New York Estate Planning & Elder Law BlogConsidering that someday you will no longer be alive is an unpleasant thought. You might be frightened of the unknown, particularly when it involves issues of what will happen to your loved ones. Even though you will no longer be around to play a role in managing your estate, you do have an input in […]
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Estate Plans Should Contemplate Pets
Many people find great enjoyment in sharing their life with a pet. Data reveals that about 90.5 million families in the United States own pets. For both people who are natural caregivers and those who require a pet’s companionship, pets can introduce a great sense of belonging to people. The consideration of pets is routinely […]
Estate Planning Lessons from Rain Man
The 1988 film Rain Man was directed by Barry Levinson and is cited by many people as a favorite film. Rain Man tells the story of Charles Babbitt (Tom Cruise) who finds out that his estranged father has passed away and left all of his large estate and its associated assets to the other son, […]
Making the Most of Estate Planning in 2022
While some people anticipated otherwise, 2022 started without any new federal regulation or tax changes addressing estate planning. As proposed legislation passed through the legislative process in 2021, major potential changes to federal estate and gift tax were dropped. These potential changes included a decrease in the estate and gift tax exemption as well as […]
Taking the Time to Review or Create an Estate Plan
Each year, it’s important for anyone interested in planning for the future of their assets to either create or revise their estate plan. Taking the time and including loved ones in estate planning discussions is the best thing that you can do to avoid conflict or estate planning disagreements. Estate planning involves planning for the […]
Avoiding Undesirable Estate Planning Situations
TV shows often depict unpleasant estate planning situations that can arise including a deceased person leaving assets to a former spouse. While these situations often do not occur in the way depicted on TV or film including the recent Netflix film I Care A Lot, a former spouse could end up receiving assets from your […]
The Advantage of Utilizing SPA Trusts in Your Estate Plan
In times of economic uncertainty, estate plans can benefit substantially from flexibility. As the country both continues to recover from the COVID-19 pandemic as well as face the challenges brought on by new strains of COVID-19, it’s a good idea to consider how to make your estate plan flexible. Not to mention, looming changes brought […]
The Status of Estate and Gift Taxes in 2022
The Status of Estate and Gift Taxes in 2022 In 2021, Congress, as well as the Executive branch, proposed revisions to the tax code that if passed would have substantially changed estate planning. If these changes had been made, some proposals would have been put on the side, while the frequency of use for other […]
Estate Planning for Non U.S. Citizens
Many myths exist about the rights and responsibilities of U.S. citizens. For example, if you are not a U.S. citizen but are married to a U.S. citizen and have permanent resident status, you might have heard that if your spouse passes away without an adequate estate plan you will be required to pay more taxes […]
Estate Planning Issues to Address Before 2021 Is Over
As we approach the end of 2021, you should remember to consider and approach many aspects of estate planning. There are also several considerations given potential legislative changes. You should make sure to review your end-of-year estate planning concerns now instead of waiting. This article reviews some of the important issues that you should remember […]