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New York Estate Planning & Elder Law Blog

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Military Pension Apportionment and Divorce

Divorce can be an interpersonally challenging life-change, and complex legal matter. With two Department of Defense (“DoD”) appropriations bills currently before the House and Senate, the rules to pension fund distribution to U.S. federal Air Force, Army, Navy or Military Reserve ex-spouses at time of divorce will be revised in…

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New Jersey Congressman Introduces Proposal for Medicare Long Term Care Insurance Benefit

Ranking Democratic member of the House Energy and Commerce Committee Frank Pallone, Jr. of New Jersey recently introduced a new proposal aimed at tackling the rising costs of long term health care insurance to give seniors a better life. Under the current system, Medicare only covers very limited long-term care…

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Avoiding Probate in New York

New York estate owners can avoid probate with stipulation of transfer-on-death (“TOD”) designation of assets within their will or estate testamentary documents. The state presently prohibits TOD deeds for real estate and automobile registration transfer, yet properties held in joint tenancy, bank accounts, and other cash convertible assets like bonds…

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The Tax-exempt Benefits of Spousal Rollover IRAs

Rules of required minimum distribution (“RMD”) within defined contribution plan retirement funds, are usually relatively little while a participant is still alive. Previously, the rules to RMD were less favorable depending on the terms and conditions of the plan, and form of distribution elected, as well as the relationship between…

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New York Tax Law Rules of Domiciliary

With President Trump’s recent immigration reforms impacting the domiciliary status of many New York residents, estate trust administrators are faced with changes to the taxable status of those asset transfers. New York Consolidated Laws, Estates, Powers and Trusts Law (EPTL) applies specific rules to asset transfer procedure when there is…

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