The irrevocable life insurance trust is an estate tax saving device. Federal estate taxation begins after the estate has $5,340,000 in it. New York State Inheritance taxes apply to estates that are over $1,000,000. The proceeds of life insurance policies are exempt from state and federal income taxation but these proceeds are included in the … [Read more...]
Administrator Removed For Misconduct
Please click on the link below to watch today's video blog: https://youtu.be/wEMkLGlsP_0 Elliot S. Schlissel is a member of the National Academy of Elder Law Attorneys. He has been representing clients for more than 45 years concerning wills, trusts, estates and elder law planning matters. He can be reached for consultation by calling … [Read more...]
Administrator of Estate Removed for Misconduct
Surrogate Nora Anderson sitting in New York County, recently removed an administrator of an estate because of lack of fitness to serve as administrator due to misconduct. A decedent was survived by four children. Letters of Administration were issued to one of the decedent’s daughters. There was one asset in the estate. It was a Manhattan … [Read more...]
The New Power of Attorney Form in New York
On June 13th of 2021 the new power of attorney form in New York went into effect. This form does not make older powers of attorney obsolete. However, all powers of attorney executed after June 13, 2021 must be on this new form. Action To Be Taken If Bank Doesn't Accept It Under the terms of this new power of attorney, if a bank or other financial … [Read more...]
Administrator of Estate Removed
In a case before Surrogate Melinda Malaze-Gonzalez, who sits in Bronx County New York, a son who was co-administrator of an estate asked the court to remove letters of administration issued to his sister, the decedent's daughter. It should be noted the co-administrators were the brother and sister and the sole beneficiaries of the estate. The … [Read more...]
Tips that can help with the retirement planning of the baby boomers
Reports show that a lot number of baby boomers are getting divorced. This is increasingly affecting their retirement savings. Retiring with sufficient amount has already been a great problem for the baby boomers. the baby boomers are close to retirement and in such a situation, if they opt for separation, it definitely is not going to have a good … [Read more...]
Trusts Explained
Trusts are sophisticated estate planning vehicles. They are established to provide a variety of different schemes. Trusts are usually more complicated estate planning documents then simple wills. The Grantor The person setting up a trust is referred to either as the grantor or settler. The grantor appoints individuals to be trustees and successor … [Read more...]
VIDEO: Challenging A Will Is Possible!
VIDEO: Guardianships
On today's video blog Elliot discusses the topic of Guardianships. … [Read more...]
