In recent decades, “pet trusts” have grown in popularity as a way for residents to include their beloved animal companions in their estate plans. Our estate planning attorneys work with residents in this regard, setting aside appropriate assets to ensure pet dogs, cats, and other animals have funds available to…
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New York Estate Planning & Elder Law Blog
“Donor Advised Funds” Gaining in Popularity
Every day thousands of New York residents give donations of all sizes to popular charities. From dropping a few bucks in a local red bucket during holiday season to making multi-million dollars gifts to universities and everything in between, millions of residents are committed to giving a portion of their…
Later-Life Marriages and Prenuptial Agreements
The “Golden Years” – that peaceful time of life after retirement; a time to watch the grandchildren grow up, to take that long-awaited vacation and to….get married? Statistics indicate that both men and women are getting married later in life, and although the rate of marriage and remarriage significantly declines…
Onondaga County Officially Transfers Ownership of Nursing Home to Private Firm
The changing face of New York nursing home care continued this weekend as another county officially got out of the elder care business. As reported by Syracuse News, the Van Duyn Home and Hospital was transferred by Onondaga County to the “Upstate Services Group” — a private company that owns…
Huguette Clark Estate Sues New York Hospital for Exploitation
Just when it seemed that the years-long New York estate battle related to the heiress Huguette Clark was over, another chapter develops. Last week the NY Daily News reported on a lawsuit filed by Clark’s estate against Beth Israel hospital over claims that administrators at the facility exploited the elder…
Would Changes to Charitable Tax Deductions Affect American Gifting?
Many New York residents make charitable giving a part of their estate plan. Whether for estate tax benefits to pass on values and ethics to family members and many other reasons, residents commonly set aside certain assets to go to causes about which they are passionate. However, according to a…
New Decision on Valuation of New York LLC for Estate Tax Purposes
Last month the United States tax court issues a decision in a case which caught the eye of many involved in estate planning matters. The main issues in the case, Tanenblatt v. Commission of Internal Revenue, was the value of a deceased individual’s interest in a limited liability company. As…
Congressman on Future of Estate Tax
At the beginning of 2013, a federal compromise was reached which seemed to put to rest the uncertainty surrounding the estate tax. Based on the January law, the federal estate tax excludes property up to $5.25 million this year, with that figure set in the future and pegged for inflation.…
New Tech Tools Changing Elder Care
The look and feel of elder care in the United States is changing. In the distant past, most care was provided by friends and family members at their own homes. Later, larger facilities (nursing homes) were built to provide more consistent care to all seniors, especially those without options for…
Be Aware of Trust Fund Theft At Nursing Homes
Most fears about moving into a nursing home concern abuse and neglect. After living independent lives on one’s own, it is easy to understand why seniors may wish to avoid moving into a facility where they will rely on others (strangers) for day to day aid. Unfortunately, beyond the physical,…