Much of estate planning involves preparations that can streamline matters in the aftermath of a death. The probate process can be long and drawn-out, forcing families to wait months before working out the basic details of asset transfer. Alternatively, by using trusts, the process can be far more seamless, saving…
A headline-grabbing story last week in the New York Post offers a good reminder of the need to be crystal clear in certain estate planning situations to avoid drawn-out legal battles. According to reports, two siblings are engaged in a dispute over how to divide up an inheritance that they…
Earlier this week we discussed the tragic death of New York actor Philip Seymour Hoffman. There are many estate planning lessons to take away for Hoffman’s situation, including the need to update a will after every life event. Hoffman unintentionally left out two of his children by not updating his…
Property rights and rules are some of the most complex (and arcane) areas of the law. Of particular importance for estate planning purposes, property rules allow different individuals to each have different “interests” in the same piece of property. It is not necessarily as simple as one person owning each…
Creating a will and drafting trust documents are forms of “transactional law.” That means that, unlike litigation, the purpose is not necessarily to “win” in a conflict over another. Instead, the purpose is to put plans into place that explicitly avoids conflict down the road. When doing this work it…
Discussion about the estate and trust tax issues usually centers on political debate about the rates and exemption levels or case-studies of the tax burden for famous or wealthy individuals. Far less often discussed is general information about the tax, including how much was actually collected, the total number of…
In December we shared information on proposed changes at the federal level which might limit the tax-saving benefits of charitable deductions. President Obama previously suggested limiting certain charitable tax breaks for high earning individuals. This possible change was just one part of large ideas about re-writing significant portions of the…
There will soon be a new chief in town when it comes to monitoring the activities of New York charitable organizations. According to a report last week in the Wall Street Journal, James Sheehan was named the head of a state agency known as the Charities Bureau. This entity may…
Famed rock music promoter Bill Graham made his name as the organizer of popular music festivals and concerts. His events are credited for launching the careers of legendary groups like the Grateful Dead, Jefferson Airplane, the Eagles, and many others. Unfortunately, Graham’s life was cut short over twenty years ago,…
An important element of estate planning is ensuring the financial security of your family after you are gone. Like most people, we have worked our lifetime to provide financial stability for not only ourselves but our loved ones. An easy, burden-less way of providing for your loved ones is through…