friends, families, and charities–instead of Uncle Sam. Using trusts and other legal arrangements to structure an inheritance is a prudent move for all New York families, but particularly those with sizeable assets.…