If you die in the State of New York, you may have to pay New York State inheritance taxes. This is in addition to potentially paying federal estate taxes. Until fairly recently only the first $1,000,000 inherited in an estate was exempt from New York State estate taxation. However, the law recently changed. The tax exemption for an estate is now … [Read more...]
No Contest Clauses in Wills
The formal name for a no contest clause in a will is called an “in terrorem” clause. The purpose of this clause in a will is to prevent a beneficiary from challenging the will. How No Contest Clauses Work No contest clauses have to be set up in a will in a manner which gives them teeth. The way it usually works is a beneficiary to the will is … [Read more...]
Objections to the Probate of a Will
Please click on the link below to watch today's video blog: https://youtu.be/023eX_nXdfI 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 at 516-561-6645, 718-350-2802, or … [Read more...]
Objections to the Probate of a Will for Undue Influence and Lack of Capacity Denied by the Surrogate
Surrogate Peter Kelly, sitting in Queens County, recently had a case before him wherein a son objected to his father’s will being probated. The son, by his attorney, filed objections to probate. The objections alleged his father lacked testamentary capacity at the time of the execution of the will, the will was not properly executed, and there was … [Read more...]
Guardianship Petition Denied
Justice H. Patrick Leis, III sitting in the Supreme Court Part in Suffolk County recently denied an application for a son to be appointed the guardian of his mother. The son alleged that there was a power of attorney naming the daughter as the attorney in fact. Large sums of the mothers money were being spent. He claimed his sisters were taking … [Read more...]
Potential Tax Benefits of an Irrevocable Life Insurance Trust
To watch today's video blog, please click on the link below: https://youtu.be/D8wNdHwelqI Elliot S. Schlissel drafts wills and trusts and aids his clients in all aspects of estate planning. He and his associates have more than 100 years of combined experience representing clients. He can be reached for consultation at 516-561-6645, … [Read more...]
Probate Issues
An estate proceeding was brought in Queens County, New York before Surrogate Peter Kelly. In this case the executor, the son of the decedent, asked that his mother’s 2012 Will be probated. The sister had objected to the probating of the Will. She alleged in her application before Judge Kelly that her mother lacked testamentary capacity, there was a … [Read more...]
Probate: How Does It Work?
Probate refers to a court supervised system that is set up to insure that wills presented are authentic, not obtained under fraud or duress, and properly prepared and executed. The property inherited through a will is subject to the probate process. There are other types of property that pass outside of a will. These assets are referred to as … [Read more...]
Proposed Tax Credit
Steve Israel, a Democrat in the House of Representatives from Huntington, New York, has proposed that children who care for elderly parents should receive a $1,200 tax credit from the federal government. This would apply if the seniors are living on their own, or in an assisted living facility. Representative Israel claims if Congress approves this … [Read more...]
Reclusive Heiress’ Estate Settled
Huguette Clark died in 2011. At the time of her death, she had more than $300,000,000 in assets. There has recently been a tentative settlement agreement worked out between a variety of parties litigating over the late Huguette Clark’s $300,000,000 estate. Her Life Story Ms. Clark was born in 1906. She died at the age of 104. She had been … [Read more...]