New York Estate Planning & Elder Law BlogThe present-day court structure was established in 1691, when the New York Assembly established the New York Supreme Court of Judicature with the same common law jurisdiction as the King’s Bench, Common Pleas and Exchequer of England. The court was granted jurisdiction in equity in 1846 by statute, taking over equity matters from the Court […]
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The Advantages Asset Protection Trusts in New York
One of the most common myths that exists about trust asset protection is that it is something that only the very wealthy need to worry about. In reality, many different types of individuals should consider using trusts to protect a person’s assets. Asset protection trusts are one of the best ways that individuals can protect […]
Can New York Probate Judges Reject Parts of a Last Will and Testament?
A last will and testament is an important legal document that tells our loved ones and the government how we wish for our estate to be apportioned to heirs and friends upon passing away. Although New York trust and estates law give testators wide latitude to decide what parts of their estates go to whom, […]
New York Surrogate’s Court reverses Tax Department penalty on QTIP Trust
A New York Surrogate’s Court judge recently handed down a ruling striking down a substantial state Tax Department penalty levied against the surviving spouse who became the beneficiary of a qualified terminable interest property trust (QTIP) established by the deceased husband. The judge’s order could have further reaching implications for other QTIP trusts established under […]
Tips for Managing a Family Pot Trust in New York
Family post trusts are a special type of trust that allow a trustee to allocate distributions among a class of beneficiaries and are often implemented because of the increased flexibility they offer regarding distributions. Unfortunately for trustees, administering these trusts is hardly straightforward and he or she will often have to manage delicate family situations […]
New York DTF Investigation into the Trump Estate
New York State Department of Taxation and Finance (“DTF”) announcement that it will investigate President Donald Trump’s estate comes at a time when the federal Internal Revenue Service (“IRS”) is pursuant of accurate reporting information about the presidential family’s wealth. Trump’s lawyers cite the 3-year federal and New York state statute-of-limitations in response to recent […]
Older Home Health Aides in New York Struggle to Pay Bills
New York City has seen a rapid increase in the number of individuals working as in home health aides as the city’s population continues to age. Unfortunately, many of these in home health service workers are older people themselves, earning low wages and relying on government services to survive as their own health continues to […]
New York Estate Tax Law Refunds and Future Tax Savings Offered by QTIP Trusts
In the New York Surrogate’s court ruling of the Evelyn Seiden (Hogan) estate, the 2014 taxation of marital trust rule was overturned to allow for refund on $530,000 in assets, Matter of Seiden (Hogan), 2018 NY Slip Op 32541 (U),. The estate argued that federal Internal Revenue Service (“IRS”) rule IRC § 2044 was inapplicable […]
New York Homestead Exemption and Probate
Homestead exemption protect property assets from probate. Properties recognized under laws of homestead are off-limits to creditors seeking attachment. New York homestead law protects property owner rights to the value of an asset transferred to an estate or trust. Homestead declarations are automatic for title holders of residential property in the state. Jointly owned property […]
New York DTF Valuation Standards and Estate, Part III: Avoiding Errors of Omission or Commission
Professional assessors have a duty to a standard of care under federal and state law. New York Department of Taxation and Finance (“DTF”) licensed assessors must take adequate precautions to not commit 1) errors of omission; or 2) commission that would significantly affect a valuation appraisal. All valuation of real property and special property assets […]