Special Needs Trusts are used to help family members, loved ones and friends who suffer from debilitating mental and physical problems. Special Needs Trusts are also referred to as Supplemental Needs Trusts. The purpose of these trusts is to set aside funds and other valuable assets to help mentally or physically disabled individuals live with … [Read more...]
Estate Planning Changes – 2023
A number of changes with regard to estate planning issues went into effect on January 1, 2023. Gift tax exclusion, which was $16,000 in 2022, is now $17,000. Each person may give up to $17,000 to as many people as they want without federal gift tax liability. This also does not use any part of the federal estate tax exemption. The new federal … [Read more...]
Special Needs Trusts: What Are They and Who Needs Them?
Special needs trust are designed to assist physically or mentally disabled individuals. These trusts are also sometimes referred to as supplemental needs trusts. They allow monetary assets and other types of assets to be maintained for the disabled individuals. These trusts protect the assets and give the special individuals the use and enjoyment … [Read more...]
Spinning the mindset of the retirees – Why should the baby boom end with a whimper?
Between the years 1946 and 1964, around 78 million Americans were born and this generation came to be termed as the baby boomers. Undoubtedly the hard work of the boomers contributed a lot to shape the US economy in the last 40 years but this entire generation is approaching their retirement age. It was in 2006 that the first few baby boomers … [Read more...]
Steps To Be Taken When Handling An Estate
For purposes of this article, let’s assume a family or friend of yours has died. If this individual had a will, let’s assume you are named as the executor of the will. If this individual has no will, let’s assume you are going to act as the administrator of the estate. Hire An Experienced Estate or Probate Lawyer During the normal course of … [Read more...]
Estate Planning Attorney – The Issues
Upon first contacting the estate attorney’s office it is suggested you make an inquiry as to whether there will be a free consultation or there will be a charge for the first office consultation. The purpose of the first estate planning meeting will be to obtain information and guidance with regard to your family’s situation. It is helpful if a … [Read more...]
Estate Litigation In New York
The purpose of estate planning is to develop a plan that minimizes or avoids estate litigation. However, if you are an heir, a creditor, a family member, a child, or a spouse of someone who died and you feel that you have been treated unfairly and/or there has been undue influence fraud or duress, a will proceeding, administration proceeding or … [Read more...]
Surviving Spouse’s Right of Election
New York has a special statute which protects spouses from being disinherited. The name of this statute is called “The Right of Election”. Under this statute a spouse is entitled to a minimum “elective share” of the assets of his or her spouse. If a spouse is disinherited in a will or trust and or the spouse receives less of the decedent’s estate … [Read more...]
Advanced Directives
Living Will Living wills should not be confused with last wills and testament. Living wills do not provide for the disposition of assets after death. Living wills are designed to state an individual’s preference with regard to medical treatment should they be unable to communicate or direct their doctors or family members concerning their wishes. … [Read more...]
The Durable Power of Attorney
A power of attorney is a document that gives the authority for one person to delegate responsibilities or authority to another individual with regard to financial transactions. A power of attorney appoints an agent to act on behalf of the creator to help the creator with a variety of legal and financial transactions. Powers of attorney can be broad … [Read more...]
