There are several reasons to bring a guardianship proceeding in New York State. A situation may have arisen where a family friend or loved one is no longer capable of either taking care of themselves or handling their finances. In other situations an individual who is becoming incapacitated becomes the victim of a fraudulent transfer of assets, … [Read more...]
Naming An Executor In Your Will – Part II
There are a number of duties and responsibilities an executor has. Here is a list of some of these duties: resolve disputes among family members; handle funeral arrangements for the deceased; hire the attorney for the estate; preserve, collect and value the estate’s assets; cooperate with the attorney for the estate in … [Read more...]
New York State Tax Exemption Statute
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...]
Guardianship Proceedings
To watch today's video blog, please click on the link below: https://youtu.be/8iE4A-E457A Elliot S. Schlissel is a member of the National Academy of Elder Law Attorneys. He and his associates have been handling guardianship proceedings for more than 45 years. Elliot can be reached for consultation by calling 516-561-6645 or 718-350-2802, or … [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...]
Philip Seymour Hoffman Disinherits His Children
In February 2014, Philip Seymour Hoffman died. He had written a will in 2004. His will left all of his worldly assets to his “friend and companion” Mimi O’Donnell. Mimi was the mother to his three children. Mr. Hoffman’s lawyer and his accountant had made recommendations to create trusts for his children. Mr. Hoffman rejected their suggestions. He … [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...]
Proposed Tax Credits
To watch today's video blog, please click on the link below: https://youtu.be/iow5RDn94lQ Elliot S. Schlissel and his associates have been representing clients for more than 45 years in all aspects of estate planning. Elliot and his associates draft wills and trusts, represent clients in guardianship proceedings, and estate litigation. … [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...]
