Long Island Elder Law & Estate Planning

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Have You Considered a Living Trust?

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Many people are under the impression that a last will is the only logical choice as an estate plan centerpiece if you are not extraordinarily wealthy. In fact, this is a myth. If you utilize a last will, your loved ones will not receive their inheritances in a timely manner. The executor that is named in the document would be required to admit the will to probate, and the court would supervise the estate administration process. There is one caveat to the above statement here in New York. …

The Little Things May be the Most Important

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Your estate may be worth a little or a lot at your death.  The items which your beneficiaries might cherish could be the sentimental ones.  Read on to learn how your will or trust could provide the ability for you to keep a list and update it without needing to see your lawyer every time you change your mind on an item. The Little Things May be the Most Important …

SALT Deduction Limit…Can You Get Around It?

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The Tax Cuts and Jobs Act increased the standard deduction amount. However, it also limited itemized deductions for state and local taxes (SALT) on the federal income tax return. Read on to learn what works (and what doesn’t work) to maneuver around the $10,000 SALT limitation. SALT Deduction Limit…Can You Get Around It? …

Uncommon Estate Planning Terms Demystified

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Many people do not like to contemplate their own mortality, and as a result, they put estate planning on the back burner. They never really do much research into the intricacies, and they go forward with the idea that estate planning equates to the creation of a last will. In reality, this is a gross oversimplification. There are numerous different estate planning strategies that can be implemented, and the right way to proceed will depend upon the circumstances. The fact is, there are many …

Is Probate Always Necessary in New York?

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In many cases, the process of probate will be necessary when an estate is being administered. We practice law in New York, and in our state, probate matters are handled by the Surrogate’s Court. The executor or personal representative would complete the necessary hands-on tasks if there is a will, or if the decedent died intestate. The court would provide supervision during the process. The above being stated, under some circumstances, probate would not be necessary. Plus, some people …

An Overview of the Estate Administration Process

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Many people view estate planning as an exercise in document creation, and you do have to express your wishes in writing when you devise your plan. This being stated, you should carefully consider the events that will take place after you pass away. If you use a last will as the centerpiece of your estate plan, you would name an executor to handle the estate administration tasks after you are gone. The executor would not be able to act independently without supervision. Under the laws of the …

Living Trusts: The Pros & Cons

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The legal device called a revocable living trust is one of the most widely utilized asset transfer vehicles in the field of estate planning. There are pitfalls and limitations that go along with the utilization of a last will, and these are avoided if you opt for a living trust as an alternative. One major benefit is the consolidation of assets. When a will is used, the executor must spend a lot of time and effort identifying and inventorying assets that comprise the estate. On the other …

Why Would You Use a Qualified Domestic Trust?

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To understand the value of a qualified domestic trust (QDOT), you have to digest some information about the estate tax. There is a federal estate tax in the United States, and it carries a hefty 40 percent maximum rate that can take a major toll on your legacy. We also have a state-level estate tax here in New York, but to keep things simple, we will stick to an explanation of the federal parameters here. Fortunately, the majority of people do not have to pay the tax, because there is a …

Five Inheritance Planning Tips

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There are a lot of things to think about when you are planning your estate. Many people do not understand all the intricacies, and in some cases, their families pay the price. A little bit of knowledge can go a long way, so we will provide a handful of inheritance planning tips in this post. Do not buy into do-it-yourself estate planning notions. Rolling up your sleeves to take care of some things on your own without professional assistance can save you money, and it can be fun in some …

Estate Planning: First Things First

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As Smithtown probate attorneys, we take our responsibility to our fellow community members very seriously. We go the extra mile to educate people about the importance of preparing for the eventualities of aging, and we also do everything possible to provide information about estate planning. There are many different intricacies to consider, and this is why personalized attention is very important, because each case is different. That being stated, there are some generalities that apply to …

Consolidate Assets With a Living Trust

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A revocable living trust is the ideal estate planning tool for the vast majority of people with a reasonable store resources. This type of trust provides many benefits, and we will look at them in this blog post. One major benefit is the consolidation of assets.  If you were to use a last will as your primary estate planning vehicle, you would name an executor in the document. This individual or entity would handle the estate administration tasks. The first order of business would be for the …