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Many local families create their New York estate plan with potential family feuds in minds. History is replete with examples of siblings, parents, children, in-laws, and others being torn apart following disagreement regarding the passing of assets at the death of a loved one. Legal challenges following a death are…
This month the AARP’s Public Policy Institute, in conjunction with the National Conference of State Legislatures, released a new report that is of direct applicability to all those concerned about their New York long-term care plans. Entitled, “Aging in Place: A State Survey of Livability Policies and Practices,” the project…
Estate planning is about setting ones affairs in order for the benefit of friends and family. In that way, the holiday season is a natural time to discuss these matters, because it is now when many families are getting together and celebrating. Particularly for families that do not live close…
The Nieman Watchdog–Harvard’s journalism faculty blog–recently published a commentary speaking to the looming “retirement crisis” and the problems with the federal government’s current approach to dealing with it. The author notes that retirement planning is not what it used to be as many workers today are “facing a grim future…
New York estate planning mishaps and disputes often make headlines when they involve large sums of wealth and larger-than-life characters. Perhaps none has received more publicity recently than that surrounding the “grand dame of New York City society,” Brooke Astor. Ms. Astor died four years ago at the ripe age…
Last Thursday a group of elder care advocates, seniors, and local politicians held an event to raise awareness of the possible closure of area senior centers. According to a report in Staten Island Live, the gathering was specifically called to ask Governor Cuomo to refrain from making changes to state…
This week Barron’s–a publication of the Wall Street Journal–discussed how many favorable tax breaks, rates, and regulations are either set to expire or may soon be eliminated by policymakers. It was explained how those at the top of the income ladder have seen a steady stream of tax cuts over…
In many cases the most difficult aspect of conducting proper New York estate planning is ensuring that everything necessary is taken into account. Experienced New York estate planning lawyers usually know what options make the most sense in any given situation, but those plans are less effective if certain aspects…
Local residents with a taxable estate over $5 million need to conduct New York estate planning to ensure that they are best positioned to save on estate taxes. The estate tax is essentially a tax on one’s right to transfer property at death, and it can result in substantial liability…
Yesterday there was a new twist in the high-profile New York estate planning story involving Huguette Clark, the woman who died this year leaving behind a $400 million Gilded Age fortune. As we discussed earlier this week, the woman’s family was not provided for in her will. Instead her fortune…