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ORDER OF PAYMENT It should not be a surprise to anyone that when someone passes away, their estate must pay for all legally binding outstanding debt owed by the decedent just prior to passing. New York as well as just about every other jurisdiction has laws that address how the…
There is a relatively unknown or at least underutilized program in the law that can provide some important tax benefits for those who care for their elderly or special needs relatives. The Dependent Care Assistance Program (DCAP) is a tax benefit that is often offered by employers for expenses that…
SOME PLANNING IS BETTER THAN NO PLANNING In 2014 Pew charitable trust published a study that showed that fewer Americans are entering into marriage in the first place, fewer than ever before. Currently the number of people over the age of 25 who were never married is at approximately 20%.…
CHANGE IN APPROACH BY IRS BUT STILL SOUND ESTATE PLANNING CONTINGENCY It is obvious that no one knows when they will shake off their mortal coil and pass from this earthly realm. The IRS and the law in general consult their own mortality tables to guide certain decisions. These tables…
PASSING THE FARM IS LIKE PASSING ON THE FAMILY CORPORATION There is no doubt that some modern farmers run large multi-million dollar operations right in their backyard. Maintaining a herd of cows and other grazing stock costs potentially millions to buy or lease (or both) land for the animals to…
BEST LAID PLANS DO NOT ALWAYS WORK OUT A case with an interesting factual background came out of Texas recently. While it was based on Texas law and the case is binding in only Texas, the legal principles discussed by the Court are equally applicable to New York or any…
SUBSTANTIVE PROOF NEEDED The issue of consent and state of mind touches upon perhaps some of the most personal and human issues imaginable. This blog explored issues related to the capacity necessary for a person to create a will. Passing on the bounty of your work to your loved ones…
FEDERAL DEFINITION OF ELDER ABUSE AND FEDERAL RESPONSE In these United States it is often that many things are left up to the states for criminal and civil enforcement. While the federal government does have a statute for murder, it is generally only applied to events that occur on federal…
HYBRID PLANNING TOOL – COMPOUND INTEREST AND IMMEDIATE PAYOUT There are some retirement strategies that people engage in that have many benefits one the one hand with a similar amount of disadvantages on the other. Life is like that, it involves trade offs and often you get what you pay…
INCREASING IN FREQUENCY Guardians across the country are beginning to grapple with a larger phenomena of life in these United States: that we are a mobile society. Many times these decisions are made by legally competent adults who have the right to decide where they want to live. When it comes…