President Obama, in a statesman-like series of decisions, has worked out a compromise with the new Republican majority in the House of Representatives regarding jobless benefits, income taxes and estate taxes. Although some of the President's democratic colleagues did not see eye-to-eye with the President on this issue, in the spirit of … [Read more...]
The Financial Cost of Medicaid
During the past twenty years, the medicaid expenses faced by every state in the country has been staggering. As more Americans lose their jobs, they turn to medicaid for basic medical treatment. New York State Medicaid Problems In New York State, more than 4.5 million residents are covered by medicaid. It is projected that more than $52 … [Read more...]
Prosecutor Investigating Reclusive Heiress’s Fortune
Ms. Huguettem Clark owns a 52-acre estate in New Canaan, Connecticut. The estate has been unoccupied for more than twenty years. During this entire period, Ms. Clark has been residing in a hospital. She has been active in the society pages of various newspapers and has made many charitable contributions. Ms. Clark in now 104 years of age. … [Read more...]
What Wills Can’t Do
There are many very important uses for wills. However, there are things for which wills were not designed and cannot accomplish. The following are a list of things that can NOT be dealt with in a will: 1. If you own assets in a "joint tenancy" with another individual, or a "tenancy by the entirety" (a marital estate), you cannot dispose of … [Read more...]
Wills And Trusts Can Reduce Estate Taxes
Individuals with significant assets can reduce their tax liability upon their death by using sophisticated wills and trusts. In 2010, the wills, trust and estate area is facing a unique situation. For the 2010 calendar year there is no federal estate tax. After 2010, the federal estate tax exemption will go back to one million dollars. Well … [Read more...]
Life is Unfair, and So are Wills
Wills do not have to be fair. An individual has the absolute right to dispose of his or her property at the time of his or her death the way he or she sees fit. This means a mother or father can disinherit his or her children. Husbands can disinherit their wives and vice versa. However, it should be noted in the State of New York a spouse has a … [Read more...]
