New York Estate Planning & Elder Law BlogWith 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 a change in domiciliary of […]
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The Trust as Fund Investor
The primary benefit of trust and family foundation investment in stock funds, is the transferability of those vested assets to cash. Unlike real property, securities offer wealth enhancement features, as well as a ready source of liquidity. The Securities and Exchange Commission Act of 1934 (“The Exchange Act”) is the legislation binding securities transactions. The […]
The Estate Planning Guide for Special Needs Trust Formation
In 2015, the U.S. Congress passed S.349 – Special Needs Trust Fairness Act, allowing disabled persons to plan their own estates without the assistance of a family member or other guardian. The Act has resolved some of the complex issues associated with trust formation, and now informs the estate planning process coinciding with execution of […]
Maximizing the Value of an Estate or Trust with Shareholder Transfers
Legacy ownership of a business interest can continue to have control over an enterprise if that entity becomes part of a probate estate. Stock transfer to a single, or to multiple trusts, in the interest of continued business operations, is not only a plausible, but legitimate estate planning strategy that allows a decedent and named […]
Estate Planners Advise Dynasty Trust Transfers Post-Tax Reform
A will that establishes an estate or trust based on outdated federal or state income tax exemption guidelines can be tied up in probate for an extended period and divest heirs of millions of dollars. With President Trump’s 2017 tax reforms increased exemptions for the ultra-rich have estate and trust planners scrambling. Evidence that the […]
New York Rules to the Private Foundation as “Trust”
In New York, the admirable and highly instrumental private foundation is well-recognized means to venerable ends. Indeed, in 2017, the U.S. federal Internal Revenue Service (“IRS”) reported that New York’s private foundations donated $10,716,118,775 in funds to nonprofit charities, the highest in the nation. Rules to private foundations, otherwise known as tax-exempt “trust” within federal […]
The Insolvent New York Estate
The legal entity that owns and controls a person’s property after they die is known as an estate. The person who leaves behind an estate is called the decedent. It is customary for the decedent to appoint someone to administer the estate and act as the executor of the estate in his or her last […]
Keep It Close or Outsource It: New York Corporate Trustees
Who you name as a trustee is possibly the most important decision that a person who decides to create a trust will make. The trustee is responsible for distributing income and principal to the beneficiaries of the trust according to the terms of the trust. This typically involves extensive recordkeeping, managing investments and property and […]
PRE-PAID FUNERAL S IN NEW YORK
NEW YORK PROTECTIONS Many people are leary about purchasing a pre-paid funeral. This blog discussed some of the issues common to prepaid funerals. In 2002, the American Association of Retired People (AARP) issued a consumer “scam alert” warning people to preplan but not prepay for their funerals. Indeed, often this is good advice. What really […]
The Basics – Medical-Legal Planning for Ailing Seniors in New York
Yesterday we discussed the various programs, agencies, options available to help families with aging seniors. In addition to assistance programs, it is important for caregivers of older adults to make sure that their loved one’s wishes will be met at the end of life or if the older adult becomes mentally incapacitated. Preparing for management […]