The fiduciary responsibility to create an effective estate investment plan is something that some trustees and administrators find to be a challenge. Trust laws allow estate planning clients a fair amount of control and flexibility in asset diversification. If the goal is to generate income while minimizing taxes, and protecting…
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New York Estate Planning & Elder Law Blog
FIRRMA Expands CFIUS Oversight of Foreign Investor ATS Declarations
The recent Financial Industry Regulatory Authority (“FINRA”) announcement about federal enactment of a substantial piece of legislation that will likely delay close of some foreign direct investment (“FDI”) deals overseen by the Committee on Foreign Investment in the United States (“CFIUS”). The Act supports CFIUS regulatory response to the evolution…
Options for End of Life Directives in New York
In New York, the law allows individuals to create what are known as “advanced directives” to help ensure that person’s end of life decisions are carried out in the event he or she is incapacitated or otherwise unable to make that choice. Advance directives are important for any individual, including…
Protecting Your Inheritance from RICO Violations
The intent to commission, conspire to commission, or commission of a criminal act through intimidation, coercion, or solicitation of another for “racketeering activity” as defined by the Racketeer Influenced and Corrupt Organization (RICO) Act is illegal in New York. The RICO Act prohibits enterprises, including family businesses, from fraudulent and…
Ways to Avoid Probating a Will
If you have an estate with any number of assets, including a home, real estate, retirement benefits, and bank accounts, passing these along to your heirs can be quite a challenge for them if your will needs to go through probate. Furthermore, having your estate go through the probate courts,…
What are My Inheritance Rights as a Spouse in New York?
The last will and testament is an important document an individual creates to spell out his or her final wishes to pass on the assets of an estate to friends, family, and business partners. However, New York probate laws do put limits on the extent to which a person may…
Foreign Pension Plan Contribution and Taxation
U.S. citizens currently residing and working abroad and foreign residing in the United States who are participating in a foreign retirement contribution plan, should evaluate the most recent federal Internal Revenue Service (“IRS”) tax reporting requirements to avoid penalties on those assets or future estate transfer. Foreign pension fund contributions…
Do Small Estates Need to go through Probate in New York?
In New York, not every estate needs to pass through the probate process in Surrogate’s Court. The law gives this exemption to so-called “small estates” valued under a certain number and provider the executor to the estate handles the process correctly. Although small estates are allowed to pass through a…
Financial Capacity the Key to Avoiding Probate Controversy
By 2060, the population of the United States 65 years and older will more than double, increasing to over 98 million from 46 million in 2016. Coinciding with this demographic change will be the estimated 14 million elders diagnosed with Alzheimer’s disease and other related disorders associated with the onset…
FAPT vs. DAPT: The Comparative Advantages of Trust Asset Protections
When planning a will, estate, or trust, protecting assets from taxation is a primary concern. Today, U.S.-based estate planning investors have the option of offshore or onshore trust formation. Rooted in the English common law traditions of wealth and property protections, the offshore tax-exempt Foreign Asset Protection Trust (“FAPT”) of…