Surrogate Edward W. McCarty, III, sitting in the Surrogate’s Court of Nassau County, recently granted Letters of Administration to the sister of a decedent. The sister had petitioned for Temporary Letters of Administration. In her application she claimed the decedent’s wife had waived her status to inherit from her husband’s estate pursuant to a … [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...]
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...]
The Irrevocable Life Insurance Trust – Part I
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...]
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...]
Walk Through of Decedent’s Home To Discover Assets Denied
A petition was brought to Gutierrez before Surrogate Rita Mella in the Surrogate’s Court of New York County. Gutierrez claimed he had personal possessions which were in the home of the decedent at the time of decedent’s death. The executor, Berlin, a sister of decedent asked the court to dismiss this discovery petition. The decedent had left a … [Read more...]
What is Intestacy?
To watch today's video blog, please click on the link below: https://youtu.be/KkunAMO6eA0 Elliot S. Schlissel drafts wills and trusts and aids his clients in all aspects of estate planning. Elliot handles estate litigation, including issues where a person has died without a will. He and his associates have more than 100 years of combined … [Read more...]
